BTC..any last minute tips???

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi Any last minute tips on BTC

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC..any last minute tips???

    my tutor reckons there'll be a question which includes dividends paid, so we'll be expected toknow of the impact the has on the tax liability... apart from that not too sure really..
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC..any last minute tips???

    Am I correct in thinking disallowable expense if shown so adjust for it?

    If shown after net profit do not do anything.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC..any last minute tips???

    Dividends paid are not an allowable expense so you would have to add these back in the adjusted trade profits calculation. You would deduct dividends received from this also.

    However, if these occur in the accounts after the net profits there will be no need for an adjustment (according to the osbourne book anyway!)

    Hope this helps - if anyone knows more about this please let me know tooooo!! argh!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC..any last minute tips???

    Check up on all the fines and penalites for late payment for both Ltd and individuals. Osborne books information is not that thorough. May be worth looking at the HMRC website.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC..any last minute tips???

    yeah...and go and sit it in the caribbean...

    http://www.aat.org.uk/forums/posts/list/11766.page
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC..any last minute tips???
    silver wrote:
    Dividends paid are not an allowable expense so you would have to add these back in the adjusted trade profits calculation. You would deduct dividends received from this also.
    Remember if it's a COMPANY rather than a BUSINESS you'll need to tax these at 19% and most likely state the underlying rate.

    Anyone think partnership basis periods will turn up? That's the only section I'm yet to revise.

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