BTC & PTC Revision Game
Comments
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Capital Gains Tax
Q What is exempt from FYA?0 -
Everyone busy at work today ! ?
Have been enjoying the game guys.0 -
Jimmyboy1888 wrote: »Everyone busy at work today ! ?
Have been enjoying the game guys.
Ask a question!0 -
how do you guys manage to do this all day. i would get told off if i spent all day on this, and i couldn't justify it to myself to spend a whole lunch on it. lol too much to do!
ok now im back for a lil bit until i go bowling with some colleagues
... when is entrepreneurs relief used? (although not even sure if i have the right paper now)0 -
how do you guys manage to do this all day. i would get told off if i spent all day on this, and i couldn't justify it to myself to spend a whole lunch on it. lol too much to do!
ok now im back for a lil bit until i go bowling with some colleagues
... when is entrepreneurs relief used? (although not even sure if i have the right paper now)
I'm not at work today, booked a hol for my little lads birthday but he was at school when I was on here :-) and now bed lol.
An entrepreneur runs the business alone or as part of a partnership. He/she has a £1,000,000 limit to use over his lifetime which is taxed at 10% and above and beyond that it is the usual 18% rate.
I was listening in that lecture :-)
Q Explain FYA as best as you can!!! (I know its not techincally a 'question' lol)0 -
Can someone do a little question for BTC to keep the flow? I'm struggling a bit here :-(0
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whats the NI rates for 2009/100
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O eck is it because it is taxed at source?
Q, what are all the badges of trade and why do we have them?
We have them to distinguish if an individual is in fact trading or if they have a genuine hobby or selling unwanted items etc as a 'one off'
If your primary intention is to make a profit
Have you sold before? How many times?
The items your selling.
How long you've had the goods in your posession. Short time means likely trading, long time is probably selling something you 'just dont like anymore'
How the item came to be aquired. Purchased by auction the day before.. Trading. A christmas gift 10 years ago? Probably not trading!
There may be more but this is without books so I think i've done pretty damn good!
Q What are the rules when dealing with share disposals for companies?0 -
We have them to distinguish if an individual is in fact trading or if they have a genuine hobby or selling unwanted items etc as a 'one off'
If your primary intention is to make a profit
Have you sold before? How many times?
The items your selling.
How long you've had the goods in your posession. Short time means likely trading, long time is probably selling something you 'just dont like anymore'
How the item came to be aquired. Purchased by auction the day before.. Trading. A christmas gift 10 years ago? Probably not trading!
There may be more but this is without books so I think i've done pretty damn good!
Q What are the rules when dealing with share disposals for companies?
you deduct the quantity sold from the number of shares you have
then you find out the cost by (no of shres sold/number of shares bought) x cost to date
then you work out the indexed cost by (number of shares sold/number of share bought) x indexed cost to date
this is becasue indexation is calculated evey time something happens
hope thats what you were after0 -
you deduct the quantity sold from the number of shares you have
then you find out the cost by (no of shres sold/number of shares bought) x cost to date
then you work out the indexed cost by (number of shares sold/number of share bought) x indexed cost to date
this is becasue indexation is calculated evey time something happens
hope thats what you were after
Fantastic.
As per usual i worded my question appalingly. I meant about taking the shares from aquisitions within the next 30 days etc etc. I dont actually fully know the answer off the top of my head, hence why I asked!!
But your answer was perfect for other reasons (the formulas..)
I dont have a question though..... if you can help with that?? Pretty please??0 -
Fantastic.
As per usual i worded my question appalingly. I meant about taking the shares from aquisitions within the next 30 days etc etc. I dont actually fully know the answer off the top of my head, hence why I asked!!
But your answer was perfect for other reasons (the formulas..)
I dont have a question though..... if you can help with that?? Pretty please??
what happens if you dont get the forms/pay your corp tax on time?0 -
what happens if you dont get the forms/pay your corp tax on time?
