The Chartered Tax Adviser Examination
|
|
- Jonah Underwood
- 6 years ago
- Views:
Transcription
1 The Chartered Tax Adviser Examination November 2011 Module A VAT including Stamp Taxes Awareness Paper Answers with marks 1
2 Question 1 Lorry: August 2010 VAT rate 17.5% therefore VAT incurred = VAT recoverable as goods purchased within 4 years of registration and still on hand at date of registration Legal services: June 2011 so VAT rate 20% therefore VAT incurred = 800. All recoverable as services incurred less than 6 months prior to registration Plumbing stocks: July 2011 so VAT = 20% therefore VAT incurred = 400. Half of the VAT, 200, is recoverable as half of the goods were consumed prior to VAT registration and therefore only half remain on hand on the date of VAT registration Question 2 Input tax is VAT incurred by a taxable person on goods and services supplied to him, or on the acquisition of goods by him from another EU member State, or on the importation of goods from outside the EU, including VAT self charged on reverse charge services, provided the goods or services are used, or to be used, for the purposes of a business carried on, or to be carried on, by him. Question 3 The later of two years after the end of the relevant VAT period; and one year after evidence of fact, sufficient to justify the making of an assessment, comes to the knowledge of HMRC but in any case, not more than 4 years after the end of the relevant VAT period. In cases involving deliberate behaviour resulting in a loss of tax or a loss through failing to register, 20 years after the end of the relevant period. Question : Exempt turnover percentage = 1,125,000/4,500,000 = 25% Adjustment percentage therefore equals 15% 25% = 10% VAT to be adjusted = 1/10 th of the total input tax = 22,500 10% = 2,250 VAT repayable to HMRC as exempt use has increased 2009: Exempt percentage = 750,000/5,000,000 = 15% Same as the original recovery rate therefore no adjustment 2010: Exempt percentage 275,000/5,500,000 = 5% Adjustment percentage therefore equals 15% 5% = +10% VAT to be adjusted = 10% of the total input VAT = 22,500 10% = + 2,250 reclaimable from HMRC as taxable use has increased 2
3 Question 5 As a tax agent, adviser or accountant, HMRC require that you must be formally authorised by your client to deal with HMRC on your client s behalf. HMRC policy is that they will refuse to discuss your client's VAT matters with you if they have not received this formal authorisation. You can use HMRC Online Services to set up a client authorisation, and if your engagement with your client includes electronic submission of VAT returns on their behalf, you must use this on-line option. Alternatively you can ask your client to complete a form 64-8 for agent authorisation, which you or your client must then send to HMRC. Question 6 (1) Point of Sale Scheme: VAT due is calculated by identifying the correct VAT liability of supplies at the point of sale eg by use of electronic tills. (2) Apportionment Scheme: Business work out the value of purchases at different rates of VAT and apply the same percentage to the actual sales income. (3) Direct calculation Scheme: Businesses take the cost price of goods and apply their expected markup to that cost to arrive at an expected selling price, and calculate the VAT due on that expected selling price. Question 7 A VAT Account is a general account that has to show on a VAT period by period basis, two separate sections, known as the VAT Payable portion and the VAT Allowable portion (Payable portion) Total output tax due Total output tax due on acquisitions Total of any tax due on behalf of the supplier All Corrections or adjustments to the VAT payable amount due under the Gen Regs 34, 35, 38 or 38A All adjustments of VAT payable required or allowed for that period under any other Regulations (Allowable portion) Total input tax allowable under section 26 Total input tax allowable on acquisitions under section 26 All corrections or adjustments to the VAT allowable portion required or allowed by Gen Regs 34, 35 or 38 All adjustments to the amount of input tax allowable for that period under any other Regulations 3
