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AAT LEVEL 4 Business Tax (BNTA) Finance Act 2024

This class was created by Brainscape user Oliver Webb. Visit their profile to learn more about the creator.

By: Oliver Webb
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Decks in this class (9)

Introduction to business tax
 Taxes in the UK  Business tax introduction  The tax year – income tax  The financial year – corporation tax  HMRC  The tax practitioner  Tax avoidance and tax evasion
20  cards
Sole Traders – Trade profits
 Is a trade being carried out?  Badges of trade  Adjustments to profits  Disallowable expenditure  Trading income not included in the accounts  Income not taxed as trade  Capital allowances  Trading allowance
32  cards
Sole Traders - Capital allowances
 Revenue and capital expenditure  Plant and machinery  Annual investment allowance (AIA)  Writing down allowances (WDAs)  The general pool  Cars  100% First year allowance (FYA)  Special rate pool  Private use of assets  Balancing charges/allowances  Small pools allowance (Balance in pool < £1,000)  Structures and buildings allowance
34  cards
Tax planning
 Business structures  Profit extraction  Tax planning for spouses/civil partners
38  cards
Sole Traders and Partnerships – Tax administration
 Self-assessment tax returns  Payment of income tax  Incorrect returns  Appeals  Record keeping  Enquiries  Notify HMRC of chargeability
30  cards
Companies – Tax administration
 Tax returns  Late filing penalty  Payment of tax  Penalties for errors, late notification and failure to keep records
24  cards
Business disposals
 Disposing of an unincorporated business  Disposing of a company  Capital gains tax for individuals  Gift relief  Business asset disposal relief  Post-tax proceeds
29  cards
Sole Traders - Losses
 Trade losses  Approach to questions  Losses in the opening years of trade  Terminal losses
41  cards
Companies - Losses
Non trading losses Trading Losses
21  cards

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AAT LEVEL 4 Business Tax (BNTA) Finance Act 2024

  • Class purpose General learning

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