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By:
Verity Russell
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Decks in this class (105)
Exempt chargeable assets
What are the first three exempt c...,
What are the second three exempt ...,
What are the final two exempt cha...
3
cards
Chargeable Disposals
What are the four chargeable disp...,
What are the three non chargeable...,
For disposals under contract the ...
3
cards
Annual exempt amount
Who is entitled to the aea,
When is a chargeable gain stated ...,
When is a taxable gain stated in ...
5
cards
Rate of CGT
What does the rate of cgt depend on,
What rate does a hrtp artp pay,
What rate does a brtp pay
3
cards
Payment of CGT
How does an individual give detai...,
When is the self assessment retur...,
When is the payment of the cgt du...
3
cards
Proforma - Disposal of Single Asset
How do you get to net disposal co...,
How do you get to chargeable gain
2
cards
Disposal Consideration
What is the disposal consideratio...,
What is the exception to this rule,
What is deducted from disposal co...
4
cards
Allowable expenditure
What three things are deducted fr...,
What are some incidental costs of...
2
cards
Cost of acquisition
What is the acquisition cost gene...,
If the asset was inherited what i...,
If the asset was received as a gi...
3
cards
Wasting Chattels
What are chattels,
Define wasting chattels,
What are some examples of wasting...
3
cards
Non-wasting Chattels
What are non wasting chattels,
What are some examples of non was...,
What is the solution if both cost...
9
cards
Sets of Non-wasting Chattels
Define a set of chattels,
What is the formula for the cost ...
2
cards
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0
cards
Scope of Corporation Tax
A company is resident in the uk if,
Corporation tax is paid by uk res...,
What is ttp
3
cards
Accounting Periods for Corporation Tax
What is an accounting period for ...,
When does an accounting period start,
When does an accounting period end
4
cards
Long Periods of Account
What do we do if the period of ac...
1
cards
Proforma - Corporation Tax Computation
How do you calculate ttp,
What kind of income is exempt fro...
2
cards
Trading Income
How do you calculate adjusted tra...,
What does not need to be accounte...
2
cards
Capital Allowances
What are capital allowances deduc...,
What allowances are available to ...,
What additional allowance are com...
3
cards
UK Property Income
On what basis is rental income fr...,
What is not an allowable expense ...,
If interest payable is not allowe...
3
cards
Loan Relationships - Interest Income
What do the loan relationship rul...,
If interest is classed as trading...,
If interest is classed as non tra...
6
cards
Chargeable Gains for a Company
What is corporation tax charged on,
How is the gain on an individual ...
2
cards
Qualifying Charitable Donations
Define qualifying charitable dona...,
On what basis are qcds relieved
2
cards
Calculating Corporation Tax Liability
What is the first step to calcula...,
What is the second step to calcul...,
What is the third step to calcula...
4
cards
Augmented Profits
How do you calculate augmented pr...,
What are exempt agbh distributions
2
cards
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0
cards
Disallowed Expenditure - Private Expenditure of Sole Trader
Define allowable expenditure,
Expenditure may not be wholly and...,
Which bit is disallowable in the ...
3
cards
Disallowed Expenditure - Remuneration
Most payments to staff are,
Allowable payments to staff include,
Employer s contributions to pensi...
9
cards
Disallowed Expenditure - Impaired Debts
Movements in specific provisions are,
Movements in general provisions are,
The write off of trade bad debts is
4
cards
Disallowed Expenditure - Capital Expenditure
Expenditure on or relating to cap...,
What are the first 3 examples of ...,
What are the second 3 examples of...
5
cards
Disallowed Expenditure - Subscriptions and Donations
Trade of professional association...,
Small donations to local charitie...,
Gift of stock or assets to local ...
5
cards
Disallowed Expenditure - Entertaining and Gifts
Expenditure relating to client en...,
Expenditure relating to staff ent...,
The gift of trade samples to cust...
5
cards
Disallowed Expenditure - Legal and Professional Charges
Expenditure on legal and professi...,
Examples of expenditure on legal ...,
Legal and professional fees relat...
5
cards
Disallowed Expenditure - Car Leasing and Rental Costs
The costs of hiring renting or le...,
What is the flat rate of disallow...,
If the leased car is used by the ...
