Final Notes - Exam 2

Question 1

Record Retenntion

Answer 1

Soletrader - 5 years 31st Jan following year
Company - 5 years end of AP

Question 2

VAT - expenses

Answer 2

Overseas customers yes

Question 3

Compliance checks Corp tax

Answer 3

Filing date - 1 year end of AP
Compliance check - on time, 12 months after
If late, 1 year after end of following quarter

Question 4

Gift Relief under value

Answer 4

Proceeds (Market Value) X
Less cost: (X)

Gain before relief: X
Balancing figure CALC

Chargeable gain: G(ifting value less cost)

Question 5

VAT

Answer 5

REgistration - in month of hit end of next month +1