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49 Cards in this Set
- Front
- Back
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When do you notify and pay capital gains tax |
Notify - 6 months after tax year end Pay 31st Jan after year end Pay 30 days residential |
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When is corporation tax due? (Not Large) |
9 months and 1 day after year end |
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When should HMRC notify for a compliance check? |
Anniversary filing date if on time Quarter day following anniversary of the actual filing date if late |
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Self assessment late filing penalties, what are they all? |
Up to 3 months - £100 Up to 6 months - £200 Up to 12 months - £200 + 10% Over 12 months - £200 + 20% |
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Corporation tax self assessment - when to file? |
1 year |
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When do you notify HMRC of trading first accounts? Corporation |
Within 3 months of trading |
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Penalties for late paid tax - individual |
Before 5 months - 5% Before 12 months - 10% Over 12 months - 15% |
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When is the deadline for notifying HMRC of self employment? |
5th October |
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When do you pay corporation tax as a large company? |
6 months + 13 days into accounting period, then every 3 months |
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What are the automatic oversea tests? |
- Less than 16 days in the UK - Less than 46 days in UK not resident in last three years - Work full time overseas and less than 91 days in UK |
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What are the automatic UK tests? |
- 183 days or more in UK - Only home in the UK - Full time work in the UK |
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What are the sufficient ties tests? |
- Close family in UK - Accommodation where individual stays 1 night - At least 40 days work 3 hours a day - Being in UK more than 90 days two prior years - Spending more time in UK than any other country |
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Accommodation Taxable benefit pro forma? |
Taxable benefit = Greater of Annual Value or Rent paid by employer If over £75K Greater of… Additional charge (Cost - £75K) x 2% Older than 6 years use market value. Any improvements before current year add to cost. |
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Accommodation living expenses proforma? |
Job related - Cost to employer, cannot exceed 10% net earnings Not job related - Cost to employer |
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Private use of employers assets proforma? |
Higher of… - 20% value when first made available - Rental paid by employer If given to employee, higher of… Market Value when given Original Value less taxed benefits |
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Non wasting chattel rules Sale and cost below £6K Buy below, sell above £6K Buy above, sell below £6K |
Exempt 5/3 (Proceeds - £6K) Proceeds deemed £6K |
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Deemed Occupation Rules |
1) Last 9 months always 2) Any period away from home due to employment, not exceeding 4 years 3) Any reason not exceeding 3 years |
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Individual share matching rules? |
Same Day Next 30 Days Share Pool |
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Eligibility Business asset disposal relief? |
5% in trading company 2 year ownership Work There |
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IHT Wedding Gifts? |
£5000 parents £2500 grandparent £1000 anyone else |
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Investors Relief |
Unlisted trading company Hold 3 years Not Employee |
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IHT Small gift exemption? |
£250 per donee per tax year |
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GCT donee paying or donor paying |
Donor 20/80 Donee 20% |
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Company groups loss relief what %? |
75% or 50% going backwards |
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What are the two tribunals? |
First Tier - Simple Upper - Complex |
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Mileage temp workplace, how long? |
24 months |
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Car Benefit in Kind What is diesel % addition? Does this apply meeting RDE2? Max % Car Benefit Max capital deduction? |
4% No 37% £5000 |
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Benefit in Kind Loan Minimum loan for benefit? |
£10,000 |
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Exempt Benefits… Canteen meals Medical treatment up to? Childcare Removal up to? Staff parties up to? Gyms Counselling redundant 2 years Work from home £6 Trivial Benefit up to? Pension advice up to? 1 mobile phone |
£500 for each employee if assisting return to work after 28 days £8000 removal expense Party £150 per head Trivial up to £50 cost Pension advice £500 per employee |
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Employer PAYE when is due for payment electronic? |
17 days after end of tax month |
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When is P60 provided and P11D |
P60 - 31st May P11D - 6th July |
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PAYE penalties not paid on time? |
First late payment no penalty 6 months no penalty 6 months 5% 12 months 10% |
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Pension years - how many to carry forward? |
Up to 3 years carried forward |
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Individual property business loss? |
Only carry forward from first available property profits |
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Furnished holiday letting - What’s the difference? |
Treated as business, losses only offset against holiday letting profit |
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Self employed - Allowable entertainment and gifts |
Staff entertainment and gifts Gifts under £50 per recipient logos and not food/drink/vouchers |
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Leased car exceeding 50g/km amount disallowed? |
15% disallowed |
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Individual pre trading expenditure? |
7 years prior |
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Cash basis must be below? |
Revenue below £150,000 not over £300,009 |
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Individual trading loss? |
Total income current year Then carry back (3 years if new) Then carry forward against profits |
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Class 1A due date? |
22 July following end of tax year |
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Capital gains loss individual? |
Current year year gains Carried forward against after AE |
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When is company considered UK resident? |
Incorporated in UK or central management and control in UK |
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Company share disposal matching rules? |
Same day Previous 9 days Share pool |
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Company loss relief? |
Current Carry back (3 years cessation) Or/then carry forward only carry forward can be partial All before charity donation Property - total profits then carry forward no backwards Capital - current gains then gains future no backwards |
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Company and self employed records? |
Six years following year end or five years following year end |
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Tax point? |
Goods made available, unless invoice sent 14 days after then invoice date. If payment or invoice before goods delivered that becomes the tax point. |
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Non deductible VAT? Cars and leased cars? Business entertaining? |
Cars no VAT reclaimable 50% VAT on leased cars Only oversees customers |
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Overseas import and export VAT? |
Export 0 rated sales Import record output and input the same |
