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Verity Russell
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Decks in this class (165)
Chapter 1 - 1.1 - Sources of Tax Law
The basic rules of the uk tax sys...,
Who are tax strategies set out by,
What is the main fact about tax l...
7
cards
Chapter 1 - 1.2 - Sources of Tax Practice
What does the efficiency principl...,
What do hmrc do in terms of tax,
What are the five sources of tax ...
11
cards
Chapter 1 - 2.1 - Objectives of Tax
What does the neutrality principl...,
How has the neutrality principle ...,
What three things does the curren...
5
cards
Chapter 1 - 2.2 - Social Justice
What does the equity principle state,
What is the direct indirect princ...,
Which wing is inclined to direct ...
7
cards
Chapter 1 - 2.3 - External Influences
What do external influences include
1
cards
Chapter 1 - 3.1 - Types of UK Tax
Define income tax,
Define national insurance contrib...,
Define corporation tax
5
cards
Chapter 1 - 3.2 - The Tax Year
When does the financial year run ...,
What entity does the financial ye...,
What entity does the tax year ref...
4
cards
Chapter 1 - 3.3 - Making Tax Digital
What is the aim of making tax dig...,
How is mtdfb being phased in righ...
2
cards
Chapter 1 - 4.1 - HMRC Responsibilities
What are the five responsibilitie...,
What can hmrc do if a taxpayer do...
2
cards
Chapter 1 - 4.2 - Compliance Checks
What are the two types of complia...,
What can hmrc conduct a complianc...,
What must hmrc do if the return i...
6
cards
Chapter 1 - 4.3 - Determinations
What can hmrc do if a tax return ...,
What condition must this determin...,
What is a determination displaced by
3
cards
Chapter 1 - 4.4 - Discovery Assessments
When can a discovery assessment b...,
What are the three time limits fo...,
For which taxes is the relevant p...
5
cards
Chapter 1 - 4.5 - Payment Support Service
What does the hmrc pss do,
How do taxpayers avoid any penalt...,
What may hmrc offer the tax payer
4
cards
Chapter 1 - 4.6 - Direct Recovery
What is the first condition that ...,
Define direct recovery,
What is the first condition that ...
6
cards
Chapter 1 - 4.7 - Appeals
What are the first two things a t...,
What are the second two things a ...,
What are the final three things a...
5
cards
Chapter 1 - 4.8 - Dishonest Conduct by Tax Agents
What is a tax agent,
What three things can hmrc do if ...,
What is the minimum and maximum p...
5
cards
---------------------------------------------------
0
cards
Chapter 10 - 1.1 - Fundamental Principles
What are the five fundamental pri...,
Where would you find the five fun...,
Integrity
8
cards
Chapter 10 - 1.3 - Confidentiality
What are the only two circumstanc...
1
cards
Chapter 10 - 2.1 - Threats to Compliance with the Fundamental Principles
What are the five threats to comp...,
What is the mnemonic to remember ...,
Self interest
7
cards
Chapter 10 - 2.2 - Safeguards against Threats
What are safeguards,
W,
What are the second three possibl...
4
cards
Chapter 10 - 3.1 - Conflict Resolution Process
What is the first step a member s...,
What is the first step a member s...,
What is the first step a member s...
4
cards
Chapter 10 - 4.1 - Threat of Conflict of Interest
Where can conflict arise between
1
cards
Chapter 10 - 4.2 - Safeguards
If a conflict on interest is iden...,
If a conflict on interest is iden...,
If a conflict on interest is iden...
9
cards
Chapter 10 - 5.1 - Tax Avoidance
What is tax avoidance,
Which is illegal tax avoidance or...,
What is the first reason why tax ...
6
cards
Chapter 10 - 5.2 - Tax Evasion
What is tax evasion,
What are the main forms of tax ev...
2
cards
Chapter 10 - 6.1 - Money Laundering
What are the three ways in which ...,
What does criminal property include,
What are accountants required to ...
4
cards
Chapter 10 - 6.2 - Procedures
What is the first anti money laun...,
What is the second anti money lau...,
What is the first anti money laun...
5
cards
Chapter 10 - 6.3 - Client Confidentiality
What may an accountant have to do...,
What must the accountant have to ...,
What is it an offence to do
3
cards
Chapter 10 - 6.4 - Penalties
What can happen to anyone found g...,
How many years in prison would an...,
How many years in prison would an...
4
cards
---------------------------------------------------
0
cards
Chapter 2 - 1.2 - Types of Income
What are the two types of chargea...,
What amount should you always inc...,
What are the two types of income
3
cards
Chapter 2 - 1.3 - Exempt Income
What are the first three examples...,
What are the second three example...,
What are the final two examples o...
