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Nick Duley
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Decks in this class (103)
Examinable Documents (Important Figures)
Income tax basic rate,
Income tax basic rate normal rate...,
Income tax higher rate
47
cards
Examinable Documents (Important Figures) (2)
Approved mileage allowances for c...,
Approved mileage allowances for c...,
Plant and machinery main pool rat...
44
cards
Examinable Documents (Important Figures) (3)
Lower rate normal rate for capita...,
Lower rate residential property f...,
Higher rate normal rate for capit...
35
cards
Introduction to UK Tax System
What is economic factors in taxation,
What is social factors in taxation,
What is environmental factors in ...
22
cards
Introduction to UK Tax System (2)
When does tax year run,
What is a tax year,
Where does the financial year run
19
cards
Scope of Income Tax
Difference between uk resident an...,
What does statutute set out,
When an individual satisfies any ...
17
cards
Computing Taxable Income
What is a personal tax computatio...,
How is income tax charged,
What is total income
22
cards
Computing Tax Payable
What is an income tax liability,
What is an income tax payable,
How is income tax payable computed
21
cards
Gift Aid
What is gift aid,
Gift aid treatment at a basic rate,
If taxpayer wants the charity to ...
8
cards
Interest and Income Tax Computation
What interest paid gross on the f...,
How is qualifying interest deducted,
What are gilts
10
cards
Married Couples and Child Benefit
How are spouses and civil partner...,
What should spouse and civil part...,
How is income for jointly held pr...
9
cards
Employment Income
Advantages of self employued for ...,
Advantages of self employued for ...,
Difference between employment and...
18
cards
Employment Income (2)
General rule for allowable deduct...,
Allowable deductions 1,
Allowable deductions 2
11
cards
Employment Income (3)
When is a deduction available for...,
When is a deduction from employme...,
When travelling is an integral pa...
12
cards
PAYE (1)
What is time apportioned,
What are employee contributions,
What if an employee is provided w...
14
cards
PAYE (2)
When an employee is provided with...,
Employer s assets for private pur...,
How is 20 charge time apportioned
32
cards
PAYE (3)
What do employment related loans ...,
Which loans give rise to a benefit,
What is the taxble amount
22
cards
PAYE (4)
What is paye,
Objective of paye,
What does paye also apply to in a...
20
cards
PAYE (5)
What does an employee s tax code ...,
L,
M
10
cards
PAYE (6)
How is daily interest charged on ...,
How must late payment penalties b...,
Are employers charged a penalty f...
13
cards
Pensions
What are pensions for,
What is automatic enrolment,
What are the minimum contribution...
14
cards
Pensions (2)
What are employer contributions,
Are employer contributions limited,
Maximum gross tax relievable cont...
18
cards
Pensions (3)
What is a reduced annual allowance,
What is the minimum annual allowance,
Where does the minimum annual all...
15
cards
Assessable Trading Income
Where does a tax year run,
How to find link between a period...,
What happens from 2024 25
7
cards
Property Income (1)
What is income from land and buil...,
A taxpayer with uk rental treatment,
What happens with all receipts an...
20
cards
Property Income (2)
Where is no relief given,
Where is relief given,
Where does domestic items relief ...
27
cards
Trading Losses (1)
How is a tax loss computed,
What is the loss in calculating a...,
If there is a loss in an assessab...
25
cards
Trading Losses (2)
When is the taxpayer the followin...,
When is early trade loss relief a...,
What does early trade loss relief...
19
cards
Computing Trading Income (1)
What are the badges of trade,
If a trade exists,
When applying badges of trade dee...
19
cards
Computing Trading Income (2)
Are fines and penalties deductible,
Exemption to fines and penaties r...,
Fines related to trade
28
cards
Computing Trading Income (3)
If trading income is omitted from...,
Example of trading income is omit...,
What happens to the selling price...
9
cards
Computing Trading Income (4)
When can a election be made,
If an unincorporated business has...,
When does business stop using the...
11
cards
Capital Allowances (1)
How are ca generally given,
Is depreciation allowed in adjust...,
How is ca calculated
20
cards
Capital Allowances (2)
Items that are put in special rat...,
What are long life assets,
Examples of long life assets
19
cards
Capital Allowances (3)
Is irrecoverable vat a qualifying...,
When may a vat be irrecoverable,
If trader is vat registered and c...
20
cards
Capital Allowances (4)
What happens when a business ceas...,
Additions and disposals in cessat...,
If assets are not sold in cessati...