4 Question 8 Input tax recoverable: plus percentage of 2,500 as follows No special method, therefore standard method based on percentage of taxable supplies over total supplies, 50K + 6K + 9K 50K + 6K + 9K K = 74.29% rounded up to 75% 75% of 2500 = 1875 Recoverable therefore 6, = 7875 Exempt Input tax = 1500 plus 625 = 2,125 which exceeds De Minimis limit of < 625 per month and <50% of total therefore NOT recoverable in this quarter Question 9 (1) If the duration of a lease is such that it is a major interest in land a lease of over 21 years (or in Scotland, for not less than 20 years) that is a supply of goods. (2) Otherwise it will be a supply of services. (3) For a short lease the supply is a continuous supply of services and VAT is due according to the normal supply of services rules; (4) For a lease of over 21 years which is a supply of goods, special rules apply and the goods are treated as separately supplied each time a VAT invoice is raised or payment is received, otherwise all the VAT would be due when the lease is initially granted. Question 10 To be valid for VAT purposes, a credit must reflect a genuine mistake or overcharge or an agreed reduction in the value of the supply and be issued within one month of this being discovered or agreed. It should be clearly headed credit note. It should show: (a) (b) (c) (d) (e) (f) (g) (h) identifying number and date of issue; supplier's and customer's name and address; supplier's registration number; description identifying goods or services for which credit is given; quantity and amount credited for each description and reason for credit, eg returned goods ; total amount credited excluding VAT; rate and amount of VAT credited; number and date of the original VAT invoice. If not possible, HMRC will need to be satisfied that VAT has been accounted for on the original supply. 4
5 Question 11 SD is payable on transfers of stock or marketable securities where a transfer document is used; SDRT is chargeable on the transfer of chargeable securities where there is no transfer document, such as is the case for example with transfers through CREST, the UK electronic share settlement system. Exceptions include Gifts (including transactions for nil consideration) Most Bonds Transactions within 75% groups Transfers where the consideration is less than 1,000 Non UK securities Tutorial note During the marking process, it was agreed that question 11 was outside the scope of the Awareness VAT syllabus. This was taken account of in the post exam moderation and the CIOT has confirmed that SDRT will not be tested in future. Question 12 When rent is unknown at the start of a lease, the value is calculated based on an estimate of the rent, and the land transaction return (LRT) is completed on that basis and is submitted to HMRC along with payment. As soon as the rent amounts are determined, it is necessary to calculate whether any further SDLT is payable, and if so, a further LTR should be submitted, together with the additional tax, plus interest. 5
6 6
The Chartered Tax Adviser Examination
Candidate Number You must tick the box below if you have answered this Module. The Chartered Tax Adviser Examination November 205 AWARENESS MODULE A VAT AND STAMP TAXES Suggested solutions Nov 205 Awareness
More informationBroking breakfast briefing
Broking breakfast briefing VAT for broker accounts staff 18 June 2010 VAT for broker accounts staff Introduction to VAT basic principles Partial exemption Group registration The liability of insurance
More information2016/17 GUIDE TO... Value Added Tax. Chartered Accountants Registered Auditors FOR ELECTRONIC USE ONLY
2016/17 GUIDE TO... Value Added Tax Chartered Accountants Registered Auditors 020 8731 0777 www.cohenarnold.com FOR ELECTRONIC USE ONLY YOUR GUIDE TO Value Added Tax Value Added Tax (VAT) is a tax chargeable
More informationTHE TRAINING PLACE OF EXCELLENCE Indirect Tax Practice Assessment: Questions
THE TRAINING PLACE OF EXCELLENCE Indirect Tax Practice Assessment: Questions Task 1 (a) Are the following statements true or false? You are to tick the box which applies. A B C D All businesses must register
More informationIndirect Tax (FA2016)
Indirect Tax (FA2016) Question and answer book November 2017 AAT is a registered charity. No. 1050724 Questions Question 1 A business started trading on 1 April and its first year end is 31 March 2016.
More informationCHAPTER 1 VAT GENERAL PRINCIPLES
CHAPTER 1 VAT GENERAL PRINCIPLES 1.1 VAT legislation and interpretation Value added tax (VAT) was introduced in the UK on 1 April 1973 by the Finance Act 1972. Successive Finance Acts have made amendments
More informationAs you are no doubt aware the standard rate of VAT is set to revert to 17.5% from 15% on 1 January 2010.