3
cards
Chapter 2 - 1.4 - Chargeable Income
How must income be presented in t...,
Which types of income are receive...,
How is under paye employment inco...
4
cards
Chapter 2 - 1.5 - Net Income
Define net income,
What three types of income is net...,
What kind of income is trading in...
7
cards
Chapter 2 - 2.1 - Taxable Income
Define taxable income,
In what order is the personal all...
2
cards
Chapter 2 - 2.2 - Personal Allowance
For the tax year 2023 2024,
When is the pa available in full,
What is the pa only available aga...
4
cards
Chapter 2 - 2.3 - Withdrawal of the Personal Allowance
Who is the personal allowance gra...,
What is the withdrawal of an indi...,
Which should you use in the exam ...
6
cards
Chapter 2 - 3.1 - Calculation of Income Tax on Non-Savings Income
What is the income tax rate 2023 ...,
What is the income tax rate 2023 ...,
What is the income tax rate 2023 ...
3
cards
Chapter 3 - 3.2 - Calculation of Income Tax on Savings Income
What is the income tax rate 2023 ...,
What is the income tax rate 2023 ...,
What is the income tax rate 2023 ...
5
cards
Chapter 2 - 3.3 - Types of Taxpayer
What is a taxpayer known as if th...,
What is a taxpayer known as if th...,
What is a taxpayer known as if th...
3
cards
Chapter 2 - 3.4 - Savings Nil Rate Band
Who is a savings nil rate band av...,
What is the savings income nil ra...,
What is the savings income nil ra...
4
cards
Chapter 2 - 3.5 - Calculation of Income Tax on Dividend Income
What is the income tax rate 2023 ...,
What is the income tax rate 2023 ...,
What is the income tax rate 2023 ...
5
cards
Chapter 2 - 3.6 - Computing Tax Payable or Repayable
How does one ensure employment in...,
When would a repayment be generated
2
cards
Chapter 2 - 3.7 - Donations Under the Gift Aid Scheme
How is tax relief obtained for a ...,
How is tax relief obtained for a ...,
How is tax relief obtained for a ...
5
cards
Chapter 2 - 3.8 - Transferable Marriage Allowance
How much can a taxpayer transfer ...,
What are the conditions for a tax...,
Eligible couples having the choic...
5
cards
Chapter 2 - 4.1 - Income Tax Returns
What may an individual have to do...,
Who does hmrc automatically distr...,
What should an individual do if t...
7
cards
Chapter 2 - 4.2 - Submission of the Return
0
cards
Chapter 2 - 4.3 - Amending Tax Returns
0
cards
Chapter 2 - 4.4 - Repayment Interest
0
cards
Chapter 2 - 4.5 - Late Repayment
0
cards
Chapter 2 - 5.1 - Common Penalty Regime
0
cards
Chapter 2 - 5.2 - Penalties for Errors
0
cards
Chapter 2 - 5.3 - When Penalties are Charged
0
cards
Chapter 2 - 5.4 - How Penalties are Calculated
0
cards
Chapter 2 - 5.5 - Penalties for Failure to Notify
0
cards
Chapter 2 - 5.6 - Reasonable Excuse
0
cards
Chapter 2 - 5.7 - Penalties for Late Filings of Returns
0
cards
---------------------------------------------------
0
cards
Chapter 3 - 1.1 - Employment Income
Define employment income,
What four things does the income ...,
What does taxed on a receipts bas...
8
cards
Chapter 3 - 1.3 - Vouchers
What is a non cash voucher,
What is a cash voucher,
What is a credit token
6
cards
Chapter 3 - 1.4 - Trivial Benefits
Wh,
Which conditions does a benefit n...
2
cards
Chapter 3 - 1.5 - Exempt Benefits
0
cards
Chapter 3 - 1.6 - Job Related Accomodation
Under what circumstance is the pr...,
What conditions are valid to be s...,
A director will only qualify for ...
3
cards
Chapter 3 - 2.1 - Living Accommodation Rented by the Employer
If living accommodation provided ...,
In both cases the benefit should be,
If the employer rents the propert...
3
cards
Chapter 3 - 2.2 - Living Accommodation Owned by the Employer
What is the basic benefit if the ...,
When is there an additional benefit,
How is the additional benefit cal...
9
cards
Chapter 3 - 2.3 - Living Expenses for Accommodation
In addition to the taxable benefi...,
In addition to the taxable benefi...
