Others Flashcards
What makes a company a large company (3)
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
What makes a company a very large company (2)
Augmented profits over 20m (time and 51% apportion)
Tax liability over 10,000
Who is available for SDLT relief
First time buyer under 500k as main residence
First 300k exempt then 5% on the rest
When is the basic tax point for VAT
What 2 things can override this
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
What is the restriction to carry forward loss relief
Maximum of
- deduction allowance of 5m PLUS
- 50% of the excess over 5m
What is the maximum pension tax allowable pension contribution each year
Relevant earnings of individual (employment income and trading profs)
And
40000