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AA > Final important - POT > Flashcards

Final important - POT Flashcards

1
Q

VAT payments on account are … of prior year and made in…. month

A

1/24th of prior year
made in 2nd and 3rd month

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2
Q

Overpayment relief can be claimed up to … years after the end of period of account / tax year

A

4 years

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3
Q

VAT Points expire if not reached threshold …

A

2 years from the month after failure to submit

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4
Q

VAT points reset if reached threshold when

A

all returns submitted in period of compliance (Tax tables)
all returns in last 24 months are now submitted

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5
Q

HMRC can correct errors within … months of actual filing date

A

9 months

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6
Q

Taxpayer can correct errors within …. months of normal submission date (31/1) or three months after return is issued

A

12 months

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7
Q

Corporation tax records must be kept for … years after the end of accounting period

A

6 years

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8
Q

Income and capital gains records must be kept for those in business until

A

5th anniversary of 31/1 after the TY

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9
Q

Income and capital gains records must be kept by those not in business unitl

A

1 anniversary of 31/1 after the TY

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10
Q

VAT records must be kept for

A

6 years

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11
Q

Income tax and Class 4 NIC payments on account are made on
….
….
and balancing payment ….

A

31/1 in tax year
31/7 after tax year
balancing 31/1 after tax year
50% PY

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12
Q

Voluntary payrolling available for all benefits aside from

A

living accommodation
beneficial loan

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13
Q

Allowable / disallowable
Pension advice available to all employees < 500

A

Allowable

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14
Q

allowable disallowable
Non cash gift from client < 250

A

allowable

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15
Q

allowable / disallowable
1 medical check up pa

A

allowed

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16
Q

Employer can pay PAYE quarterly if PAYE + NIC

A

are less than 1500

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17
Q

Discovery assessment - HMRC can collect extra tax up to … years after POA / TY / VAT period for
not careless/deliberate errors

A

4 years

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18
Q

Discovery assessment - HMRC can collect extra tax up to … years after POA / TY / VAT period for
careless

A

6 years

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19
Q

Discovery assessment - HMRC can collect extra tax up to … years after POA / TY / VAT period for
deliberate errors

A

20 years

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20
Q

On VAT registration a claim can be made for goods / capital items purchased in the last…years still hedl

A

4 years

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21
Q

On VAT registration, a claim can be made for services within the last … month

A

6 months

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22
Q

PAYE is due by the … of the ….
if you pay monthly

A

22nd of the next tax month

23
Q

PAYE is due by the … after the end of the …
if you pay quarterly

A

22nd after the end of the quarter

24
Q

HMRC can make an enquiry into a return submitted on time by

A

the first anniversary of actual submission date

25
Q

HMRC can open enquiry into return submitted after the due submission date…

A

the quarter day following the first anniversary of the actual submission date
31 Jan
30 April
31 July
31 October

26
Q

PAYE is payable…

A

17 days after the end of each tax month - 22nd april

27
Q

Interest on discovery assessments runs from … to

A

due filing date until day before the tax is paid

28
Q

T/F
A taxpayer must first apply for an internal review before making an appeal to the first tier tribunal

A

False - internal review is optional

29
Q

T/F
A sole trader not in first year is required to make payments on account

A

True
31/1/23
31/7/23
31/1/24

30
Q

When an employee reaches state pension age the Class 1 NIC they pay

A

are no longer paid

31
Q

When an employee reaches state pension age the employer class 1 NIC

A

are still paid

32
Q

Voucher exchanged for cash taxable amount is

A

cash can be exchanged for

33
Q

Voucher for credit token / goods services

A

cost to employeer

34
Q

If accommodation rented by employer, benefit is the

A

higher of annual value and rent paid

35
Q

Taxable benefit/Non-taxable
Heat and lighting
Council tax and water
Cleaning repairs maintenance and decoration

A

Taxable

36
Q

Asset available for private use
Taxable/non-taxable

A

Taxable - annual value is 20% of MV asset when first provided for private use to any employee

37
Q

Taxable/exempt
Trivial < £50 not cash or cash voucher and provided for non work reasons

A

exempt

38
Q

Taxable exempt
Annual social events paid for up to £150 per head per tax year

A

Exempt
if more than 150 whole amount is taxable

39
Q

Taxable/exempt
Entertainment provided by third party

A

exempt

40
Q

Taxable/exempt
non cash gift from third party up to £250 per tax year

A

exempt

41
Q

Taxable exempt
awards up to 5k made under staff suggestion scheme

A

exempt

42
Q

Taxable/exempt
Personal incidental expenses while required to stay away overnight £5/night UK 10/night abraod

A

exempt

43
Q

Taxable/exempt
reasonable removal expenses up to 8000

A

Exempt

44
Q

trading profits
allow/disallow
Gifts of trade samples

A

allowable

45
Q

trading profits
allow/disallow
Gifts to customers incorporation conspicuous advertisement not food drink tobacco or vouchers and total cost < £50

A

allowable

46
Q

trading profits
allow/disallow
Gifts to employees

A

Allowable

47
Q

trading profits
allow/disallow
Legal cost relating to renewing short term lease

A

allow

48
Q

trading profits
allow/disallow
Cost of registration of patent/copyright

A

allow

49
Q

trading profits
allow/disallow
Incidental cost of raising LT finance

A

allow

50
Q

Polluting car lease limit

A

above 50g/km

51
Q

Good taken for own use
nothing recorded in accounts

A

add back selling price

52
Q

Good taken for own use
treated as drawings at cost

A

add back profit

53
Q

Recourse factoring bad debts are …

A

Passed back to client

54
Q

Non recourse factoring
Bad debts are

A

Not suffered by client, 100% bad debt insurance

AA (6 decks)

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