2
cards
Chapter 3 - 2.4 - Cars Provided for Private Use
What does a single car benefit ch...,
When is a separate benefit taxable,
What is the equation for car benefit
7
cards
Chapter 3 - 2.4.1 - Car Calculations
How do you calculate co2 emission...,
What do you round the co2 emissio...,
What do you do above 75g km
11
cards
Chapter 3 - 2.4.2 - Hybrid Cars
What does the co2 emissions for h...,
130 battery range miles,
70 129 battery range miles
6
cards
Chapter 3 - 2.5 - Private Fuel Benefit
What kind of rate is the benefit ...,
How is the private fuel benefit c...,
When should you use time apportion
5
cards
Chapter 3 - 2.6 - Van Scale Charge
What is the van scale charge on p...,
What is the benefit for vans with...,
When should time apportion be used
7
cards
Chapter 3 - 2.7 - Assets Lent for Private Use
What happens when an employer len...,
What does the value of the benefi...,
If the employer owns the asset wh...
8
cards
Chapter 3 - 3.1 - Real Time Information
What do employers use the paye sy...,
Most employers must report paye i...,
When and how must the employer su...
5
cards
Chapter 3 - 3.2 - Voluntary Payrolling
What may employers opt to do unde...,
How does the employer do this,
Of the taxable benefits examinabl...
4
cards
Chapter 3 - 3.3 - PAYE Forms
What does the employer complete f...,
What does the form p60 contain,
When must the employer supply a p...
9
cards
Chapter 3 - 3.4 - Payments to HMRC
When are income tax and nic deduc...,
The tax month runs from 6th to 5t...,
When is the deadline extended to ...
5
cards
Chapter 3 - 3.5 - Penalties
What does the common penalty regi...,
What is the penalty for a late fps,
What do late payment penalties th...
5
cards
Chapter 3 - 3.6 - Coding Notice
Why do hmrc issue a tax code,
What does the tax code incorporate,
What two forms does hmrc issue in...
6
cards
Chapter 3 - 3.7 - Calculating the PAYE Code
1
cards
Chapter 3 - 3.8 - Underpaid Tax
0
cards
---------------------------------------------------
0
cards
Chapter 4 - 1.1 - Steps to Tax a Sole Trader
What is the first step,
What is the first step,
What do you get after step two
4
cards
Chapter 4 - 1.2 - Adjusting the Accounting Period
1
cards
Chapter 4 - 1.3 - Income and Expenditure Not Included in the Accounts
What is the most common example o...,
What does the treatment in the ta...,
What should you do if it has been...
5
cards
Chapter 4 - 1.4 - Income Included in the Accounts that is Not Taxable Trading Income
What are the two types of non tra...
1
cards
Chapter 4 - 2.1 - Private Expenditure of the Sole Trader
What are the adjustments to profi...,
Expenditure may not be wholly and...,
What will hmrc do if there is a d...
4
cards
Chapter 4 - 2.2 - Renumeration
Which payments to staff are allow...,
What happens if earnings are not ...,
How are employer s contributions ...
8
cards
Chapter 4 - 2.3 - Impaired Debts
Movements in specific provisions are,
Movements in general provisions are,
The write off of trade bad debts is
4
cards
Chapter 4 - 2.4 - Capital Expenditure
Expenditure on or relating to cap...,
What are the first three examples...,
What are the second three example...
5
cards
Chapter 4 - 2.5 - Subscriptions and Donations
Are trade or professional associa...,
What does the treatment of a dona...,
Which donations are allowable
5
cards
Chapter 4 - 2.6 - Entertaining and Gifts
Expenditure relating to client en...,
Expenditure relating to staff ent...,
What kind of gift to customers is...
7
cards
Chapter 4 - 2.7 - Legal and Professional Charges
When is expenditure on legal and ...,
Legal and professional fees relat...,
Which legal and professional fees...
3
cards
Chapter 4 - 2.8 - Car Leasing and Rental Costs
What happens if the car,
3
cards
Chapter 4 - 2.9 - Other Expenses
How are fines treated,
How is interest on borrowings for...,
How is interest on late paid tax ...
4
cards
Chapter 4 - 3.1 - Starting to Trade
0
cards
Chapter 4 - 3.2 - Badges of Trade
0
cards
Chapter 4 - 3.3 - Trading Allowance
0
cards
---------------------------------------------------
0
cards
Chapter 6 - 1.1 - Capital Allowances
What are capital allowances,
How are capital allowances less s...,
What is the first step when calcu...