Return of the standard rate of VAT to 17.5% As you are no doubt aware the standard rate of VAT is set to revert to 17.5% from 15% on 1 January 2010. This briefing sets out the key issues for businesses
More informationPenalty regime Trade with EU VAT Advice helpline: Adrian Houstoun Gail Pitchley Geraint Lewis
VAT Facts 2013/14 Registration Standard rate = 20% from 4 January 2011 Registration threshold from 1 April 2013: 79,000 Deregistration threshold from 1 April 2013: 77,000 VAT rates and types of supply
More informationAccounting Qualification. Indirect Tax (Level 3) Reference material
Accounting Qualification Indirect Tax (Level 3) Reference material The Association of Accounting Technicians December 2010 Reference material for AAT assessment of Indirect Tax Introduction This document
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination May 2018 AWARNESS MODULE F Environmental Taxes, Excise Duties and Stamp Duties Suggested Solutions 1. Smythston Ltd can claim the tax credit on its current return.
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination May 2010 VAT on UK Domestic Transactions (including SDLT) Advisory Paper Suggested answers without marks 1 Question 1 ANTI-FORESTALLING/ s.88 & Sch 3 FA 2009 [15 marks]
More informationMay 2017 Examination
May 2017 Examination PAPER 6 VAT Part II Suggested Answers Question 1 Local VAT will be charged on the hotel and restaurant costs by each local supplier (1/2 mark) because the place of supply of these
More informationAccounting Qualification
Accounting Qualification Indirect Tax (IDRX) Reference material Finance Act 2016 for assessment 1 January 31 December 2018 The Association of Accounting Technicians Copyright 2016 AAT All rights reserved.
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination May 2017 AWARENESS MODULE F Environmental Taxes, Excise Duties and Stamp Duties Suggested Solutions Question 1 1. Henrich Gmbh must register within 30 days of forming
More informationSection A. 1 D All other statements are FALSE about tax evasion 2 B 21,400 (20, ,000) 3 A 49,050 (50, ) 4 B 31,250
Answers Applied Skills, TX CYP Taxation Cyprus (TX CYP) December 208 Answers and Marking Scheme Section A D All other statements are FALSE about tax evasion 2 B 2,400 (20,400 +,000) 3 A 49,050 (50,000
More informationIndirect Taxes Committee Institute of Chartered Accountants of India
SUMMARIZED PROVISIONS OF FEDERAL DECREE-LAW No. (8) OF 2017 ON VALUE ADDED TAX Dubai VAT Law (Goods & Services Tax ) is expected to be implemented in Dubai w.e.f 01.01.2018 Certain important definitions:
More informationExample A registered business has charged VAT of 3,500 on sales for the last quarter. The same business has paid VAT of 1,800.
Indirect tax Introduction VAT is an indirect tax, which means that the consumer pays a tax levied on a good or service, which the supplier then collects and pays this to HMRC. Income tax is a direct tax
More informationVAT for small businesses
VAT for small businesses What is VAT? VAT, or Value Added Tax, is a tax that is charged on most goods and services that VAT registered businesses provide in the UK. Unlike other taxes, VAT is collected
More informationFundamentals Level Skills Module, Paper F6 (IRL)
Answers Fundamentals Level Skills Module, Paper F6 (IRL) Taxation (Irish) 1 James and Audrey December 2013 Answers and Marking Scheme Marks (a) (i) Audrey s Schedule D Case II income for 2012 Net profit
More informationSupplies. Scope. Registration - is it necessary? Inputs and outputs. Taxable person.
VAT VAT VAT registered businesses act as unpaid tax collectors and are required to account both promptly and accurately for all the tax revenue collected by them. The VAT system is policed by HMRC with
More informationVAT - The Essentials. 4 Minute Read
4 Minute Read VAT - The Essentials You may not need to be VAT registered but if you are, you ll have to submit a VAT return to the tax authorities every quarter. 2 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 10
More informationIt makes sense to be aware of some of the more common pitfalls, and to know where to get help and advice.