3
cards
Disallowed Expenditure - Other Expenses
Fines are generally,
Parking fines incurred by an empl...,
Interest on borrowing for the pur...
5
cards
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0
cards
VAT - Basics
What is vat chargeable on,
What is a taxable supply,
Who is a taxable person
6
cards
VAT - VAT Return
What is output vat,
What is input vat,
What type of vat can usually be r...
4
cards
VAT - Taxable Supplies
What is an example of a supply ou...,
What is an example of an exempt s...,
What are the three types of taxab...
10
cards
VAT - Calculating VAT
What is the vat component for sta...,
What is the vat component for red...,
What is the vat component for sta...
5
cards
VAT - Errors
What happens if there is an error...
1
cards
VAT - Registering for VAT
How must vat registration be comp...,
What happens if a trader is late ...,
How many registrations will a sol...
8
cards
VAT - Historic Test
How often is the historic test pe...,
What is the historic test,
If total taxable supplies have ex...
6
cards
VAT - Future Prospects Test
How often should the future prosp...,
What is the future prospects test,
When should
6
cards
VAT - Consequences of Registration
What is the first consequence of ...,
What is the second consequence of...,
What is the third consequence of ...
4
cards
VAT - Advantages of Voluntarily Registering for VAT
What is the first advantage of vo...,
What is the second advantage of v...,
What is the third advantage of vo...
3
cards
VAT - Disadvantages of Voluntarily Registering for VAT
What is the first disadvantage of...,
What is the second disadvantage o...
2
cards
VAT - Compulsory Deregistration
When must a person deregister,
When must hmrc be notified of the...,
When is deregistration effective ...
3
cards
VAT - Voluntary Deregistration
When may a person voluntarily der...,
When is the 12 month period measured,
When is deregistration effective
3
cards
VAT - Effects of Deregistration
What is the potential effect of d...,
What is the exception to this rule
2
cards
VAT - Tax Point
What is the tax point,
Why is a tax point important,
If the vat rate changes what does...
4
cards
VAT - Basic Tax Point
What is the basic tax point for g...,
What is the basic tax point for s...,
What is the basic tax point date ...
3
cards
VAT - Actual Tax Point
If a tax invoice has been issued ...,
If a tax invoice was not issued o...,
If a tax invoice has not been iss...
4
cards
VAT - Deposits
What happens if a deposit is paid
1
cards
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0
cards
Ethics - Fundamental Principles
What are the five fundamental pri...,
Where can the five fundamental pr...,
Integrity
8
cards
Ethics - Professional Competence and Due Care
What must icaew members exercise ...,
Members should not undertake work...,
Members have an ongoing duty to
4
cards
Ethics - Confidentiality
Members should not disclose to th...,
Confidential information acquired...
2
cards
Ethics - Threats and Safeguards
When may a self interest threat o...,
When may a self review threat occur,
When may an advocacy threat occur
5
cards
Ethics - Safeguards Against Threats
What are safeguards,
What are the first 3 examples of ...,
What are the second 3 examples of...
4
cards
Ethics - Conflict Resolution Process
What is the first step to take if...,
What is the second step to take i...,
What is the third step to take if...
4
cards
Ethics - Threats of Conflicts of Interest
Who can conflicts arise between
1
cards
Ethics - Safeguards
What is the first step a member s...,
What is the second step a member ...,
What is the third step a member s...
5
cards
Ethics - Tax Avoidance
Define tax avoidance,
What are promoters of tax avoidan...,
What does the general anti abuse ...
5
cards
Ethics - Tax Evasion
Define tax evasion,
What are the two main forms of ta...
2
cards
Ethics - Anti-Money Laundering
A person is engaged with anti mon...,
To prevent recognise and report m...,
What does the icaew support
3
cards
Ethics - Procedures
What is the first anti money laun...,
What is the second anti money lau...,
What is the third anti money laun...
5
cards
Ethics - Client Confidentiality
It is an offence to,
When may an accountant have to di...
2
cards
Ethics - Penalties
Who can receive unlimited fines f...,
How many years imprisonment for m...,
How many years for failing to rep...
