Flashcards in 1 Deck (21)
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1
Accommodation - Employment Inc
Annual value
If older than 6yrs, add:
Interest % x (MV + renovations - £75k)
2
Furniture in accommodation- Employment Inc
Cost x 20%
(Asset for own use)
3
Employment of family member
Deduction allowable at same rate as other employees/reasonable for the work done
4
Capital allowances: Sole trader, car for personal use
WDA 18%
PUA column
Allowance only business %
5
Company car - Employ Inc
List price x co2 %
Co2 % (round normally)
6
Cessation rules
Profit from penultimate tax year to cessation taxed - overlap profit
7
Max pension contribution calc
1) a)Emoly inc + trading inc + furnished holiday letting (b) >3600)
2) annual allowance (£40k) + unused annual allowance b/f (last 3yrs, CY then FIFO)
8
PPS
1) gross up x 100/80
2) extend BRB + HRB
- impacts ANI (PA child + benefit charge)
- impacts ATI (restricts losses against 'other inc')
9
OPS
(already gross)
1, deduct from employment income
10
Basis periods: Change in accounting period
1) tax yr of change, earlier of: new date or expected date
2) use CYB rules for TY before and years after
3) How many months not covered between before and after TYs?
>12m, use previous TY to make 12m
<12m, use overlap profits to make 12m
4) recalculate overlap
11
Basis periods: 2nd tax yr
YE in TY? Yes:
<12m - tax 1st 12m
12m - CYB
>12m - tax last 12m
No: tax TY
12
Partnership losses reallocated using...
ratio of current losses NOT partnership ratio
13
Cash basis: stock for own use
use cash price
14
Cash basis: interest allowed as an expense
£500 max
15
Cost of land and buildings given separately...
SBA! if after 29/10/18
2% cost of building x n/12 x biz%
16
Remittance basis
1) <2,000, unremitted inc, auto RB, have PA and AEA
2) >2,000, claim RB, no PA or AEA, have RBC
17
Remittance basis charge
a) 7/9 TY = 30k
b) 12/14 TY = 60k
- add to IT lib at bottom
18
State penision age
65+
does not pay NIC but ER does
19
Marriage allowance
~ max £1250
~ unused spouse PA
~ x 20% = tax reducer + remove from IT lib
20
Multiple supply
~ elements separate and clearly identifiable
~ invoiced together @ inclusion price for both elements (items split fair+reasonable manner)
21