Guide from Clear House Accountants Tel: [+44(0)2071172639] Email: [info@chacc.co.uk] [https://chacc.co.uk] [Business Advisors and Accountants in London] Common VAT problems Once you understand the basics,
More informationProfessional Level Options Module, Paper P6 (UK)
Answers Professional Level Options Module, Paper P6 (UK) Advanced Taxation (United Kingdom) December 2010 Answers 1 (a) Report to Mr Daube Prepared by A. N. Taxadviser Date 6 December 2010 Subject Various
More informationVAT guide for small businesses. VAT guide
VAT guide 1 Contents... What is VAT? Contents What is VAT? VAT or, Value Added Tax, is a tax that is charged on most goods and services that VAT registered businesses provide in the UK. Introduction to
More informationVAT: Obligations and Opportunities. WK Accountants Forum Amersham 22 September 2015
VAT: Obligations and Opportunities WK Accountants Forum Amersham 22 September 2015 Topics to be Covered VAT Registration Obligation to register Opportunity to register voluntarily VAT Liability of Income
More informationVAT overpayments and under-deductions
Page 1 VAT overpayments and under-deductions Produced in partnership with Etienne Wong of Old Square Tax Chambers STOP PRESS: The Supreme Court is due to hear HMRC's appeal against the Court of Appeal's
More information(i) Additional funds required for the 20-month period from 1 August 2017 to 31 March 2019 Strategy A Strategy B
Answers Professional Level Options Module, Paper P6 (UK) Advanced Taxation (United Kingdom) March/June 2017 Sample Answers 1 Pippin Memorandum Client Pippin Subject Pinova business Prepared by Tax senior
More informationFundamentals Level Skills Module, Paper F6 (CYP) Capital (net worth) statement 1 January 31 December
Answers Fundamentals Level Skills Module, Paper F6 (CYP) Taxation (Cyprus) Mr Ourin December 00 Answers and Marking Scheme Marks (a) (b) Capital (net worth) statement January 3 December 004 009 Assets
More informationExaminer s report F6 (UK) Taxation September 2015
Examiner s report F6 (UK) Taxation September 2015 General Comments There were two sections to the examination paper and all of the questions were compulsory. Section A consisted of 15 multiple choice questions
More informationLand and Buildings Transaction Tax (Relief from Additional Amount) (Scotland) Bill
SPICe Briefing Pàipear-ullachaidh SPICe Land and Buildings Transaction Tax (Relief from Additional Amount) (Scotland) Bill Ross Burnside The Land and Buildings Transaction Tax (Relief from Additional Amount)
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination November 06 Suggested solutions Application and Interaction QUESTION 4 - VAT AND OTHER INDIRECT TAXES Peter Smith A&B Care Ltd First Street AD 4FG Dear Peter Northern
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination May 2016 APPLICATION AND INTERACTION QUESTION 2 - TAXATION OF LARGER COMPANIES AND GROUPS Suggested Solutions Answer Report For the attention of Mr Bobby Malone, Group
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes Brussels, January 2012 TAXUD/C/1 VAT in the European Community APPLICATION
More informationFundamentals Level Skills Module, Paper F6 (MWI)
Answers Fundamentals Level Skills Module, Paper F6 (MWI) Taxation (Malawi) Section B June 27 Answers and Marking Scheme Marks (a) A supply for value added tax (VAT) purposes is deemed to have occurred:
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination Sample Paper Application and Professional Skills Owner Managed Businesses Suggested solutions REPORT TO HORATIO STILES ON 1) THE USE OF SURPLUS FUNDS STILES CONSTRUCTION
More informationVAT Invoices - A Full Guide
VAT Invoices - A Full Guide OBLIGATION TO PROVIDE A VAT INVOICE With certain exceptions or unless HMRC allow otherwise, a registered person must provide the customer with an invoice showing specified particulars
More informationPaper F6 (UK) Taxation (United Kingdom) Monday 7 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (United Kingdom) Monday 7 June 2010 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Rates
