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MindMap Gallery ACCA subject F6 (tx)
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ACCA subject F6 (tx)
ACC provides a strong stepping stone for professionals in the world's finance, accounting and management fields. ACCA is committed to providing development opportunities and career support for professional accountants and is a globally renowned passport for the international accounting community. This mind map has compiled the common mistakes in tax law knowledge in ACCA subject F6 for everyone. It is full of useful information. Hurry and collect it and learn it!
Edited at 2019-09-04 14:55:17
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ACCA subject F6 (tx)
- bacteria
This is a mind map about bacteria, and its main contents include: overview, morphology, types, structure, reproduction, distribution, application, and expansion. The summary is comprehensive and meticulous, suitable as review materials.
- Plant asexual reproduction
This is a mind map about plant asexual reproduction, and its main contents include: concept, spore reproduction, vegetative reproduction, tissue culture, and buds. The summary is comprehensive and meticulous, suitable as review materials.
- Reproductive development of animals
This is a mind map about the reproductive development of animals, and its main contents include: insects, frogs, birds, sexual reproduction, and asexual reproduction. The summary is comprehensive and meticulous, suitable as review materials.
- Recommended to you
- Outline
F6
1.un system and administration
function
economic
social
redistribute income and wealth away from the rich towards the poor
direct/indirect/progressive
emvironmental
Classification
1
direct
indirect
2
capital
revenue
UK system
HMRC
CPS
crown prosecution service
tax tribunal
first-tribunal
upper tribunal
source
legal force
tax evasion
tax evasion
tax avoidanceavoidance
ISA
2w cash and share
interest/dividend exempt from personal income tax
Sell the share, CGT exemption amount is 20,000
GAAR (general anti-abuse rule)
Don’t take advantage of legal loopholes
ethical
honestly and objectively ,with due care and diligence ,integrity
advised/ cease to act for the client
inform HMRC and make money laundering
2.income tax
tax year
residence
ANR
16
46/ago
90/Working overseas
AR
183
only home
full time job
ties
close family
house
work
More than 90 in at least one of the past two years
Most time in the UK
Only available for previously resident
proforma (gross/no negative)
saving
Tax-free: premium bond NSI (from saving) ISA
gilts are not tax exempt
appendix
dividend
ISA
deductible interest(loan) Loan interest
buy plant or machinery parshi and employment
buy interest in employee-control company
invest in a partnership/ co-operative
lessPA
personal pension
TRC
gross
MAA
3600
relevent
11850-(ANI-10W)/2
ANI=net income - gross personal pension - gross gift aid donation
Related knowledge pointschild benefit
Transferring PA between couples (Anything that has not been used up is Basic)
transferee
new PA=PA-1190 Then calculate new tax
Transferring party
PA does not change, tax -238
Apply before 23/4/5
get taxable income Calculate tax liability
BAND
start
No change 5k
basic
34500 gross personal pension gross gift aid donation
high
15W gross personal pension gross gift aid donation
taxpayer non-saving dividend
0-BRB
BRB-HRB
HRB-
saving
0-START
start-BRB
BRB-HRB
HRB-
allowance
saving allowance
Consider taxpayer
dividend allowance
2k
Turn anything that is not 0 into a 0 tax rate
minus interest relief 50%*20%
Less PAYE
3.trading profit
badges of trade
subject matter
artwork
mineral water
frequency of similar
ownership
short good
marketable
profit motive
way acquired
finance
intentions
digital adjustment
tax treatment
expenditure
Summarize
expense
BU