17
cards
Partnerships (1)
What is a partnership,
How are partnerships treated,
What happens with its taxable inc...
20
cards
NIC (1)
How is class 1 divided into employee,
How is class 1 divided into employer,
What is class 2
19
cards
NIC (2)
When is the employer required to ...,
How is class 1a contributions cal...,
When must class 1a contributions ...
9
cards
Computing Chargeable Gains (1)
For a chargeable gain to arise th...,
When does a chargeable gain arise,
Where are capital gains chargeable
15
cards
Computing Chargeable Gains (2)
What is enhancement expenditure,
What is excluded from enhancement...,
When individuals have an annual e...
18
cards
Computing Chargeable Gains (3)
What must happen with current yea...,
What happens with the annual exem...,
What happens with an individual w...
18
cards
Chattels
What is a chattel,
What is a wasting asset,
What is the expected life of non ...
18
cards
Private Residence Relief (PRR)
What does the gain airising on in...,
What is only chargeable,
How are gains not covered by prr ...
14
cards
Business Relief (1)
What can individuals claim busine...,
What does the relief cover,
What is the disposal on the relie...
17
cards
Business Relief (2)
Where can gift holdover relief be...,
What if an individual gives away ...,
What happens to
17
cards
Business Relief (3)
When may a gain be rolled over,
Following conditions for rollover...,
Where part of a building is in no...
10
cards
Shares and Securities
How are quoted shared disposed of...,
Why is quoted price on the dispos...,
What are the matching rules for d...
13
cards
Shares and Securities (2)
Why does a chargeable gain not ar...,
What is the cost of the original ...,
What if there is a cash element
5
cards
Self-Assessment (1)
Where does the taxpayer have a duity,
An exception for the taxpayer s d...,
When does a taxpayer not have to ...
16
cards
Self-Assessment (2)
What does a common penalty regime...,
When are penalties behaviour related,
If there is an understatement of tax
19
cards
Self-Assessment (3)
How are income tax and class 4 ni...,
Each payment on account is equal to,
When is a balancing payment payable
18
cards
Inheritance Tax (1)
What is iht,
Two main chargeable occasions for...,
Who are chargeable persons
21
cards
Inheritance Tax (2)
What is a potentially exempt tran...,
What is a chargeable lifetime tra...,
Example of pet
16
cards
Inheritance Tax (3)
What is the residence nil rate band,
When is rnrb relevant,
Available rnrb is lower
14
cards
Inheritance Tax (4)
What should donors ensure in tax ...,
When considering how to pass on a...,
When can an election be made when...
16
cards
Chargeable Gains for Companies (1)
Do companies pay capital gains tax,
What is included in taxable total...,
How does calculation of taxable g...
17
cards
Computing Taxable Total Profits (1)
What must companies pay,
What is a company,
What are companies resident in th...
20
cards
Computing Taxable Total Profits (2)
Capital allowances and reduction,
What does director or employee su...,
If accounting period is longer th...
17
cards
Computing Taxable Total Profits (3)
Where are qualifying charitable d...,
Almost all donations of money to ...,
When is there no need for a claim...
12
cards
Corporation Tax Liability (1)
Financial year for corporation tax,
What is ttp calculated for,
Where does a company pay corporat...
16
cards
Corporation Tax Liability (2)
What is an associated companies,
If a company has one or more asso...,
Dormant companies
6
cards
Loss Relief for Single Companies
What is a current period relief,
What is a carry back relief,
What is a carry forward relief
19
cards
Loss Relief for Single Companies (2)
Decide on whether a loss should b...,
Decide on whether a loss should b...,
What do carrying back losses gene...
13
cards
Loss Relief for Single Companies (3)
What happens when a company cease...,
When is the carry back period is ...,
Similarity between terminal loss ...
8
cards
Groups (1)
Where does a group exist,
What does group relief provision ...,
What is a group relief provision ...
19
cards
Groups (2)
What happens with a company which...,
What may the surrendering company...,
How does a current period group r...
17
cards
Groups (3)
Election made for matching group ...,
Joint election for matching group...,
What can only be transferred in m...
7
cards
Self-Assessment System for Companies (1)
What does self assessment system ...,
When must a company notify hmrc,
When will hmrc issue the company
15
cards
Self-Assessment System for Companies (2)
What may hmrc decide,
What must officer of hmrc give,
How must written compliance check...
18
cards
Self-Assessment System for Companies (3)
What are instalments based on,
What happens for a 12 month accou...,
When are instalments due for quar...