More informationFundamentals Level Skills Module, Paper F6 (CYP) Capital/(net worth) statement 1 January 31 December
Answers Fundamentals Level Skills Module, Paper F6 (CYP) Taxation (Cyprus) Mr Costantinos June 202 Answers and Marking Scheme Marks (a) Capital/(net worth) statement January 3 December 2006 20 Assets Bank
More informationValue Added Tax (VAT) Explained
Value Added Tax (VAT) Explained What is it? It is Tax that is levied on goods and services provided by VAT registered businesses in the United Kingdom, to other VAT registered business and/or general public
More informationPaper FTX (UK) Foundations in Taxation (United Kingdom) FOUNDATIONS IN ACCOUNTANCY. Pilot Paper. The Association of Chartered Certified Accountants
FOUNDATIONS IN ACCOUNTANCY Foundations in Taxation (United Kingdom) Pilot Paper Time allowed: Writing: 2 hours This paper is divided into two sections: Section A ALL TEN questions are compulsory and MUST
More informationCharities breakfast briefing
Charities breakfast briefing VAT common problem areas and an update on recent developments 16 March 2012 What we are going to cover? Common problem areas Liability of supplies Partial exemption standard
More informationVAT POLICY (non VAT registered academies)
VAT POLICY (non VAT registered academies) RATIFIED BY THE TRUST BOARD IN: JANUARY 2019 NEXT REVIEW DATE: SEPTEMBER 2019 January 2019 1 VAT POLICY Person responsible for this policy: Policy author: Angela
More informationAdvanced Taxation. Advanced Taxation. Specimen Exam applicable from June Strategic Professional Options
Strategic Professional Options Advanced Taxation Specimen Exam applicable from June 2018 Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A BOTH questions are
More informationFundamentals Level Skills Module, Paper F6 (UK) Marks 1 (a) Richard Tryer Income tax computation
Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 204 Answers and Marking Scheme Marks (a) Richard Tryer Income tax computation 203 4 Trading profit (working ),592
More informationPaper F6 (UK) Taxation (United Kingdom) Monday 1 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (United Kingdom) Monday 1 June 2009 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Rates
More informationInformation for Solicitors
Information for Solicitors for commercial property transactions by the SSAS s www.ebspensions.co.uk Information for Solicitors You should also refer to EBS Pensions Limited s (EBS s) notes Commercial Property
More informationIncome Tax 2. Pensions 4. Annual investment limits 5. National Insurance Contributions 6. Vehicle Benefits 7. Tax-free mileage allowances 8
! Tax Cards Welcome to the 2016-17 Tax Rates Income Tax 2 Pensions 4 Annual investment limits 5 National Insurance Contributions 6 Vehicle Benefits 7 Tax-free mileage allowances 8 Capital Gains Tax 9 Corporation
More informationPaper F6 (UK) Taxation (United Kingdom) Specimen Exam applicable from September Fundamentals Level Skills Module
Fundamentals Level Skills Module Taxation (United Kingdom) Specimen Exam applicable from September 2016 Time allowed: 3 hours 15 minutes This question paper is divided into three sections: Section A ALL
More informationPaper F6 (MWI) Taxation (Malawi) Specimen questions for June Fundamentals Level Skills Module
Fundamentals Level Skills Module Taxation (Malawi) Specimen questions for June 2015 This is not a full specimen paper, it is a selection of specimen questions to give an indication of the style of the
More informationIf the Personal Tax Return is late you will have to pay the penalties shown below:
HMRC penalties Personal Tax Return Personal tax return deadlines: 31 October for a paper tax return. 31 January for an online tax return. If the Personal Tax Return is late you will have to pay the penalties
More informationACCA P6 Advanced Taxation Question Based Revision - Answers