The results cannot be manipulated
fine and penalty
ee√(can be reduced)
trader
depreciation & amortization X
capital X //revenue √
lease charge for cars
<110 √
>110 15%
entertaining
ee√(can be reduced)
customers and suppliers X
gift
ee√(can be reduced)
custimers
50 per person per year, any excess cannot be reduced
no food/drink/tobacco/vouchers
advertisement
donation (Donated by business)
trading
local not national
positive energy
legal fee
√
BU
renewing a short lease(50)
someone else makes a mistake breach the contract
domain name
debts
patenes
X
new share capital
initial short lease
Make your own mistakes
other
ee education
stolen by ee
redundancy
subscriptions
accountancy and admission fees
patent
written off
special bad debt provision
No wages paid, 9 months
pre-trading expenditure in the first 7 years is the first year after opening
expense for trader X
deemed sale
profit, cost
income under other schemes
lose
exempt income
The tax office made a mistake
not in p/l
Private property for public use - subtract
amortization of premium
[p-p*2%*(D-1)*1/D*N/12]
capital allowance (plant and machinery)
Format
TWDV/b/d addition not for AIA for AIA disposal balance WDA TVDVc/f
main poor
Sell - lower of original cost and disposal
AIA Add new assets
excluding cars
First adjust the upper limit to 20w, then adjust the AIA limit*n/12
When subtracting, only look at the for AIA part
order! special/main pool/short/private SMSA
18% WDA
n/12
accounts--9 months
special pool
include
long-life assets 25,10w
high emission car 110
integral features
AIA
8% WDA
motor cars (<50)
100% FYA
Second hand——main pool
No*n/12
short-life assets (<8), except cars
AIA
18%/8% WDA
private use
Add a column BU%-----Change number!
AIA
18%/8% WDA
ba/bc
No*n/12
Condition
A separate column is sold, with balance
pool<0
The last issue does not count AIA/WDA
small pool WDA
<1k * n/12
cash basis
condition
"15w, after starting" 30w
proforma
receipts less payment expense
You can’t deduct money when buying a motor car/land/building
Using a car——0.45,0.25
accounting practices
Compare tax and accounting, adjust for differences
Profit Distribution
Determine the period, trading profit
1/12
change 2 paragraphs
salary
1/12
interest
1/12
annualized interest rate
PSR
balance
change 2 paragraphs
time adjustment
Focus: Find BP
general rule
open
Draw accounting periods
draw tax year
The tax year in which business is opened
Find bp123 and draw a paragraph
1
2
Look for the accounting date in tax
have
12 months?
Exceed
equal
less than
No
3
Watch a paragraph, n/x
See clearly that the original accounting period was 18 months
overlap profit
Make profit later
Make the loss now and deduct it in the tax year
close
Find the first and second tax year
penultimate bp
general
Find the last bp
The penultimate one leaves all
overlap
partner join, close
5.employment income
employment/self-employment
control
must accept
equipment
benefit
helpers
responsibility
taxable
The accounting scope is tax year
salary
year/month
tax year
bouns
Employees (earlier)
paid
entitled to pay
Director (morning)
paid
entitled to pay
credit to company account
late
end of period of account
amount determine
benefit
living accommodation
relevent--exempt benefit
necessary
customary
special security arrangements
house related expenses (net earnings*10%)
total employment income-expense-pension contribution=net earning
not eleventh
basic High
annual rental
Buy--no annual rental
annual value
additional Bought it for over 75,000
(cost/MV subsequent improvment-75000)*2,5%
Buy - to first employee > 6 years - MV
improvment——before the tax year
total benefit
taxable=total*1/12*(1-BU)-payment Rent paid by employees to bosses
Utility bills are also a benefit
car
car benefit=%*(list price-capital contribution)*n/12-payment 5,000 paid by employees to buy a car. 5,000 paid by employees to rent a car.
