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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

Single supply

~ part of supply is incidental to main element or better enjoyment
~ VAT of main element applied to whole