1
Q
What special rules apply to the calculation of capital allowances where the owner of the business (not an employee) has private use of the asset?
A
- In the pro forma, set up a separate column for each private use asset
- Calculate allowances as normal but only claim the business proportion
2
Q
If an ICAEW member is helping a client with a capital allowances computation, what do they need to ensure?
A
That the business proportion claimed is not exaggerated
Principles of Taxation
flashcards
Decks in class (165)
# Cards
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Chapter 1 - 1.1 - Sources of Tax Law7
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Chapter 1 - 1.2 - Sources of Tax Practice11
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Chapter 1 - 2.1 - Objectives of Tax5
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Chapter 1 - 2.2 - Social Justice7
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Chapter 1 - 2.3 - External Influences1
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Chapter 1 - 3.1 - Types of UK Tax5
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Chapter 1 - 3.2 - The Tax Year4
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Chapter 1 - 3.3 - Making Tax Digital2
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Chapter 1 - 4.1 - HMRC Responsibilities2
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Chapter 1 - 4.2 - Compliance Checks6
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Chapter 1 - 4.3 - Determinations3
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Chapter 1 - 4.4 - Discovery Assessments5
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Chapter 1 - 4.5 - Payment Support Service4
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Chapter 1 - 4.6 - Direct Recovery6
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Chapter 1 - 4.7 - Appeals5
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Chapter 1 - 4.8 - Dishonest Conduct by Tax Agents5
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Chapter 10 - 1.1 - Fundamental Principles8
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Chapter 10 - 1.3 - Confidentiality1
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Chapter 10 - 2.1 - Threats to Compliance with the Fundamental Principles7
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Chapter 10 - 2.2 - Safeguards against Threats4
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Chapter 10 - 3.1 - Conflict Resolution Process4
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Chapter 10 - 4.1 - Threat of Conflict of Interest1
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Chapter 10 - 4.2 - Safeguards9
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Chapter 10 - 5.1 - Tax Avoidance6
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Chapter 10 - 5.2 - Tax Evasion2
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Chapter 10 - 6.1 - Money Laundering4
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Chapter 10 - 6.2 - Procedures5
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Chapter 10 - 6.3 - Client Confidentiality3
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Chapter 10 - 6.4 - Penalties4
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Chapter 2 - 1.2 - Types of Income3
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Chapter 2 - 1.3 - Exempt Income3
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Chapter 2 - 1.4 - Chargeable Income4
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Chapter 2 - 1.5 - Net Income7
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Chapter 2 - 2.1 - Taxable Income2
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Chapter 2 - 2.2 - Personal Allowance4
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Chapter 2 - 2.3 - Withdrawal of the Personal Allowance6
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Chapter 2 - 3.1 - Calculation of Income Tax on Non-Savings Income3
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Chapter 3 - 3.2 - Calculation of Income Tax on Savings Income5
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Chapter 2 - 3.3 - Types of Taxpayer3
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Chapter 2 - 3.4 - Savings Nil Rate Band4
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Chapter 2 - 3.5 - Calculation of Income Tax on Dividend Income5
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Chapter 2 - 3.6 - Computing Tax Payable or Repayable2
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Chapter 2 - 3.7 - Donations Under the Gift Aid Scheme5
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Chapter 2 - 3.8 - Transferable Marriage Allowance5
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Chapter 2 - 4.1 - Income Tax Returns7
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Chapter 2 - 4.2 - Submission of the Return0
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Chapter 2 - 4.3 - Amending Tax Returns0
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Chapter 2 - 4.4 - Repayment Interest0
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Chapter 2 - 4.5 - Late Repayment0
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Chapter 2 - 5.1 - Common Penalty Regime0
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Chapter 2 - 5.2 - Penalties for Errors0
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Chapter 2 - 5.3 - When Penalties are Charged0
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Chapter 2 - 5.4 - How Penalties are Calculated0
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Chapter 2 - 5.5 - Penalties for Failure to Notify0
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Chapter 2 - 5.6 - Reasonable Excuse0
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Chapter 2 - 5.7 - Penalties for Late Filings of Returns0
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Chapter 3 - 1.1 - Employment Income8
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Chapter 3 - 1.3 - Vouchers6
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Chapter 3 - 1.4 - Trivial Benefits2
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Chapter 3 - 1.5 - Exempt Benefits0
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Chapter 3 - 1.6 - Job Related Accomodation3
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Chapter 3 - 2.1 - Living Accommodation Rented by the Employer3
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Chapter 3 - 2.2 - Living Accommodation Owned by the Employer9
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Chapter 3 - 2.3 - Living Expenses for Accommodation2
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Chapter 3 - 2.4 - Cars Provided for Private Use7
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Chapter 3 - 2.4.1 - Car Calculations11
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Chapter 3 - 2.4.2 - Hybrid Cars6
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Chapter 3 - 2.5 - Private Fuel Benefit5
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Chapter 3 - 2.6 - Van Scale Charge7
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Chapter 3 - 2.7 - Assets Lent for Private Use8
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Chapter 3 - 3.1 - Real Time Information5
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Chapter 3 - 3.2 - Voluntary Payrolling4
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Chapter 3 - 3.3 - PAYE Forms9
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Chapter 3 - 3.4 - Payments to HMRC5
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Chapter 3 - 3.5 - Penalties5
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Chapter 3 - 3.6 - Coding Notice6