There is a £100 penalty, and if it exceeds 3 months it goes to £200. If it exceeds 6 months an additional fine is due to the value of 10% of the tax due. If it exceeds 12 months then the fine goes to 20% of the tax due.
I sometimes get a bit confused with corporation tax rules and income tax rules and capital gains tax rules etc etc so I hope this is the applicable one!!
Q How long do you need to keep accounting records for?0 -
There is a £100 penalty, and if it exceeds 3 months it goes to £200. If it exceeds 6 months an additional fine is due to the value of 10% of the tax due. If it exceeds 12 months then the fine goes to 20% of the tax due.
I sometimes get a bit confused with corporation tax rules and income tax rules and capital gains tax rules etc etc so I hope this is the applicable one!!
Q How long do you need to keep accounting records for?
i'm back!!!!
i think it's 7 years (even though at my work we have them for the last 10!)
when you have large companies that pay tax in installments what date does each one have to be paid by? (i really can't remember ths)0 -
i'm back!!!!
i think it's 7 years (even though at my work we have them for the last 10!)
when you have large companies that pay tax in installments what date does each one have to be paid by? (i really can't remember ths)
I think..... Income Tax
1st Payment on account 31st January in the tax year
2nd Payment on account 31st July in the tax year
Final payment to settle outstanding balance 31st January the next tax year
Capital Gains tax due on 31st January the next tax year.
Corporation Tax..... more complicated so hope I can get this right.....
Large compaines need to estimate their corporation tax due and pay it in the same tax year it is incurred (in installments)
An equal quarterly installment is due on month 7 then 10 in current tax year then 1 & 4 in next tax year. ON THE 14TH DAY OF THE MONTH.
I struggle to remember the month numbers. I make a list 1-4 and on the third line I put the number 1. And then fill in the rest.
EXAMPLE
If a compaines year end is 31st March then the FIRST month will be April.
1. 14th October current tax year
2. 14th January current tax year
3. 14th April next tax year
4. 14th July next tax year
I really hope i've got this right or i'll look like a proper spoon! Remembering dates it's very hard for me so I always fill in the number 3 line first.
Q WHEN IS CORPORATION TAX DUE FOR SMALL/ MEDIUM SIZE COMPANIES? (an easy one)0 -
I think..... Income Tax
1st Payment on account 31st January in the tax year
2nd Payment on account 31st July in the tax year
Final payment to settle outstanding balance 31st January the next tax year
Capital Gains tax due on 31st January the next tax year.
Corporation Tax..... more complicated so hope I can get this right.....
Large compaines need to estimate their corporation tax due and pay it in the same tax year it is incurred (in installments)
An equal quarterly installment is due on month 7 then 10 in current tax year then 1 & 4 in next tax year. ON THE 14TH DAY OF THE MONTH.
I struggle to remember the month numbers. I make a list 1-4 and on the third line I put the number 1. And then fill in the rest.
EXAMPLE
If a compaines year end is 31st March then the FIRST month will be April.
1. 14th October current tax year
2. 14th January current tax year
3. 14th April next tax year
4. 14th July next tax year
I really hope i've got this right or i'll look like a proper spoon! Remembering dates it's very hard for me so I always fill in the number 3 line first.
Q WHEN IS CORPORATION TAX DUE FOR SMALL/ MEDIUM SIZE COMPANIES? (an easy one)
9 months and 1 day after CAP
what is the calculation for capital gains?0 -
9 months and 1 day after CAP
what is the calculation for capital gains?
I never remember the 1 day.....!!!
Proceeds from sale
Less costs accumulated to sell the item
= Net Proceeds
Less ALLOWABLE COSTS
Less Enhancement Costs
= Chargable Gain
Minus £10,100 allowance (i hope)
= Taxable Gains x 18%
Please advise if I have missed anything.....
Q I have mentioned ALLOWABLE COSTS above, what are classed as allowable costs?0 -
I never remember the 1 day.....!!!
