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Flashcards in IN CLASS TEST Deck (52)
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1

married couples joint income

split

2

Personal allowance below £100,000

£11,500

3

Personal Allowance above £100,000

is 0.5 of anything above £11,500

4

Personal Allowance above £123,000

is £nil

5

Income Tax Basic Rate

20% up to £33,500

6

Income Tax Higher Rate

40% between £33,500 and £150,000

7

Income Tax Additional Rate

45% above £150,000

8

Personal Savings Allowance

BR - £1,000, HR - £500, AR - £nil

9

Dividends Tax Exemption

First £5,000 isnt taxed

10

Dividend Tax

BR - 7.5%, HR - 32.5%, AR - 38.1%

11

Company Debenture

is * 100/80 and 20% is added back

12

Gift Aid Donation

treated as net and 20% is collected from the government

13

Lease Premium

P * (L-1) * 2%

14

Self Employed Taxable Income

Start with net profit, add back non allowable expenses and deduct non trading income

15

Expensive Living Accommodation

interest% * (money spent on property - 75000) * months

16

Assets taxed at

20%

17

Mileage

45p up to 1,000. Anything Above is 25p mile

18

CO2 emissions maximum

37%

19

Diesel Cars Supplement

3%

20

Fuel for private use

% * 22,600 * Months

21

CO2 emissions

50 - 9%, to 75 - 13%, to 94 - 15%, 95+ 18%

22

Class 1

12 % of employees income

23

Class 2

Self employed flat rate £2.58 pw

24

Class 4

Self employed percentage
8164-45000 9% then 12%

25

Class 3

Unemployed voluntary

26

Exempt from CGT

motor cars, chattels less than 6000, gilt edged securities, premium bonds and winnings

27

CGT Annual Exemption

£11,300

28

Capital Gains Taxed

10% or 20%

29

Residential Properties Taxed

18% or 28%

30

Allowable Expenditure (this is subtracted)

acquisition cost, legal fees, enhancement costs