Random stuff From Qs Flashcards
What is the alllowance for annual staff entertaining which is a tax free benefit!
£150
Interest for NIC interest on POAs reduced incorrectly is worked out how exactly?
Obvious interest for late payment. If reduced incorrectly then interest is paid on the lower of:
Reduced POA plus 50% balancing payment
Old POA
How do you work out the value of an asset given to an employee - say furniture
Take 20% of it
What should you do re: business use for working out employee benefits?
Not count it as a benefit
By what amount just property income exceed to not use the cash basis as default?
£150,000
When an asset from work you have already been using is gifted to you, what value do you add onto your employment income?
The higher of the market value at gifting OR the original value minus what has already been taxed
What happens if a trader runs a business for less than 10 hours a week and makes a loss?
Any loss relief will be restricted to £25k when making a loss claim against total income or capital gains
The loss can be carried forward against future profits of the same trade without restrictions though
If a business leases a car with a CO2 emission more than 115 then how much of the lease can they claim back?
85%
15% must stay in the tax adj profit
What is the cut off limit for cars bought from April 2018 on whether they are main rate or special rate for capital allowances?
110g/km
50-110 is main rate
>110’is special rate
<50 is FYA
If a one/off event exceeds the £150 staff entertaining allowance, how much will be taxable? Say if a puppy party was organised which cost £400 per head?
The full £400 would be taxable. No allowance for one off events over £150 each
For the cash basis, do you have capital allowances on lease expenses or not?
No!
At what point does a company count as having kicked off their first CT accounting period?
When they first acquire a source of chargeable income to when they commence trade - ie this is just for interest really
What is the second ACCOUNTING PERIOD in a company?
date that trade commences to the end of the first period of account
What happens if you don’t pay staff costs accrued within 9m of end of the accounting period?
They are disallowed in that period and then are allowable costs when they are finally paid
