Questions I've got wromg

Question 1

the 1% dedutcion thing is for which vat accounting scheme?

Answer 1

flat rate

Question 2

must payment on account be made with the annual accounting scheme or not?

Answer 2

it is

Question 3

when can you correct an error on a vat return?

Answer 3

if it is less than 1% of taxable turnover and it is no greater tha £50k

Question 4

do partners pay corp tax or income tax?

Answer 4

income tax and ni if earn enough

Question 5

when should you submit vat returns for the annual accounting scheme>

Answer 5

end of the month two months after the end of period

Question 6

for an individual doing payment on account for it and nic, how much do you do for each poa?

Answer 6

50% of py

Question 7

when is paye due to be paid?

Answer 7

14 days after the end of the tax month - i.e. the 19th of the month

Question 8

how long does hmrc have to correct any obvious errors and ommisions on a tax retunr>

Answer 8

9 months of the actual submission date

Question 9

can you add capital expenses to your trading profit calc?

Answer 9

no!!!!!!!!!

Question 10

does the private use of an asset by a director restrict its capital allowances?

Answer 10

no!!

Question 11

can you include salary in trading expenses?

Answer 11

NO!!!!!!!!

Question 12

DO YOU INCLUDE BANK INTEREST receivable in the ‘non-trading loans’ section of the main total taxable profits section?

Answer 12

YES!!!!!

Question 13

IF IT SAYS EXEMPT DIVIDends just once for uk and abroad - does this mean just the uk one is exempt or both?

Answer 13

BOTH!!

Question 14

can you take depreciation off TRADING PROFITS??

Answer 14

NO!!!!!! THINK EBITDA

Question 15

do you include bank interest receivable in the trading income bit?

Answer 15

NO!!!

Question 16

what do you do with taxable benefits and personal allowance?

Answer 16

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 %)

Question 17

what are the dividend tax rates?

Answer 17

7.5%, 32.5% and 38.1%

Question 18

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?

Answer 18

1) - 9m from actual filing
2) 12 months from normal filing date
3) 4 years from end of relevant tax year

Question 19

what do you have to remember about CGT?

Answer 19

there is a £12k annual exemption!!!!! can always look in the book

Question 20

Is goodwill for a company created after 1/04/2002 an exempt asset?

Answer 20

YES!

Question 21

FOR SAle and return, is it when the goods are removed or adopted which counts?

Answer 21

adopted

Question 22

when you realise you are going to be over the vat threshold in the future, how long do you have to register?

Answer 22

30 days but it is then back dated to when you actually get over the limit

Question 23

how much should a vehicle be taken as the acquisition cost of a vehicle for capital allowances?

Answer 23

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.

Question 24

removal expenses to relocate cannot exceed how much to be exempt?

Answer 24

£8k

Question 25

if a director leases a car which has some private use then how much of the leasing cost can you take off trading profits?

Answer 25

100%!!!!

Question 26

what should you do with those little qs at the end of the long qs?

Answer 26

READ THEM PROPERLY!!!! ALL OF IT

Question 27

WHAT DO YOU GET WITH DIVIDENDS?

Answer 27

£2K FREE

Question 28

DO individuals get indexation allowance?

Answer 28

no

Question 29

if your employer only reimburses you back business petrol then how much vat can you claim back

Answer 29

nil

Question 30

how long do hmrc have to raise an enquiry in to a tax return submitted late?

Answer 30

1 year from anniversary of next quarter date

Question 31

when do hmrc have to raise an enquiry of an assessment due to careless behaviour by the taxpayer

Answer 31

6 years from end of relevant tax year

Question 32

what do you do with the marriage allowance transfer in tax code

Answer 32

it does go up - remember all the digits

Question 33

what happens if a business is winding up and both y/e and p/e are in the same tax year?

Answer 33

add them together!

Question 34

if a company starts off with an accounting period >12m then what is its first accounting period for ct purposes?

Answer 34

12m from normal start

Question 35

how do you deal with gift aid?

Answer 35

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