Questions I've got wromg Flashcards
the 1% dedutcion thing is for which vat accounting scheme?
flat rate
must payment on account be made with the annual accounting scheme or not?
it is
when can you correct an error on a vat return?
if it is less than 1% of taxable turnover and it is no greater tha £50k
do partners pay corp tax or income tax?
income tax and ni if earn enough
when should you submit vat returns for the annual accounting scheme>
end of the month two months after the end of period
for an individual doing payment on account for it and nic, how much do you do for each poa?
50% of py
when is paye due to be paid?
14 days after the end of the tax month - i.e. the 19th of the month
how long does hmrc have to correct any obvious errors and ommisions on a tax retunr>
9 months of the actual submission date
can you add capital expenses to your trading profit calc?
no!!!!!!!!!
does the private use of an asset by a director restrict its capital allowances?
no!!
can you include salary in trading expenses?
NO!!!!!!!!
DO YOU INCLUDE BANK INTEREST receivable in the ‘non-trading loans’ section of the main total taxable profits section?
YES!!!!!
IF IT SAYS EXEMPT DIVIDends just once for uk and abroad - does this mean just the uk one is exempt or both?
BOTH!!
can you take depreciation off TRADING PROFITS??
NO!!!!!! THINK EBITDA
do you include bank interest receivable in the trading income bit?
NO!!!
what do you do with taxable benefits and personal allowance?
take the taxable benefit amount off the personal allowance.
also take an underpaid tax off the personal allowance too (multiplied up correctly for the taxation %)
what are the dividend tax rates?
7.5%, 32.5% and 38.1%
for tax returns which have an error:
whats the latest date hmrc can correct the return for errors?
whats the latest date that the taxpayer may amend the returb>
the latest you can claim overpayment relief?
1) - 9m from actual filing
2) 12 months from normal filing date
3) 4 years from end of relevant tax year
what do you have to remember about CGT?
there is a £12k annual exemption!!!!! can always look in the book
Is goodwill for a company created after 1/04/2002 an exempt asset?
YES!
FOR SAle and return, is it when the goods are removed or adopted which counts?
adopted
when you realise you are going to be over the vat threshold in the future, how long do you have to register?
30 days but it is then back dated to when you actually get over the limit
how much should a vehicle be taken as the acquisition cost of a vehicle for capital allowances?
the price actually paid (not the cost price) and if there is any non-business use then you can’t recover the vat so vat inclusive amount is capitalised. If it doens’t dsay about business use then assume there is some non-business use.
removal expenses to relocate cannot exceed how much to be exempt?
£8k
if a director leases a car which has some private use then how much of the leasing cost can you take off trading profits?
100%!!!!
what should you do with those little qs at the end of the long qs?
READ THEM PROPERLY!!!! ALL OF IT
WHAT DO YOU GET WITH DIVIDENDS?
£2K FREE
DO individuals get indexation allowance?
no
if your employer only reimburses you back business petrol then how much vat can you claim back
nil
how long do hmrc have to raise an enquiry in to a tax return submitted late?
1 year from anniversary of next quarter date
when do hmrc have to raise an enquiry of an assessment due to careless behaviour by the taxpayer
6 years from end of relevant tax year
what do you do with the marriage allowance transfer in tax code
it does go up - remember all the digits
what happens if a business is winding up and both y/e and p/e are in the same tax year?
add them together!
if a company starts off with an accounting period >12m then what is its first accounting period for ct purposes?
12m from normal start
how do you deal with gift aid?
you take the pre gift aid amount - which is the amount in the question if not explicitly stated otherwise, x100/80 and then extend the basic rate tax band by that much