ACCA P6 Advanced Taxation Question Based Revision - Answers Question One To Tax manager From Tax assistant Date 2/12/2015 Subject: Jeremy and Sarah Turner This memo considers the transfer of investments
More informationPublic Revenue Department. VAT Awareness Session: Free Zone Companies
VAT Awareness Session: Free Zone Companies 0 Introduction 1 1 Update on current progress Successful roll out of general VAT awareness sessions took place in March - May 2017 Phase 2 of the awareness sessions,
More informationThe Chartered Tax Adviser Examination
The Chartered Tax Adviser Examination May 2017 Suggested solutions Application and Interaction Question 3 From: Bowham on Sea Tax Consultancy To: Aaron Amies (`Aaron`); Bill Bowles (`Bill`); Chloe Cowen
More informationChargeable gain on disposal of quoted shares 16,000 Degrouping charge (note 1) 34,750 Taxable total profits 50,750
Answers Professional Level Skills Module, Paper P6 (UK) Advanced Taxation (United Kingdom) December 2011 Answers 1 Drench, Hail Ltd and Rain Ltd (a) To The files From Tax senior Date 9 December 2011 Subject
More informationShould I register for VAT? V1 19/12/17
Should I register for VAT? V1 19/12/17 Should I register for VAT? We re regularly asked, Should I register for VAT? but there isn t always a straightforward answer; there s lots to consider, like your
More informationThe Start-up Brief. This FAQ sheet specifically sets out to answer the following questions:
The Start-up Brief Tax Issues This FAQ sheet forms part of a series prepared by postgraduate students from the University of Manchester s School of Law, in conjunction with the Legal Advice Centre. They
More informationDoing business in the UK. Expansion into the UK - Considerations for US investors. Nick Farmer ACA CTA ATII
Expansion into the UK - Considerations for US investors Nick Farmer ACA CTA ATII London: http://www.youtube.com/watch?v=45etz1xvhs0 Expansion into the UK Doing business in the UK United Kingdom Economy
More informationAnna Harasimowicz City of Poznan HOUSING PARTNERSHIP PROPOSAL FOR RECOMMENDATION ON VAT
Anna Harasimowicz City of Poznan HOUSING PARTNERSHIP PROPOSAL FOR RECOMMENDATION ON VAT VAT PRINCIPLES (1) VAT is a tax on turnover and is added at every stage of manufacture or process, based on the value
More informationtax rates T A X R A T E S
tax rates 2016-17 T A X R A T E S 2 0 1 5-2 0 1 6 Income Tax Allowances 2016/17 2015/16 Personal Allowance (PA)* 11,000 10,600 Blind Person s Allowance 2,290 2,290 Dividend Tax Allowance (DTA) 5,000 N/A
More informationThe charge is taxable in the accounting period in which Target Ltd is purchased, i.e. leaves the original group.
Answers Professional Level Options Module, Paper P6 (UK) Advanced Taxation (United Kingdom) December 2009 Answers 1 Paragraphs for inclusion in a letter to Sirene (i) The Chase deal Automatic Ltd and Falcon
More informationReed Case V profits 310, ,000 Corporation tax at 25% 77,500 95,000. Group relief from VLL (58,750)
Answers Professional Level Options Module, Paper P6 (IRL) Advanced Taxation (Irish) December 2010 Answers 1 Briefing notes for a meeting with John and Martha Heaney Prepared by: Tax assistant Date: 10
More informationFundamentals Level Skills Module, Paper F6 (CZE)
Answers Fundamentals Level Skills Module, Paper F6 (CZE) Taxation (Czech) Material, a.s. June 205 Answers and Marking Scheme (a) 204 corporate income tax liability Accounting revenues Sales of goods and
More informationSTATUTORY INSTRUMENTS. S.I. No. 639 of 2010 VALUE-ADDED TAX REGULATIONS 2010
STATUTORY INSTRUMENTS. S.I. No. 639 of 2010 VALUE-ADDED TAX REGULATIONS 2010 (Prn. A10/1928) 2 [639] S.I. No. 639 of 2010 VALUE-ADDED TAX REGULATIONS 2010 1. Citation and commencement 2. Interpretation
More informationFundamentals Level Skills Module, Paper F6 (ZAF)
Answers Fundamentals Level Skills Module, Paper F6 (ZAF) Taxation (South Africa) June 2015 Answers and Marking Scheme Section A 1 C 2 D (15/40 x 15,000) + 24,000 = 29,625 Tutorial note: The foreign interest
More information2,320 at 10% ,950 at 20% 17,270 Income tax liability 3,222
Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 2009 Answers 1 (a) (i) Domingo Gomez Income tax computation 2008 09 Pensions (4,500 + 2,00) 6,800 Building society
More informationOsborne Books Tutor Zone. Indirect Tax. Finance Act Chapter activities
Osborne Books Tutor Zone Indirect Tax Finance Act 2014 Chapter activities Osborne Books Limited, 2014 2 i n d i r e c t t a x ( F i n a n c e A c t 2 0 1 4 ) t u t o r z o n e 1 Introduction to Value Added
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes VAT in the European Community APPLICATION IN THE MEMBER STATES,
More informationA guide to MTD and what it means for businesses
A guide to MTD and what it means for businesses At Price Bailey - It s all about you The right advice for your business life pricebailey.co.uk for VAT What you need to know (MTD), the new regime for record
More informationFrequently Asked Questions
Page 1 of 9 Frequently Asked Questions What can JT Accounting do for you? We can take care of all of your accounting needs, such as; 1. Annual accounts for Companies House, if you are a corporate body
More informationCHARTERED ACCOUNTANTS AND CHARTERED TAX ADVISERS. Tax Facts. Autumn Budget 2018
CHARTERED ACCOUNTANTS AND CHARTERED TAX ADVISERS Tax Facts Autumn Budget 2018 Audit / Tax / Advisory / Risk Smart decisions. Lasting value. Income tax and allowances 0% starting rate 1 5,000 1 5,000 A
More informationCross-border VAT changes January changes to EC Sales Lists (ESLs) HMRC guidance
Cross-border VAT changes 2010 1 January changes to EC Sales Lists (ESLs) HMRC guidance Introduction This HMRC guidance document sets out how the new regime and procedures for ESLs (or recapitulative statements
More informationCertFin Exemption Application Form
CertFin Exemption Application Form Complete and return this form if you wish to have your application for exemptions individually reviewed. If you have a qualification for which exemptions are granted
More informationTax Rates 2018/19 Autumn Budget
Tax Rates 2018/19 Autumn Budget Income Tax Allowances 2018/19 2017/18 Personal Allowance (PA)* 11,850 11,500 Blind Person's Allowance 2,390 2,320 Rent a Room Relief ** 7,500 7,500 Trading Income ** 1,000
More informationPaper P6 (UK) Advanced Taxation (United Kingdom) Monday 2 June Professional Level Options Module
Professional Level Options Module Advanced Taxation (United Kingdom) Monday 2 June 2008 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A
More informationThe exception to this is any Quick Start claims, where a copy of past claims made to HMRC will help greatly to ensure your claim is given priority.
Checklist of issues where a claim may be possible All you need to do right now is to tick the box next to any of the categories which you think may apply. We will then come back to you detailing the further
More informationFundamentals Level Skills Module, Paper F6 (CYP)
Answers Fundamentals Level Skills Module, Paper F6 (CYP) Taxation (Cyprus) December 205 Answers and Marking Scheme Section A C Accounting profit 5,000 Less: Corporation tax (5,000) 00,000 Deemed distribution
More informationPaper F6 (CYP) Taxation (Cyprus) Tuesday 2 June Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Taxation (Cyprus) Tuesday 2 June 2015 Time allowed Reading and planning: 15 minutes Writing: 3 hours This paper is divided into two sections: Section A ALL 15 questions
More informationTAX RATES. for 2015/2016 & ALLOWANCES. simplifying the everyday. for freelancers & contractors
TAX RATES & ALLOWANCES for 2015/2016 for freelancers & contractors simplifying the everyday. Taxes rates & allowances guide Contents Corporation tax 4 Value Added Tax 4 Capital allowances 5 Patent Box
More informationFundamentals Level Skills Module, Paper F6 (CZE)
Answers Fundamentals Level Skills Module, Paper F6 (CZE) Taxation (Czech) June 203 Answers and Marking Scheme (a) Niger, s. r. o. Accounting profit 2,500,000 Salaries and mandatory insurance contributions
More informationVAT. 1 General Questions. 1.1 What is Tax? 1.2 What is VAT?
