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Tax > Incorrect questions > Flashcards

Incorrect questions Flashcards

1
Q

what is the late payment fee for corp tax

A

3.25% for the full year

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2
Q

what is the profit threshold for a large company

A

1,500,000

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3
Q

when does a large company have to pay tax in installments

A

in the second year of being a large company

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4
Q

is VAT a capital or revenue tax

A

neither

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5
Q

is inheritance a capital or revenue tax

A

capital

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6
Q

is NI a capital or revenue tax

A

revenue

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7
Q

what dividends must be added to the total profits of a company

A

any recieved from unconnected companies and companies you have less than 51% share in

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8
Q

what type of year is income tax liability calculated

A

fiscal years

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9
Q

who is VAT administered by

A

HMRC

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10
Q

what is the rent a room relief

A

its annual allowance is 7500

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11
Q

is staff entertainment an allowable expense

A

yes

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12
Q

does a car being used for private use by an employee affect the WDA

A

NO

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13
Q

does a car being used for private use by the owner of the business affect the WDA

A

yes

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14
Q

do premises qualify for any capitl allowances

A

no

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15
Q

is AIA available for motor cars

A

no

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16
Q

is AIA time apportioned

A

yes

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17
Q

is FYA time apportioned

A

no

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18
Q

do all partners in a partnership have to use the same relief

A

no

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19
Q

two types of income which are exempt from income tax

A

premium bond prizes

dividends on shares held in an ISA

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20
Q

what is the average method for calculating loan methof

A

(beginning balance + end balance of loan) x 2.5%

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21
Q

when calculating the average method for loan benefit, what must you do if the ending balance is 0

A

use the balance before the previous repayment

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22
Q

how must you calculate the loan benefit if an employer loans an employee money

A

calculate strict and average

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23
Q

do employee contributions count towards the allowance

A

yes

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24
Q

how long can the annual pension allowance be carried forward for

A

3 years

25
Q

is the annual allowance for pensions available if they are not a member of a pension scheme

A

no

26
Q

what happens if tax relievable pension contributions exceed the annual allowance

A

theres a charge to income tax

27
Q

what is the annual pension allowance

A

40000

28
Q

when do you need to taper the pension allowance

A

when someone earns over 40000

29
Q

what is the rent a room relief

A

if you rent out a room in your house, there is 7500 annual allowance

30
Q

do you need to add back customer entertainment to profit

A

yes

31
Q

how do you calculate amount needed to be deducted from premium from a lease

A

premium amount x 2% x (y`ears of premium - 1)

32
Q

when can overlap profits be relieved

A

against trading income on cessation

33
Q

ij rob related accom cost the employer more than 75000 what must you do

A

cost - 75000 *2.5%

34
Q

what is the fuel benefit

A

emission rate * 24100

35
Q

is staff entertainment an allowable expense

A

yes

36
Q

does integral features go in the special rate pool

A

yes

37
Q

what is the cap on trading losses relieved against total income

A

higher of 50000

or

25% of total income

38
Q

if you pass the future VAT test on the 30th july when do you need to inform HMRC

A

29th august

39
Q

if you pass the future VAT test on the 30th july when is your registration effective from

A

30th july

40
Q

who has to disclose use of a tax avoidance scheme

A

taxpayer and promoter

41
Q

if an individual is in business, when must they keep any income records until

A

5th anniversary

42
Q

how much is the residence nil rate band

A

lower or 150000 or value of property

43
Q

who is the residence nil rate band available to

A

direct descendants only

44
Q

how much a house be gifted if you want to use the residence nil rate band

A

150000

45
Q

when can you claim relief on impairment loss for vat

A

when the invoice was due for payment at least 6 months prior

46
Q

what is the annual exempt amount for chargeable gains

A

12000

47
Q

what is an exempt long service award

A

have to have a period of service for at least 20 years and the award cannot be more than £50 per year

48
Q

how can a loan be tax exempt

A

under 10000 in a year

49
Q

how many years is exempt for PPR for the house to be unoccupied for no reason

A

3 years

50
Q

what happens when a depreciating asset is purchased to replace a non depreciating asset

A

the gain on the sale is deferred until the earlier of:

sale of depreciating asset

or

ceasing to use depreciating asset

or

10 years after purchase of depreciating asset

51
Q

what are gains subject to entrepreneurs relief taxed at

A

10%

52
Q

Annual exempt amount

A

12000

53
Q

if you have a gain subject to entrepreneurs relief, should you use the AE on it

A

no

54
Q

when is the earliest date you can make an acquisition for a new qualifiying business asset

A

12 months before disposal

55
Q

when is the latest date you can make an acquisition for a new qualifiying business asset

A

3 years after disposal

56
Q

when can you claim your spouses unused nil rate band by

A

2 years from end of the death of the second partner ( not first )

57
Q

are savings included in your chargeable estate

A

yes

58
Q

when must a trustee of the trust make the inheritance payment

A

end of the 9 months after death

Tax (20 decks)

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