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ACCA - Taxation > Taxation > Flashcards

Taxation Flashcards

1
Q

What is the maximum civil penalty for dishonest conduct of tax agents?

A

£50,000

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2
Q

Is an individual classed as a UK resident if they work in the UK full time?

A

Yes

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3
Q

Is interest from NS&I certificates taxable?

A

No

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4
Q

Is interest from quoted company loan stock taxable?

A

Yes

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5
Q

Who do the rules relating to finance costs on mortgages NOT apply to?

A

Companies and qualifying furnished holiday accommodation

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6
Q

What is the formula for the amount assessable as property income on a lease?

A

Premium x (51-n)/50

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7
Q

For how many days must a furnished holiday let be available a year?

A

210 days

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8
Q

For how many days must a furnished holiday let be let a year?

A

105 days

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9
Q

How much is rent-a-room relief?

A

£7,500

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10
Q

Is there a limit to the amount of donations an employee can make to a charity during a year?

A

No

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11
Q

What is the allowable amount per staff member on a Christmas party?

A

£150

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12
Q

What is the allowable amount for an employee working away each night? And for overseas?

A

£5 and £10

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13
Q

What is the allowable amount of medical treatment for an employee?

A

£500

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14
Q

What is the allowable amount of a loan where interest won’t be charged?

A

£10,000

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15
Q

What is the basic charge for living accommodation for an employee?

A

Higher of:
Annual value
Rent paid by EMPLOYER

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16
Q

What is the additional percentage on a car if it does not meet the RDE2 standard?

A

4%q

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17
Q

Are employee contributions towards the private use of a company car deductible?

A

Yes

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18
Q

What is the maximum percentage of a car benefit?

A

37%

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19
Q

Are employee contributions towards fuel benefit deductible?

A

No - unless pays for all fuel

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20
Q

For how many years can you bring forward any unused allowance in regards to pensions?

A

3

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21
Q

What is the formula for reducing the personal allowance in regards to pensions?

A

(Adjusted income - £240,000) x 50%

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22
Q

To what amount are gifts to customers allowable?

A

£50

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23
Q

How many years back can you go for pre-trading expenditure for individuals?

A

7

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24
Q

Is FYA time-apportioned for shorter/longer periods?

A

No

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25
Q

Are SBA’s available on land?

A

No

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26
Q

If the second tax year is less than 12 months, what period is taxed?

A

The first 12 months of trade

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27
Q

If the second tax year is longer than 12 months, what period is taxed?

A

The last 12 months of the period of account

28
Q

How many years can you carry back terminal loss relief?

A

3

29
Q

When does class 1A nic need paying by?

A

19th July

30
Q

When must a claim to carry forward losses be made by?

A

5th April 2027

31
Q

When must a claim for opening year relief be made by?

A

31st January 2025

32
Q

When must a claim for terminal loss relief be made by?

A

5th April 2027

33
Q

When must the monthly payments of class 1 be made by?

A

19th of month after

34
Q

When must a paper return be filed for the 22/23 tax year?

A

31st October 2023

35
Q

When can a taxpayer amend a return by?

A

31st January 2025

36
Q

For taxpayers with a business, when must they keep records by?

A

31st January 2029

37
Q

For taxpayers with fewer records, when must they keep records by?

A

31st January 2025

38
Q

What are POA’s based off?

A

Income tax and class 4 nic’s

39
Q

What is the percentage penalty for a return filed 6 months late?

A

10%

40
Q

What is the penalty for failure to keep records?

A

£3,000

41
Q

How is property income taxed for companies?

A

Accruals basis

42
Q

What percentage control is needed for a group relief group?

A

75%

43
Q

For how long must records be kept for companies?

A

6 years after the end of the accounting period

44
Q

Does augmented profits include dividends received from non-group companies?

A

Yes

45
Q

When are payments due for large companies corporation tax?

A

14th of months 7, 10, 13 and 16

46
Q

What is the formula for calculating PRR?

A

Gain x periods of occupation/total period of ownership

47
Q

How many years absence can you have for PRR for any reason?

A

3

48
Q

How many years absence can you have for PRR for working elsewhere in the UK?

A

4

49
Q

What is the allowance for letting relief?

A

Lower of:
£40,000
Part of the gain attributable to the letting period

50
Q

How long must a person have owned a business for it to qualify for BADR?

A

2

51
Q

How long must shares have been owned for for them to qualify for IR?

A

3

52
Q

What is the marriage exemption got a grandparent?

A

£2,500

53
Q

What percentage of tax is paid if the trustees pay the tax?

A

20%

54
Q

If a CLT is made from 1 April - 30 September, when is the tax due for payment?

A

30 April

55
Q

If a CLT is made from 1 October - 5 April, when is the tax due for payment?

A

6 months after the end of the month of the CLT

56
Q

When is IHT usually due on a death estate?

A

6 months after the end of the month of death

57
Q

By what date must you notify HMRC that you have exceeded the VAT threshold and must register?

A

Within 30 days of the end of the month the threshold was exceeded

58
Q

In reference to pre-registration VAT, how long back can you go in reference to services?

A

6 months

59
Q

In reference to pre-registration VAT, how far back can you go in reference to goods?

A

4 years

60
Q

For how long must VAT records be kept?

A

6 years

61
Q

Does a simplified VAT invoice need the rate of VAT at the time of supply?

A

Yes

62
Q

Under what amount can a VAT invoice be raised?

A

£250

63
Q

What default surcharge is charged for a second late VAT return?

A

5%

64
Q

What is the de-minimis limit?

A

£10,000

65
Q

Under what revenue amount can you register for the cash accounting scheme?

A

£1,350,000

66
Q

When must the VAT be paid and submitted under the annual accounting scheme?

A

2 months

67
Q

How many payments are made for the annual accounting scheme throughout the year?

A

9

ACCA - Taxation (1 decks)

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