Final important - POT Flashcards
VAT payments on account are … of prior year and made in…. month
1/24th of prior year
made in 2nd and 3rd month
Overpayment relief can be claimed up to … years after the end of period of account / tax year
4 years
VAT Points expire if not reached threshold …
2 years from the month after failure to submit
VAT points reset if reached threshold when
all returns submitted in period of compliance (Tax tables)
all returns in last 24 months are now submitted
HMRC can correct errors within … months of actual filing date
9 months
Taxpayer can correct errors within …. months of normal submission date (31/1) or three months after return is issued
12 months
Corporation tax records must be kept for … years after the end of accounting period
6 years
Income and capital gains records must be kept for those in business until
5th anniversary of 31/1 after the TY
Income and capital gains records must be kept by those not in business unitl
1 anniversary of 31/1 after the TY
VAT records must be kept for
6 years
Income tax and Class 4 NIC payments on account are made on
….
….
and balancing payment ….
31/1 in tax year
31/7 after tax year
balancing 31/1 after tax year
50% PY
Voluntary payrolling available for all benefits aside from
living accommodation
beneficial loan
Allowable / disallowable
Pension advice available to all employees < 500
Allowable
allowable disallowable
Non cash gift from client < 250
allowable
allowable / disallowable
1 medical check up pa
allowed
Employer can pay PAYE quarterly if PAYE + NIC
are less than 1500
Discovery assessment - HMRC can collect extra tax up to … years after POA / TY / VAT period for
not careless/deliberate errors
4 years
Discovery assessment - HMRC can collect extra tax up to … years after POA / TY / VAT period for
careless
6 years
Discovery assessment - HMRC can collect extra tax up to … years after POA / TY / VAT period for
deliberate errors
20 years
On VAT registration a claim can be made for goods / capital items purchased in the last…years still hedl
4 years
On VAT registration, a claim can be made for services within the last … month
6 months
PAYE is due by the … of the ….
if you pay monthly
22nd of the next tax month
PAYE is due by the … after the end of the …
if you pay quarterly
22nd after the end of the quarter
HMRC can make an enquiry into a return submitted on time by
the first anniversary of actual submission date
HMRC can open enquiry into return submitted after the due submission date…
the quarter day following the first anniversary of the actual submission date
31 Jan
30 April
31 July
31 October
PAYE is payable…
17 days after the end of each tax month - 22nd april
Interest on discovery assessments runs from … to
due filing date until day before the tax is paid
T/F
A taxpayer must first apply for an internal review before making an appeal to the first tier tribunal
False - internal review is optional
T/F
A sole trader not in first year is required to make payments on account
True
31/1/23
31/7/23
31/1/24
When an employee reaches state pension age the Class 1 NIC they pay
are no longer paid
When an employee reaches state pension age the employer class 1 NIC
are still paid
Voucher exchanged for cash taxable amount is
cash can be exchanged for
Voucher for credit token / goods services
cost to employeer
If accommodation rented by employer, benefit is the
higher of annual value and rent paid
Taxable benefit/Non-taxable
Heat and lighting
Council tax and water
Cleaning repairs maintenance and decoration
Taxable
Asset available for private use
Taxable/non-taxable
Taxable - annual value is 20% of MV asset when first provided for private use to any employee
Taxable/exempt
Trivial < £50 not cash or cash voucher and provided for non work reasons
exempt
Taxable exempt
Annual social events paid for up to £150 per head per tax year
Exempt
if more than 150 whole amount is taxable
Taxable/exempt
Entertainment provided by third party
exempt
Taxable/exempt
non cash gift from third party up to £250 per tax year
exempt
Taxable exempt
awards up to 5k made under staff suggestion scheme
exempt
Taxable/exempt
Personal incidental expenses while required to stay away overnight £5/night UK 10/night abraod
exempt
Taxable/exempt
reasonable removal expenses up to 8000
Exempt
trading profits
allow/disallow
Gifts of trade samples
allowable
trading profits
allow/disallow
Gifts to customers incorporation conspicuous advertisement not food drink tobacco or vouchers and total cost < £50
allowable
trading profits
allow/disallow
Gifts to employees
Allowable
trading profits
allow/disallow
Legal cost relating to renewing short term lease
allow
trading profits
allow/disallow
Cost of registration of patent/copyright
allow
trading profits
allow/disallow
Incidental cost of raising LT finance
allow
Polluting car lease limit
above 50g/km
Good taken for own use
nothing recorded in accounts
add back selling price
Good taken for own use
treated as drawings at cost
add back profit
Recourse factoring bad debts are …
Passed back to client
Non recourse factoring
Bad debts are
Not suffered by client, 100% bad debt insurance