4%, the highest is 37%
pool car police car, tax free
Car insurance and repair fees are tax-free chauffeur cost driver, counts as welfare
car fuel
%*23400
permanently caeased *n/12
Oil appears at the same time at the beginning and end - temporary
Don’t take into account the gas money that employees give to their bosses, unless there are no benefits at all.
company van
3350/633 *n/12-Money given by employees to bosses
interest-free and cheap loans Only if the borrowed amount exceeds 10,000 yuan Welfare is the interest difference
average
tax year intersection loan period
Tail: Before paying back the money
n/12
strict
interest on official rate (Take the smaller one)
Specify
not specified
interest paid to er
Specify
Not specified - strict
a-b
other assets
total charge higher
20%MV first provided
rent paid by er
taxable=total charge *n/12 -payment Rent paid by employees to bosses
Intangible services and employee benefits are new costs for the boss
gift higher
present MV-payment (employee to boss)
MV first provided-(MV first provided*20%*no.)-payment (employee to boss) Number of years of employee use before asset transfer
vouchers
The boss’s cost is your welfare
exempt benefit
staff canteen---for all ee
removal expense 8000 tax-free
sports, not open to the public
work buses
workplace
training
first personal mobile phone
party 150 tax free
Work from home, 4 days a week tax free
long services award tax exemption 50 per year
trivial benefit tax free 50
overseas daily 10 UK business trip 5 tax exemption
child benefit
ANI<5w
0
5w-6w
child benefit receive*(ANI-5w)/1w
6w
received
AMA Private car for public use
allowance given
less 0.45,0.25
business use
ordinary commuting---no Doesn't count
travel to customer---BU
temporary--<24month
expenditure Employees spend their own money to serve their work
clothes - cannot be reduced
occupation pension donation on payroll
Deducted directly from taxable income
subscription,relevant
liability insurance
PAYE
Go back and read the previous books! ! ! !
PAYE
Summary
er's duty
how to work
real time information (RTI)
full payment submission (FPS)
payment
Electronic: 17 days after the end of the tax month Paper size: 14
average monthly payments less than 1500
tax quarters 7.10.1.April 5th
code
L
full personal allowance
M
receive 1190
N
giving 1190
number=personal allowance-no certificate in the current period-benefit-nothing paid in the past
forms
P60
Give employees taxable/income tax/NIC 5.31 Next tax year
P11D
Benefits to HMRC and employees 7.6 Next tax year
P45
leaving
interests and penalties
daily interest n/12,1/365
penalties, payment exceeding 6 months
1-9 100 10-49 200 50-249 300 250 400
additional penalty due 5% of tax and NIC due
7.property business profit
property
cash basis default
rent received-expense paid
accurals
rent receivable-expense payable
Two situations
choose
Must use 15w * n/12
same method less()
security disposal
Revenue can only be recognized if you have the right to control it
replacement furniture relief
initial cost cannot be reduced
Replacement cost can be reduced
The money from selling the old one can be used to offset the new one
What improves the nature cannot be reduced
restriction to finance costs
special rule
premise
Under personal income tax
Rent to others to live in
higher, additional rate taxpayer
in proform less interest(interest*50%)
less:tax liability (interest*50*20%)
mileage allowance
0.45/0.25
room
cash basis default
Gross rent<7500------tax-free income, no income added, no expenses reduced You can also use the normal calculation method and choose negative numbers.
gross rent>7500------rent-expense Rent-7500 Choose a small one
premium
landlord
Revenue is recognized only once in the year it occurs.
P- P*2%*(D-1)=assessable amount
tenant
Amortization of intangible assets
[P- P*2%*(D-1)]*1/D*n/12
8.furnished holiday lettings
Prerequisites
Renovated
Ability 210
Actual 105
Permanent resident<155
the difference
Use capital allowance rules instead of replacement relief
no special rule
disposal uses entrepreneurs, rollover, holdover
relevent earings√
9 pension
system
self-employment
pp
employed
pp
op
tax relief
ANI=NI-PP-GAD
BAND=XPPGAD
EI=X-OP-payroll d
Summarize
PP paid by employees themselves, net/band/occupies AA
The pp paid by the boss occupies AA, is tax-free, and is subtracted from the boss’s TP.
The OP paid by the employee occupies AA, which is subtracted from the employee's EI.
