Module 2 Flashcards
1
Q
What are the main types of receipts subject to income tax?
A
Self employment
Employment
Rented property of land
Capital invested
2
Q
What is the fiscal year?
A
6 April - 5 April
3
Q
Always start with
A
Profit before tax
Net profit
4
Q
What are the three separate broad groups of income?
A
Non savings
Savings
Dividends
5
Q
What savings income is exempt from tax?
A
National savings certificate
ISAs
6
Q
Non savings incomes are?
A
Trading
Employment
Pension
Property
7
Q
Savings income are?
A
Interest
NS&I interest
Joint accounts, half interest each
