First Intuition

Question 1

Need to clarify the loan benefit average.

Do you take amount just before paying off or the eoy even if its zero??

Answer 1

You tube no.1 @38:00

Question 2

Pension contributions allowed

Greater of earnings or £3600 … check as youtube last year W1

Answer 2

.

Question 3

Chattel definition

Answer 3

Tangible Moveable Property

Question 4

Money Laundering - what to do?

Report to HMRC?

Answer 4

Not to HMRC.

If work in practice report to MLRO_they decide about reporting to NCA

If work for self report straight to NCA

Tell HMRC you are not going to act for client

Question 5

Immaterial tax errors can be ignored?

Answer 5

NO

In accounting maybe but there is no such thing as materiality in TAX. (we do have materiality in accounting)

‘Trivial’ ie VERY small yes.

Question 6

Progressive - proportion of total income paid in tax rises as income rises

Regressive - Opposite

Proportional -

Answer 6

Income tax
Employee NICs
?
(Income tax if there was just one rate)

Question 7

W5 Youtube Carol

Task 1

1. Fact find… speak to client… say what facts you want don’t just say ‘fact find’ Ie when account opened, how much interest not declared?
2. Consider if its trivial (Unlikely.. materiality doesn’t exist for tax)
3. Go back to W.5 to get the rest.. see ipad photos

Looks like this Task ought to be able to use the ref material to answer…

Answer 7

.