The OP paid by the boss occupies AA, tax-free benefits, and is subtracted from TP
tax relievable contribution (lower)
MAA (higher)
3600
relevent earning (no property business income)
gross
/80%
Summarize
Exceed MAA
op <=MAA TRC EI-X >MAA x x
pp <=MAA TRC net/band >MAA x gross/band
Influencing factors and steps for solving the problem
pp/op, paid by myself
MAA
TRC
PA(ANI-TRC)
BAND(X TRC)
annual allowance
annual allowance (TRC<AA)
AA from previous years
15-19 4W AA
You can bring it forward three years, the current year first, the earlier the first three years, the earlier
AA this year higher, more than 15w?
1w
tapered aa=4w-(adjust income-15w)/2
AI=net income 4 types of pension, except pp given by employees themselves
Overall AA
AA-TRC
Added to the line calculating reliability, 20% 40% 45%
receive
55
flexi-access drawbacks
One-time 25%, tax-free
remaining investment
lifetime allowance
103w
additional
55%, lump sum
25%,funds
Pension paid by the boss
no limit
Occupy AA, lifetime allowance amount
The boss’s tax-free benefits are subtracted from trading profit
national debt (Not exempt from personal tax)
tax year
interest payment date
transaction hour
Segmentation, M, G
Interest payment half year Hold from beginning to end – cash basis Transaction - accurate basis
19.VAT
Classification
standar
vat=exclude price*% inclusive* %/(1 %)
exempt
bc tax exemption—industry, B is not a VAT registered account
no input
VAT is added to cost
supplies
financial
betting and gaming
burial and cremation services
zero
necessity
food
printer for reading
construction
transport
clothing
qualifications
registration
compulsory (Compulsory registration is required if any condition is met)
historical (end of each month)
previous 12th 85,000, excluding tax taxable sales
Notify the tax office - reaches, exceeds 85,000, 30 days after the end of the month
The notice will take effect next month
future (every day)
Next 30 days, 85,000
Notify the tax bureau, end of 30 days
Effective from 30 days
voluntary registration
benefit
0-rate, with input
customer vat-registration,input return cost decrease
harm
customer not vat-registration selling price increases
pre-registration input vat Can return input
good
BU
Still in the company
4 years before registration
service
BU
6 months before registration
deregistration
compulsory
No taxable transactions
Notify the tax bureau within 30 days
cessation takes effect on that day
voluntary
No more than 83,000 in the next year
It takes effect on the day the tax bureau receives the application.
tax
return,payment
Pay once every quarter
online
Submit, the relevant quarter ends on January 7th
the tax point (Taxation time point) It affects the quarter in which the declaration is made.
basic tax point
The day the goods are delivered to the customer
The day the service was completed
actual tax point
All before earlier invoice is issued payment is received
All after, within 14 days, invoice as
vat payable
general
output
No capital revenue
discount, actual money received
Giving gifts is not considered sales
Not exceeding 50, 12 months
sample
Services provided for free do not count
bu-nbu counts as output (potato chips) input can be returned
input
private,input does not return
entertainment UK customer, no return
If part of the car purchased is not used for BU, it cannot be returned. Don’t ask customers for VAT when selling a car
When bad debts occur, the input is used to offset the output. (Expiration - 6 months) cannot exceed the written of date
motoring expense
As long as it is used for BU, the input can be returned. (repair car)
Calculate output The employee gives the boss money, cash No, according to scale charge
refund vat
Apply for return within 4 years and return as input
invoice
Invoicing time limit
30 days after transaction completion
Must be opened
standard tax rate
vat registration
contents
bill
date and number
customer’s name and address
issuer's name and address
VAT
vat registration number
quantity and description of goods supplied
vat-exclusive each supply
rate of each supply
vat-exclusive amount
vat rate
vat amount
vat inclusive amount
vat payable
tax point
default surcharge (Returns and tax payments are late)
charge period notice--the relevant tax year after one year
Made another mistake midterm Extended one year after the current period Fine 2, 5, 10, 15 within the surcharge period 2.5 <400 10.20 Minimum 30
small business
cash accounting
cash basis
condition
In the next 12 months, taxable sales, excluding tax, shall not exceed 135w.
