Incorrect questions Flashcards
what is the late payment fee for corp tax
3.25% for the full year
what is the profit threshold for a large company
1,500,000
when does a large company have to pay tax in installments
in the second year of being a large company
is VAT a capital or revenue tax
neither
is inheritance a capital or revenue tax
capital
is NI a capital or revenue tax
revenue
what dividends must be added to the total profits of a company
any recieved from unconnected companies and companies you have less than 51% share in
what type of year is income tax liability calculated
fiscal years
who is VAT administered by
HMRC
what is the rent a room relief
its annual allowance is 7500
is staff entertainment an allowable expense
yes
does a car being used for private use by an employee affect the WDA
NO
does a car being used for private use by the owner of the business affect the WDA
yes
do premises qualify for any capitl allowances
no
is AIA available for motor cars
no
is AIA time apportioned
yes
is FYA time apportioned
no
do all partners in a partnership have to use the same relief
no
two types of income which are exempt from income tax
premium bond prizes
dividends on shares held in an ISA
what is the average method for calculating loan methof
(beginning balance + end balance of loan) x 2.5%
when calculating the average method for loan benefit, what must you do if the ending balance is 0
use the balance before the previous repayment
how must you calculate the loan benefit if an employer loans an employee money
calculate strict and average
do employee contributions count towards the allowance
yes
how long can the annual pension allowance be carried forward for
3 years
is the annual allowance for pensions available if they are not a member of a pension scheme
no
what happens if tax relievable pension contributions exceed the annual allowance
theres a charge to income tax
what is the annual pension allowance
40000
when do you need to taper the pension allowance
when someone earns over 40000
what is the rent a room relief
if you rent out a room in your house, there is 7500 annual allowance
do you need to add back customer entertainment to profit
yes
how do you calculate amount needed to be deducted from premium from a lease
premium amount x 2% x (y`ears of premium - 1)
when can overlap profits be relieved
against trading income on cessation
ij rob related accom cost the employer more than 75000 what must you do
cost - 75000 *2.5%
what is the fuel benefit
emission rate * 24100
is staff entertainment an allowable expense
yes
does integral features go in the special rate pool
yes
what is the cap on trading losses relieved against total income
higher of 50000
or
25% of total income
if you pass the future VAT test on the 30th july when do you need to inform HMRC
29th august
if you pass the future VAT test on the 30th july when is your registration effective from
30th july
who has to disclose use of a tax avoidance scheme
taxpayer and promoter
if an individual is in business, when must they keep any income records until
5th anniversary
how much is the residence nil rate band
lower or 150000 or value of property
who is the residence nil rate band available to
direct descendants only
how much a house be gifted if you want to use the residence nil rate band
150000
when can you claim relief on impairment loss for vat
when the invoice was due for payment at least 6 months prior
what is the annual exempt amount for chargeable gains
12000
what is an exempt long service award
have to have a period of service for at least 20 years and the award cannot be more than £50 per year
how can a loan be tax exempt
under 10000 in a year
how many years is exempt for PPR for the house to be unoccupied for no reason
3 years
what happens when a depreciating asset is purchased to replace a non depreciating asset
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
what are gains subject to entrepreneurs relief taxed at
10%
Annual exempt amount
12000
if you have a gain subject to entrepreneurs relief, should you use the AE on it
no
when is the earliest date you can make an acquisition for a new qualifiying business asset
12 months before disposal
when is the latest date you can make an acquisition for a new qualifiying business asset
3 years after disposal
when can you claim your spouses unused nil rate band by
2 years from end of the death of the second partner ( not first )
are savings included in your chargeable estate
yes
when must a trustee of the trust make the inheritance payment
end of the 9 months after death