Proceeds from sale
Less costs accumulated to sell the item
= Net Proceeds
Less ALLOWABLE COSTS
Less Enhancement Costs
= Chargable Gain
Minus £10,100 allowance (i hope)
= Taxable Gains x 18%
Please advise if I have missed anything.....
Q I have mentioned ALLOWABLE COSTS above, what are classed as allowable costs?
i haven't seen enhancement costs but it seems logical. whats the £10100? don't forget indexation
allowable costs include legal fees, purchase price, advertising
Q. what is the formula for part disposal of asset0 -
i haven't seen enhancement costs but it seems logical. whats the £10100? don't forget indexation
allowable costs include legal fees, purchase price, advertising
Q. what is the formula for part disposal of asset
Enhancement costs I was told by my tutor is for example 'having an antique picture re-framed' Putting a new frame enchanced the value of the painting.
The £10,100 is the annual exemption allowed for capital gains tax. But as it's annual, if there are several gains in the year and the first one was like a million pounds or something then the 10,100 can only be taken off once in the year.
I can't answer your question because I haven't looked at part disposals.... oops. I feel like i'm cheating if I look it up so i'll let someone else answer it... LOL!!!
unless you want part disposal of shares???0 -
Enhancement costs I was told by my tutor is for example 'having an antique picture re-framed' Putting a new frame enchanced the value of the painting.
The £10,100 is the annual exemption allowed for capital gains tax. But as it's annual, if there are several gains in the year and the first one was like a million pounds or something then the 10,100 can only be taken off once in the year.
I can't answer your question because I haven't looked at part disposals.... oops. I feel like i'm cheating if I look it up so i'll let someone else answer it... LOL!!!
unless you want part disposal of shares???
go on then of shares will do. i've been using my book from time to time, it is allowed, esp when it comes for inspiration for a question0 -
go on then of shares will do. i've been using my book from time to time, it is allowed, esp when it comes for inspiration for a question
Bloody Share Pool.
Initially deduct the shares fom any that were bought within the next 30 days (there's another boundary too... something like last 6 months/ 12 months??) And whatever shares are left go in the pool, it will tell you wether to index them by providing an index number, to work out the cost per share.
Take the proceeds, deduct the cost paid for the shares that you have initially deducted as per the rules, then deduct the cost per share that you have woked out in the pool for the remaining shares. The balance is your profit on disposal.
I have tried to make it as simple as possible, sorry for the waffle.
Q The same one as last, part disposal of an asset?????? Please......0 -
Sale price less original cost * (a/(a+b)) where a is value of part disposed of and b is value of remaining.
How about the rules for basis periods (if it hasn't already been done)?0 -
Bluewednesday wrote: »Sale price less original cost * (a/(a+b)) where a is value of part disposed of and b is value of remaining.
How about the rules for basis periods (if it hasn't already been done)?
Rules for basis periods... Is that for tax purposes for new companies? Sorry if i've got confused.
1. First year - Start of business until 5th April
2. Second year - either... first 12 months of trading if the accounting date falls in the second year and is LESS than 12 months from the start of trade
OR the 12 months until the accounting date ending in the second year if the accounting period is MORE than 12 months from the start of trade
OR if the period of account does not end in the second tax year we go from 6th April to the 5th April
3. Third Year - 12 months to the end of the period of accounts
I'll be honest, i forgot the third year rule and had to look it up. It turned out to be the easiest one!!!!!
Q Can someone give an example of this? (people are probably sick of me.... LOL)0 -
Thank you so much for all these questions, it really helped me with my revision last night, I feel slightly more confident now - just have to get my head into DFS!!
Q - What is a loss called if the business ceases to trade and what can you do with it?0 -
Thank you so much for all these questions, it really helped me with my revision last night, I feel slightly more confident now - just have to get my head into DFS!!
Q - What is a loss called if the business ceases to trade and what can you do with it?
Erm not so sure about the name, Cessation Loss? But you can carry back 35 months instead of the normal 12.
Q. In what circumstances can you claim temporary loss relief and what does this mean?0
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