No more than 1.6 million in the past 12 months
advantage
Bad debt input deduction output
No output will be paid if no money is collected, and the cash flow is good
disadvantage
It’s not good to buy things. You have to pay for input.
annual accounting
Only declare once poa 9 times 10% of the previous year bp balance annual vat return
condition
In the next 12 months, taxable sales, excluding tax, shall not exceed 135w.
No more than 1.6 million in the past 12 months
advantage
defaultsurchargeavoided
more accurately
disadvantage
The time of paying taxes and generating sales is irrelevant
flat rate
%*Total sales including tax Only focus on sellers
condition
In the next 12 months, taxable sales excluding tax shall not exceed 150,000 Excluding tax
No more than 23w in the past 12 months (minus long-term asset sales) tax included
1% discount first year
group
common control uk parent company
several liable for any vat liability
advantage
Internal VAT None
One group, one report, administrative costs become smaller
dis
limit is more stringent
14.corporation
introduction
accounting prriod----tax calculation
Not more than 12 months Used to calculate taxes Remember*n/12
financial year----fiscal year
4.1--3.31 Determine the tax rate
proforma
trading profit
no private use deemed sales/owner's salary/BU%/assets with private use in CA
Only numerical adjustment, no profit distribution or time adjustment
interest income
non-trading received - non-trading payable
trading: buy plant and machinery working capital buy property for trading
non-trading buy property let out share capital
property business income
The company can only use accrual business
No special rules, interest cannot be deducted --fiancial non-deductible
chargeable gain
proforma
proceeds
less: selling expenses
less:original cost acquisition expense improvemet
unindexed capital gain
less:IA-original acquisition improvement
2017/12
expenditure*factor
Cannot create loss
indexed capital gain
less:roll-over relief
capiatl gain after relief
capital loss
against capital gain
If it is still negative after being offset, write 0 for the current period and offset it for the next period.
share
same
brfore 9
FA1985 pool averaging method
Before 1985/4, summarized into other
After that, adjust IA to 17.12/process current period/aggregate
no/cost/indexed cost
less:qulifying charitable donation
Cannot create loss
long period of account Share profits Find AP first, then this step
trading profit
Digital adjustments, except CA
*N/12
CA for AP
Beginning and end of period
8%18%WDA AIA *n/12
Adjust CA to profit
interest income
accrual
property business income
accrual
chargeable gain
disposal date
QCD
paid date
loss
type
Deduct trading losses total profit
combination
current
carry back
first 12 months
carry forward relief
The only thing you can choose freely
terminal loss relief
First the current period, then 36 months forward
property business loss Can be deducted (nothing before)
current business profit
current total profit
future total profit
capital loss Can be deducted (nothing before)
current capital gain
future capital gain
step
Find the accounting period first
year/period
profoma
Select method
QCD
timing
It’s computer-based, so you can’t choose the amount! ! !
current There must be a loss in the current period
back up to 12 months, period
groups
relief group
Require
each 75%
effective 75%
UK
current period group relief Deduct taxable total profit
surrendering company
trading loss You can use it yourself or give it to others
property business income QCD Use it yourself first before giving it to others.
claimant company
Use up your own losses first
carry forward
All losses I use it myself first and then give it to other companies.
accounting period does not match Only look at the overlapping parts
capital gains group
condition
75% per layer
Effective shareholding 50%
There is a holding company
benefit
no gain no loss
ab---c
roll-over relief
administration
notification
12 months after AP ends
return (later)
12 months after the relevant accounting period
3 months after notice
late return penalty
fixed
geared
keeping record
6 years after AP ends
payment
small and medium
After AP, 9 months and 1 day Once a year
large
taxable total profit dividend received from 51%=augmented profit > threshold=150w*n/12/(no.of 51% 1) end of the previous period
by quarter
CIT*3/n
AP=12m
7/10/13/16-14th
AP<12M
7/10/13/16-14th
final installment
4 months after next AP starts 14th
stipulated date VS termination date
stipulation=termination=3/n
Not equal to, stipulates 3/12, terminates balance
interest penalty interest
Mistake, penalty
What is received is counted as income - the tax bureau made a mistake
13.inheritance tax
lifetime transfer (holding his hand and reasoning)
PET Tax is not included when it occurs. Calculate the value.