4
cards
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0
cards
VAT - Returns and Payments
How must all vat registered busin...,
What does the vat return show and...,
Where payment is not made by dire...
7
cards
VAT - Substantial Traders
Who are substantial traders,
For substantial traders when are ...,
For substantial traders what are ...
4
cards
VAT - Annual Accounting Scheme
Under the annual accounting schem...,
Under the annual accounting schem...,
What can traders using the annual...
8
cards
VAT - Advantages of Annual Accounting Scheme
What is the first advantage of th...,
What is the second advantage of t...,
What is the third advantage of th...
3
cards
VAT - Disadvantages of Annual Accounting Scheme
What is the first disadvantage of...,
What is the second disadvantage o...
2
cards
VAT - Cash Accounting Scheme
How does the cash accounting sche...,
What does the tax point become,
What is the condition for joining...
5
cards
VAT - Advantages of Cash Accounting Scheme
What is the first advantage of ca...,
What is the second advantage of c...,
What is the third advantage of ca...
3
cards
VAT - Disadvantages of Cash Accounting Scheme
What is the first disadvantage of...,
What is the second disadvantage o...,
Thus when is the cash accounting ...
3
cards
VAT - Joining Cash or Annual Accounting Schemes
What is the first condition that ...,
What is the second condition that...,
What is the third condition that ...
4
cards
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0
cards
Further Guidance Issued by HMRC
What is the first further guidanc...,
What is the second further guidan...,
What is the third further guidanc...
6
cards
The Tax Year
When does the financial year from...,
When does the tax year run from a...,
What tax is paid in the financial...
4
cards
Responsibilities of HMRC
What is the first responsibility ...,
What is the second responsibility...,
What is the third responsibility ...
6
cards
HMRC Compliance Checks
What can hmrc conduct a complianc...,
What are the two types of complia...,
When must hmrc give notice of the...
5
cards
HMRC Determinations
If a tax return is not received b...,
When must the determination be ma...,
What is a determination displaced by
3
cards
HMRC Discovery Assessments
When can a discovery assessment b...,
What is the time limit for raisin...,
What is the time limit for raisin...
7
cards
HMRC Appeals
What are the first three things a...,
What are the final four things a ...,
What must an appeal be like to be...
3
cards
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0
cards
Income Tax Returns
If an individual needs a tax retu...,
When is there no need to complete...
2
cards
Income Tax - Submission of Returns
What does the due date for the su...,
If filed online what is the submi...,
If filed as paper what is the sub...
3
cards
Income Tax - Amending Tax Returns
Hmrc may correct anything in the ...,
The taxpayer may amend a tax retu...,
How long can a taxpayer make a cl...
3
cards
Income Tax - Repayment Interest
When is interest paid to taxpayer...,
When does the interest run from a...
2
cards
Income Tax - Late Payment
For late tax and penalties when d...,
For additional tax due due to ame...
2
cards
Income Tax - Penalties for Errors
If a taxpayer uses an agent accou...,
How do penalties work,
How long can penalties be suspend...
4
cards
Income Tax - When Penalties are Charged
A penalty may be charged when ina...,
A penalty may be charged if a tax...
2
cards
Income Tax - How Penalties are Calculated
What are penalties based on,
How can penalties be reduced
2
cards
Income Tax - Penalties for Failure to Notify
A penalty applies to failures to ...,
There is a penalty even if reason...,
Who can penalties be collected fr...
3
cards
Income Tax - Reasonable Excuse
What can a reasonable excuse do,
What is a reasonable excuse,
What are the first four reasonabl...
5
cards
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0
cards
PAYE - Real Time Information
Most employers must report paye i...,
How and when must the employer su...,
When may an employer payment summ...
3
cards
PAYE - PAYE Forms
At the end of the tax year the em...,
When must the employer supply a p...,
An employer must also provide hmr...
5
cards
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0
cards
Administration of Tax
What is the latest date to contac...,
When does a taxpayer who wishes t...,
Who is not required to submit a f...
9
cards
Admin - Corp Tax
How long does a company have to r...,
When must all companies submit co...,
How long does hmrc have to amend ...
6
cards
Administration of Tax 2
1
cards
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