6
cards
Chapter 6 - 1.2 - Plant and Machinery
Capital allowances are only allow...,
How do we define plant and machinery,
What does machinery include
5
cards
Chapter 6 - 1.3 - Pools
What are the two types of pool,
Private use asset pools,
Main pool
5
cards
Chapter 6 - 1.4 - Types of Capital Allowance
What are the four types of capita...,
Writing down allowances,
Annual investment allowances
5
cards
Chapter 6 - 2.2.1 - Writing Down Allowance
Where is the wda given,
What is the wda available each year,
How does the wda work
5
cards
Chapter 6 - 2.2.2 - Annual Investment Allowance
What does the aia do,
What is the maximum aia,
What can the aia be used against
8
cards
Chapter 6 - 2.2.3 - First Year Allowances
What do fyas do,
What is the limit on the amount o...,
What is the 100 fya available on
4
cards
Chapter 6 - 2.3 - Disposals from the Main Pool
When an item from the main pool i...,
If the item is not sold the proce...,
Where is the deduction made from ...
4
cards
Chapter 6 - 2.4 - Small Pool WDA
What happens if the balance in th...,
What is the small pool wda not av...,
What does one need to know about ...
3
cards
Chapter 6 - 3.1 - Private Use Assets
What special rules apply to the c...,
If an icaew member is helping a c...
2
cards
Chapter 6 - 3.2 - Balancing Adjustments
When a private use asset is sold ...,
2
cards
Chapter 6 - 3.3 - Balancing Charges in the Main Pool
0
cards
Chapter 6 - 3.4 - Cessation of Trade
0
cards
---------------------------------------------------
0
cards
Chapter 7 - 1.2 - Commencement of Trade
When a sole trader begins to trad...,
When are the tax adjusted profits...,
What happens if a trade starts cl...
5
cards
Chapter 7 - 1.3 - Ongoing Business
What happens to sole traders afte...,
What happens if the accounting pe...,
What happens if the accounting pe...
5
cards
Chapter 7 - 2.1 - Steps to Tax a Partnership
What is a partnership,
How is each partner taxed,
How is tax adjusted trading profi...
6
cards
Chapter 7 - 2.2 - Change in Profit Sharing Ratio
What do we do if there is a chang...,
How would the psr change
2
cards
Chapter 7 - 2.3 - Partnership Returns
As part of the rule of law it is ...,
When is the due date for submissi...,
When is the electronic return sub...
6
cards
---------------------------------------------------
0
cards
Chapter 8 - 1.1 - NICs Paid by Self-employed Individuals
What are the two types of nationa...,
Who pays class 2,
Who pays class 4
5
cards
Chapter 8 - 1.2 - Class 2 NICs
How are class 2 contributions cal...,
What is the annual lower profits ...,
What is a unique rule we have to ...
4
cards
Chapter 8 - 1.3 - Class 4 NICs
How are contributions calculated,
What are the three rates,
What is the low rate
7
cards
Chapter 8 - 1.4 - Payments on Account
What do the self employed need to...,
For which taxes are poas never re...,
When is the first payment on acco...
6
cards
Chapter 8 - 1.5 - Balancing Payment
When is a balancing payment due,
What is a balancing payment due for
2
cards
Chapter 8 - 1.6 - Late Payment
What may a penalty be charged on,
What may a penalty not be charged on,
What may interest be charged on
5
cards
Chapter 8 - 2.1 - Class 1 NICs
Who are class 1 nics payable by,
Who pays class 1 primary,
Who pays class 1 secondary
10
cards
Chapter 8 - 2.2 - Class 1 Primary NICs
When are contributions calculated,
What is the lowest weekly limit,
What is the middle weekly limit
8
cards
Chapter 8 - 2.3 - Class 1 Secondary NICs
What is the lowest annual limit,
What is the highest annual limit
2
cards
Chapter 8 - 2.4 - Apprentices and Young People
How have the government tried to ...,
What is the age limit for employees,
What is the age limit for apprent...
6
cards
Chapter 8 - 2.5 - Employment Allowance
What is the employment allowance,
What is the employment allowance ...,
What happens if the employer s li...
4
cards
Chapter 8 - 2.6 - Class 1A National Insurance Contributions
Why are vouchers exempt,
What are class 1a nics,
What is the class 1a charge
5
cards
---------------------------------------------------
0
cards
Chapter 9 - 1.1 - Scope of Capital Gains Tax
What is capital gains tax charged on,
Who are the chargeable persons,
Who are the exempt persons
3
cards
Chapter 9 - 1.2 - Chargeable Assets
Are all assets chargeable,
What are the first three exempt a...,
What are the fourth and fifth exe...