transfer of value less:marriage exemption annual exemption current annual exemption b/f PET
transfer of value higher
MV of transfer The day of transfer is not the day of death
The value of the transferor’s assets decreases——Longzhu
marriage exemption
5000--Mom and Dad
2500--Grandma
2500--couple
1000--Others
annual exemption
3000, one year at most last in first out
CLT(gross/net) Taxes must be calculated when they occur
transfer of value(net/gross) less: annual exemption current annual exemption b/f CLT(net/gross)
Sharing ae, whoever happens first gets to use it first
Has the transfer party paid taxes——net/gross Here is addition and subtraction
Calculation method
Transfer looks for 7 years in the past
Looking for someone with C in 7 years old
The earlier c is below
Band and tare count as iht
325000
The band of the tax year in which the transfer occurs
Only the top one can be net *20/80 gross=a iht trustee paid not net! ! !
Count clt, only look at clt
ET
spouses
small gift 250 Once more than all are transferred to pet
living expenses
additional taxes arising on death (all gross) Looking back on the 7 years before his death pet-ct, clt recalculation Anything over band is 40%
calculatedihtcalculated on death less taper relief iht paid brefore addtional tax arising on death
The band is from the year of death
death transfer 40% tax rate band--the year of death
value of death transfer How much value is calculated after tax is calculated
generally
MV on the day he died
Special case
proceeds>MV
Can be deducted
funeral
debts/loan
repayment/interest-only mortgages
Gambling/verbal cannot be deducted
residence nil rate band Only applies to death stage
Conditions are met simultaneously
die after 2017.4..6
Estate value exceeds 325,000
There is a main residence
direct descendants
lower
125000 transferred by spouse
House value - mortgages that can be reduced
First normal, then add residence
spouse unused nil rate band If one person dies and doesn’t use it up, it will be transferred to another person for use when he dies.
basic 325000
new=past*(1 not used%)
residence
lower
125000 transferred by spouse
new=past*(1 not used%)
House value - mortgages that can be reduced
pay taxes
lifetime
Night
4.30 at the end of the tax year in which clt is located
6 months after the end of the month of transfer
addition clt, pet are paid by the recipient, 7 aunts and 8 aunts.
Six months after the end of the month when the transferor died
death personal representative
morning
Six months after the end of the month when the transferor died
The personal representative submits the list to the tax bureau
12.CGT
condition
non-current assets
other
chargeable
business
non-business
exempt assets
exempt
motor car
premium bond
qualifying corporate bonds
gilt
ISA
Partially wasting chattels
Transfers upon death are exempt from capital gain tax.
chattels and wasting
step
entrepreneur relief Application: One year after 1.31 after transaction
chargeable business, the entire store is sold, the machine is sold along with it, the store is >1 year old
chargeable business, closed, machine sold 3 years after closing, shop > 1 year
shares personal owned company/employed (Settlement >1year if the first two conditions are met)
furnished holiday letting accommodation sold(>1year)
residential property No need to have lived there, as long as it is used to live in
other gains
less current capital loss annual exemption from right to left capital loss b/f
X is capital gain
gross proceeds
less selling expenses
less cost
original cost
acquisition expense
improvement
capital gain before relief Influencing factors
special disposal
spouse
cost transfer-out party=proceeds transfer-out party=base cost transfer-in party
gift or sales under MV
proceeds=MV
part disposal
Part/whole* whole cost = cost of selling
When calculating proportion, sales expenses are not considered
The whole cost must be considered in total, and to improve the performance, it must be added
destroy
proceeds=insurance received
damage to assets
Combine part and destroy
assets cost after restoring Original Value - Bad Feet Pedicure
All the money received was used to repair assets. ——It can be treated as if the transaction does not exist and capital gain does not exist. insurance=destroy part cost
special assets
chattels and wasting
chattels,tangible and movable
wasting, lifespan does not exceed 50 years
chattels
wasting
for CA
gain
surface
loss
0
not for CA
exempt
non-wasting
surface
limit!!