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Chapter 3 - 3.7 - Calculating the PAYE Code1
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Chapter 3 - 3.8 - Underpaid Tax0
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Chapter 4 - 1.1 - Steps to Tax a Sole Trader4
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Chapter 4 - 1.2 - Adjusting the Accounting Period1
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Chapter 4 - 1.3 - Income and Expenditure Not Included in the Accounts5
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Chapter 4 - 1.4 - Income Included in the Accounts that is Not Taxable Trading Income1
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Chapter 4 - 2.1 - Private Expenditure of the Sole Trader4
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Chapter 4 - 2.2 - Renumeration8
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Chapter 4 - 2.3 - Impaired Debts4
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Chapter 4 - 2.4 - Capital Expenditure5
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Chapter 4 - 2.5 - Subscriptions and Donations5
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Chapter 4 - 2.6 - Entertaining and Gifts7
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Chapter 4 - 2.7 - Legal and Professional Charges3
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Chapter 4 - 2.8 - Car Leasing and Rental Costs3
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Chapter 4 - 2.9 - Other Expenses4
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Chapter 4 - 3.1 - Starting to Trade0
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Chapter 4 - 3.2 - Badges of Trade0
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Chapter 4 - 3.3 - Trading Allowance0
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Chapter 6 - 1.1 - Capital Allowances6
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Chapter 6 - 1.2 - Plant and Machinery5
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Chapter 6 - 1.3 - Pools5
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Chapter 6 - 1.4 - Types of Capital Allowance5
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Chapter 6 - 2.2.1 - Writing Down Allowance5
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Chapter 6 - 2.2.2 - Annual Investment Allowance8
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Chapter 6 - 2.2.3 - First Year Allowances4
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Chapter 6 - 2.3 - Disposals from the Main Pool4
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Chapter 6 - 2.4 - Small Pool WDA3
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Chapter 6 - 3.1 - Private Use Assets2
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Chapter 6 - 3.2 - Balancing Adjustments2
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Chapter 6 - 3.3 - Balancing Charges in the Main Pool0
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Chapter 6 - 3.4 - Cessation of Trade0
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Chapter 7 - 1.2 - Commencement of Trade5
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Chapter 7 - 1.3 - Ongoing Business5
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Chapter 7 - 2.1 - Steps to Tax a Partnership6
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Chapter 7 - 2.2 - Change in Profit Sharing Ratio2
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Chapter 7 - 2.3 - Partnership Returns6
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Chapter 8 - 1.1 - NICs Paid by Self-employed Individuals5
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Chapter 8 - 1.2 - Class 2 NICs4
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Chapter 8 - 1.3 - Class 4 NICs7
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Chapter 8 - 1.4 - Payments on Account6
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Chapter 8 - 1.5 - Balancing Payment2
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Chapter 8 - 1.6 - Late Payment5
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Chapter 8 - 2.1 - Class 1 NICs10
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Chapter 8 - 2.2 - Class 1 Primary NICs8
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Chapter 8 - 2.3 - Class 1 Secondary NICs2
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Chapter 8 - 2.4 - Apprentices and Young People6
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Chapter 8 - 2.5 - Employment Allowance4
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Chapter 8 - 2.6 - Class 1A National Insurance Contributions5
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Chapter 9 - 1.1 - Scope of Capital Gains Tax3
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Chapter 9 - 1.2 - Chargeable Assets4
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Chapter 9 - 1.3 - Chargeable Disposals3
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Chapter 9 - 2.1 - Capital Gains Tax Computation2
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Chapter 9 - 2.2 - Annual Exempt Amount4
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Chapter 9 - 2.3 - Rate of Capital Gains Tax5
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Chapter 9 - 2.4 - Payment of Capital Gains Tax3
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Chapter 9 - 3.1 - Pro Forma2
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Chapter 9 - 3.2 - Disposal Consideration4
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Chapter 9 - 3.3 - Allowable Expenditure3
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Chapter 9 - 3.4 - Acquisition Cost3
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Chapter 9 - 4.1 - Chattels3
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Chapter 9 - 4.2 - Wasting and Non-Wasting Chattels7
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Chapter 9 - 4.3 - Non-wasting Chattels6
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Chapter 9 - 4.4 - Sets of Non-Wasting Chattels2
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Chapter 9 - 4.5 - Disposals of Sets to the Same or Connected Persons1
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Chapter 11 - 1.1 - Scope of Corporation Tax3
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Chapter 11 - 1.2 - Accounting Periods for Corporation Tax3
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Chapter 11 - 1.3 - Long Periods of Account1
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Chapter 11 - 2.1 - Pro Forma3
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Chapter 11 - 2.2 - Trading Income3
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Chapter 11 - 2.3 - Capital Allowances6
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Chapter 11 - 3.1 - UK Property Income2
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TBC --------- Chapter 11 - 3.2 - Loan Relationship - Interest Income6
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Chapter 11 - 3.3 - Chargeable Gains for a Company2
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Chapter 11 - 4.1 - Qualifying Charitable Donations3
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Chapter 11 - 5.1 - Steps to Calculate Corporation Tax Liability5
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Chapter 11 - 5.2 - Augmented Profits2
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Chapter 11 - 5.3 - Rates of Tax2
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Chapter 11 - 5.4 - Marginal Relief3
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Chapter 11 - 5.5 - Short Accounting Periods2
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Chapter 11 - 5.6 - Associated Companies7
