Terminology Flashcards
Employment Status of;
(1) Sole Traders / Partnership
(2) Salaried members of limited liability partnership
(3) Directors of an Incorporated business, including one person business
(1) Self Employed
(2) Employees
(3) Employees
What is meant by Trading Income?
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
What is meant by Net profit
Gross profits less allowable expenses and capital allowances, but before tax
For most of the tax rules Spouse also includes……
Partnerships under the Civil Partnership Act 2004
SDRT, SDLT, LBTT, LTT
?
Difference between;
SAYE
ESS
SIP
See CGT notes
Difference between Joint Tenants and Tenants In Common?
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 %
AIM Shares
Alternative Investment Market