non-chattels
wasting
cost=whole cost*(life-ownership)/life
non-wasting
normal
shares
matching rule
smae
Next 30
pool
bonus and right issue
reorganization and takeover
share for share
part disposal
share and cash for share
less relief
PPR——Have lived there (If you have never lived there, you are not eligible for ppr calculation)
capital gain before relief* (actual deemed)/total ownership*(1-BU)
deemed
1
abroad, there is reality before and after
When one period ends and then goes to the next place, it can be regarded as one day
2
UK (working), practical before and after, up to four years
When one period ends and then goes to the next place, it can be regarded as one day
3
last 18 months
4
3 years for any reason, with practical reasons before and after
letting (for rent) applies to ppr
lowest
4w
PPR relief
before relief*(letting period-period in ppr relief)/total ownership
roll-over (Sell old and buy new)
condition
disposal Sell old and buy new
assets
for BU land and building fixed plant and machinery, goodwill
To buy new assets, you must be in - before 1 and after 3
New assets must be used for BU the moment they are purchased.
calculate
Selling A has capital gain
How much is left after selling the old one and buying new one? Write 0 for negative numbers.
B asset: base cost
% question, NBU BU comparison
depreciation assets (life<60)
Tax time, earliest
New assets sold - same as normal
New assets are not used for trade purposes
10 years after the new asset is purchased
Apply late
4 years after the tax year in which the old asset is sold
4 years after the tax year in which the new asset is acquired
hold-over (gift/low price)
condition
disposal gift, low price
assets
personal company
Share in personal company--it doesn't matter whether it is listed or not
Unlisted
furnished holiday lettings
calculate
Gift, low price proceeds take MV
How much do you actually earn
special rule for sharing
condition
free
donor's personal company
chargeable non-business assets
MV of chargeable business assets/MV of chargeable* before relief
Apply
Within 4 years after the transfer tax year Two people apply together
Calculate taxes
Personal income tax is at the bottom, E/OG/RP from left to right
band consider PP/GAD/TRC
Only count the three categories of CGT, don’t count individual taxes
11.income tax administration
tax return
paper
19.10.31
online
20.1.31
Revise
21.1.31
fine
late
0-3 100 3-6 10/day,90days max 6-12 5% of payable min300 >12 additional 5% 70% 100%, min300
mistake
% of underreported tax
notify
unpaid tax %
keep
not in bu
1.31 after tax year, then 1 year 2021.1.31
inbu
1.31 after the tax year, and another 5 years 2025.1.31
pay taxes
poa1
2019.1.31
(17/18payable class4)/2
poa2
2019.7.31
(17/18payable class4)/2
bp
2020.1.31
balance class2/CGT
Summarize
taxpayable class 4<1000/ More than 80% of tax was withheld and paid on 17/18——0
17/18<18/19_____17/18
17/18>18/19_____18/19
interest and penalty late
poa-interest
*3% due
bp—interest, penalty
<1month nil 1-6 5% 6-12 10% >12 15%
tax refund
4 years
HMRC power
10.NIC
foree
class 1ee
ee
ee's monetary earnings Salary, bonus, voucher, positive AMA (only 0.45)
irreducible
part time Annual interval-monthly interval-monetary earnings-NIC
class 1er
er
ee's monetary earnings
er trading profit minus
3000 deduction
class A
er
ee's non-monetary earnings
er trading profit minus
for self-employment
c2
take responsibility
2.95/week trading profit >6205
irreducible
c4
take responsibility
Trading profit after three items
irreducible
The restrictions remain unchanged, Different from class 1er