Others Flashcards

1
Q

What makes a company a large company (3)

A

Augmented profits over 1.5m (time apportion and reduce for #51% cos)

Large in the previous tax year

Tax liability or more than 10,000

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2
Q

What makes a company a very large company (2)

A

Augmented profits over 20m (time and 51% apportion)

Tax liability over 10,000

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3
Q

Who is available for SDLT relief

A

First time buyer under 500k as main residence

First 300k exempt then 5% on the rest

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4
Q

When is the basic tax point for VAT

What 2 things can override this

A

When the goods are delivered,

Overridden by 1. If invoice or payment is made before before the BTP 2. If payment or invoice made within 14 days of BTP

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5
Q

What is the restriction to carry forward loss relief

A

Maximum of
- deduction allowance of 5m PLUS
- 50% of the excess over 5m

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6
Q

What is the maximum pension tax allowable pension contribution each year

A

Relevant earnings of individual (employment income and trading profs)
And
40000

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