9
cards
Self-Assessment System for Companies (4)
What happens if failure to notify...,
Penalty of up to 3000 for fraudue...,
If deadline
8
cards
An Introduction to VAT (1)
What is a taxble supply,
What is the reduced rate,
What happens with zero rated supp...
19
cards
An Introduction to VAT (2)
When is registration for vat comp...,
When is registration for vat comp...,
When can vat registration require...
17
cards
An Introduction to VAT (3)
Advantages of group registration ...,
Advantages of group registration ...,
Advantages of group registration ...
21
cards
An Introduction to VAT (4)
How is administration of vat deal...,
What are local offices responsibl...,
When may a registered person will...
20
cards
An Introduction to VAT (5)
When a trader is in a vat scheme ...,
When can the trader can apply to ...,
When may hmrc increase payments o...
19
cards
An Introduction to VAT (6)
Input tax not deductible cars,
When can input tax be claimed on ...,
Input tax not deductible leased
10
cards
An Introduction to VAT (7)
What if a business pays for fuel ...,
What if a business does provide f...,
When will hmrc accept that the fu...
8
cards
Further Aspects of VAT (1)
What must a taxable person making...,
When is there no requirement to s...,
What if an invoice is issued and ...
19
cards
Further Aspects of VAT (2)
What are penalties for,
Result of penalties,
When does a business incur a pena...
19
cards
Further Aspects of VAT (3)
Vat treatment for uk vat register...,
Vat treatment for uk trader impor...,
How is vat charged
15
cards
Further Aspects of VAT (4)
What is annual accounting scheme ...,
Minimum requirement to join annua...,
Who can stay in the annual accoun...
12
cards
Further Aspects of VAT (5)
What does the optional flat schem...,
Where can the flat rate scheme be...,
What is done to calculate vat lia...
10
cards
Chattels Essential Reading
What happens where part of a resi...,
What if part of a residence was u...,
What if business part was at same...
3
cards
VAT Essential Reading
Standard rate for vat,
What does vat legislation list,
What is assumed to be standard rated
32
cards
VAT Essential Reading (2)
What must vat registered trader do,
How can records be kept,
What must up to date records allow
10
cards
Self Assessment and Payment of Tax by Companies Essential Reading
What is ixrbl,
What does ixrbl automatically pro...,
What can other companies use othe...
12
cards
Groups Essential Reading
What is current period group reli...,
How is current period group relie...,
What is carry forward group relie...
10
cards
Chargeable Gains for Companies Essential Reading
When bonus issue shares are issued,
What happens since bonus issue sh...,
What happens when rights issue sh...
13
cards
Computing Taxable Total Profits and Corporation Tax Liability Essential Reading
What happens for an individual st...,
If a company is used,
What does a sole trader pay and nic
10
cards
Inheritance Tax Essential Reading
When can debts incurred by the de...,
When are taxes deductible for deb...,
When are electricity and gas bill...
14
cards
Self-assessment and payment of tax by individuals Essential Reading
When are payments on account not ...,
When are payments on account not ...,
A taxpayer may claim to reduce th...
31
cards
Business Reliefs (Essential Reading)
When is there a lifetime limit,
What does this 1 million of gains...,
When the old asset has not been u...
5
cards
Computing a Gain or Loss (Essential Reading)
Calcualte net proceeds in computi...,
Calculate gain in computing a gai...,
What is the disposal consideratio...
11
cards
NIC (Essential Reading)
What is meant by earnings,
What do earnings also include,
Where an employer reimburses an e...
11
cards
Trading Losses (Essential Reading)
Where relief is claimed against g...,
How is the trading loss first set...,
What can t the taxpayer not do
7
cards
Capital Allowances (Essential Reading)
Date of expenditure for capital a...,
When is the date of expenditure,
How is pre trading expenditure tr...
26
cards
Computing Trading Income (Essential Reading)
What is meant by the subject matter,
What is meant by frequency of tra...,
Presence of a profit motive
20
cards
PAYE System (Essential Reading)
When is the interest benefit not ...,
What is meant by a qualifying loan,
When the 10000 threshold is excee...
36
cards
Computing Income Tax Liability and Income Tax Payable (Essential Reading)
Step 1 in calculating income tax ...,
Step 2 in calculating income tax ...,
Step 3 in calculating income tax ...
15
cards
Introduction to UK Tax System (Essential Reading)
What does government taxation rep...,
What does government s net positi...,
What does government favour
22
cards
Introduction to UK Tax System (2) (Essential Reading)
1
cards
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