4
cards
Chapter 9 - 1.3 - Chargeable Disposals
What are the four chargeable disp...,
What are the three non chargeable...,
For disposals under contract when...
3
cards
Chapter 9 - 2.1 - Capital Gains Tax Computation
What is a chargeable gain,
What is a taxable gain
2
cards
Chapter 9 - 2.2 - Annual Exempt Amount
Who is entitled to an annual exem...,
How often is someone entitled to ...,
What is the annual exempt amount ...
4
cards
Chapter 9 - 2.3 - Rate of Capital Gains Tax
What does the rate of cgt depend on,
What is the cgt for a basic rate ...,
What is the cgt rate for an addit...
5
cards
Chapter 9 - 2.4 - Payment of Capital Gains Tax
An individual must give details o...,
When is the self assessment retur...,
When is the payment of cgt due
3
cards
Chapter 9 - 3.1 - Pro Forma
How do you get the net disposal c...,
What do you less from net disposa...
2
cards
Chapter 9 - 3.2 - Disposal Consideration
What is the disposal consideratio...,
What is the exception to the rule,
How do we get net proceeds
4
cards
Chapter 9 - 3.3 - Allowable Expenditure
Which three types of allowable ex...,
What are some examples of expendi...,
What are some examples of inciden...
3
cards
Chapter 9 - 3.4 - Acquisition Cost
What is the acquisition cost usually,
What is the cost if the asset was...,
What is the cost if the asset was...
3
cards
Chapter 9 - 4.1 - Chattels
What are chattels,
What does moveable mean,
What does tangible mean
3
cards
Chapter 9 - 4.2 - Wasting and Non-Wasting Chattels
What are the two types of chattel,
How long is the expected life of ...,
What are some examples of wasting...
7
cards
Chapter 9 - 4.3 - Non-wasting Chattels
How are non wasting chattels trea...,
How are non wasting chattels trea...,
How are non wasting chattels trea...
6
cards
Chapter 9 - 4.4 - Sets of Non-Wasting Chattels
What is a set of chattels,
How does the acquisition cost nee...
2
cards
Chapter 9 - 4.5 - Disposals of Sets to the Same or Connected Persons
When do special rules apply
1
cards
---------------------------------------------------
1
cards
Chapter 11 - 1.1 - Scope of Corporation Tax
Who is corporation tax paid by,
A company is resident in the uk if,
What are taxable total profits
3
cards
Chapter 11 - 1.2 - Accounting Periods for Corporation Tax
What is an accounting period for ...,
When does an accounting period start,
When does an accounting period end
3
cards
Chapter 11 - 1.3 - Long Periods of Account
What do we do if the period of ac...
1
cards
Chapter 11 - 2.1 - Pro Forma
What is miscellaneous income,
Although dividends are exempt for...,
What can we less
3
cards
Chapter 11 - 2.2 - Trading Income
What do we add to the net profit ...,
What do we less from the net prof...,
Since the directors are legally d...
3
cards
Chapter 11 - 2.3 - Capital Allowances
What are capital allowances deduc...,
What are full capital allowances ...,
The allowances for companies are ...
6
cards
Chapter 11 - 3.1 - UK Property Income
On what basis is rental income fr...,
How is interest payable on a loan...
2
cards
TBC --------- Chapter 11 - 3.2 - Loan Relationship - Interest Income
How is interest taxed for all com...,
What do the loan relationship rul...,
If interest is classed as trading...
6
cards
Chapter 11 - 3.3 - Chargeable Gains for a Company
What is corporation tax charged on,
How is the gain on an individual ...
2
cards
Chapter 11 - 4.1 - Qualifying Charitable Donations
How are donations to national cha...,
What is a qualifying charitable d...,
On what basis are qcds relieved
3
cards
Chapter 11 - 5.1 - Steps to Calculate Corporation Tax Liability
What is the first step,
What is the second step,
What is the third step
5
cards
Chapter 11 - 5.2 - Augmented Profits
How are augmented profits calculated,
What are exempt agbh distributions
2
cards
Chapter 11 - 5.3 - Rates of Tax
What corporation tax rate does a ...,
When would a company pay a rate o...
2
cards
Chapter 11 - 5.4 - Marginal Relief
When does marginal relief apply,
How does marginal relief work,
What is the equation for calculat...
3
cards
Chapter 11 - 5.5 - Short Accounting Periods
What do the upper and lower limit...,
What do we do if an accounting pe...
2
cards
Chapter 11 - 5.6 - Associated Companies
Companies are associated for tax ...,
What does control mean,
What do we do with companies boug...
7
cards
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