Terminology Flashcards

1
Q

Employment Status of;

(1) Sole Traders / Partnership
(2) Salaried members of limited liability partnership
(3) Directors of an Incorporated business, including one person business

A

(1) Self Employed
(2) Employees
(3) Employees

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2
Q

What is meant by Trading Income?

A

Net profits of unincorporated businesses, self-employed working as sole traders or in partnerships.
Not the drawings that are taxable but the net profits. *Companies separate rules and are subject to corporation tax

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3
Q

What is meant by Net profit

A

Gross profits less allowable expenses and capital allowances, but before tax

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4
Q

For most of the tax rules Spouse also includes……

A

Partnerships under the Civil Partnership Act 2004

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5
Q

SDRT, SDLT, LBTT, LTT

A

?

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6
Q

Difference between;
SAYE
ESS
SIP

A

See CGT notes

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7
Q

Difference between Joint Tenants and Tenants In Common?

A

Joint Tenants own 50/50, on death ownership automatically passes to the joint owner which is still a transfer for IHT purposes
Tenants In Common pre-agreed %

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8
Q

AIM Shares

A

Alternative Investment Market

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