VAT Home / Resources And Budget / VAT These responses to FAQs are intentionally simplified. If you are seeking more detailed information we recommend that you wait for further policy announcements by the
More informationVALUE ADDED TAX (VAT) RETURNS USER GUIDE
VALUE ADDED TAX (VAT) RETURNS USER GUIDE February 2018 1 Contents 1. Brief overview of this user guide... 3 2. Important notes about the VAT Return... 3 3. Completing and Submitting the VAT Return Form...
More informationFundamentals Level Skills Module, Paper F6 (UK) Marks 1 (a) John Beach Income tax computation
Answers Fundamentals Level Skills Module, Paper F6 (UK) Taxation (United Kingdom) June 203 Answers and Marking Scheme Marks (a) John Beach Income tax computation 202 3 Employment income Director s remuneration
More informationAllowances 2018/ /18
TAX RATES 2018-19 Income Tax Allowances 2018/19 2017/18 Personal Allowance (PA)* 11,850 11,500 Marriage Allowance 1,190 1,150 Blind Person s Allowance 2,390 2,320 Rent a room relief** 7,500 7,500 Trading
More informationBSc (Hons) Banking and International Finance BSc (Hons) Financial Services with Law. Examinations for Academic Year Semester II /
Programme BSc (Hons) Banking and International Finance BSc (Hons) Financial Services with Law COHORT BBIF/11B/12A /14B/FT/PT BFSL/13B/FT Examinations for Academic Year 2016 2017 Semester II / Academic
More informationTax payable: 19,500 x 0% 0 0 8,500 x 20% 1,700 1,700 8,300/6,078 x 25% 2,075 1,520 5,033 x 30% 1,510 Income tax payable 5,285
Answers Professional Level Options Module, Paper P6 (CYP) Advanced Taxation (Cyprus) December 2016 Answers 1 C&A Design Services/C&A Design Services Ltd (a) Comparative calculations of the overall taxes
More informationICC UAE VAT RETURNS WORKSHOP. 29 th March 2018 Dubai Chamber of Commerce & Industry
ICC UAE VAT RETURNS WORKSHOP 29 th March 2018 Dubai Chamber of Commerce & Industry OVERVIEW OF VAT Direct Tax The person paying the tax to the Government directly bears the incidence of tax It is progressive
More informationINCOME TAX ISSUES ARISING FROM THE IMPLEMENTATION OF GOODS AND SERVICES TAX
INCOME TAX ISSUES ARISING FROM THE IMPLEMENTATION OF GOODS AND SERVICES TAX Prepared by: Technical Committee Direct Tax (I) [TC-DT (I)] (6 March 2015) INCOME TAX ISSUES ARISING FROM THE IMPLEMENTATION
More informationTrain fares to and from client premises 120 (supplier not VAT registered)
1. State the VAT liability of the following supplies: 1) Public liability insurance. 2) Courier delivery service. 3) A cold sandwich consumed in a café. 4) Mathematics tuition provided by a sole trader.
More informationVAT and Vouchers Response by the Chartered Institute of Taxation
VAT and Vouchers Response by the Chartered Institute of Taxation 1 Introduction 1.1 This is a response from the Chartered Institute of Taxation (CIOT) to HM Revenue and Customs consultation: VAT and Vouchers.
More informationACCA P6 UK Advanced Taxation UK Mock Exam Wednesday 15th December, 2017
Page 1 ACCA P6 UK Advanced Taxation UK Mock Exam Wednesday 15th December, 2017 Please attempt this mock exam under exam conditions in 3 hours and 15 minutes and send scanned answers to admin@accountancytube.com
More informationNo transactions Corporation tax payable (Schedule A) 3,000 6,250 9,250 SDC payable (Schedule D) ,781 5,894 10,633
Answers Professional Level Options Module, Paper P6 (CYP) Advanced Taxation (Cyprus) June 218 Answers 1 (a) MEMORANDUM Alfa Farm Ltd Tax implications of the sale of the existing used tractor and purchase
More informationNovember 2017 Examination
November 2017 Examination PAPER 3 Business Compliance Part I Suggested Answers 1 1. If a supply has been made for which a trader has not been paid then they may claim bad debt relief (a repayment of the
More informationIncome Tax 2. Pensions 4. Annual investment limits 5. National Insurance Contributions 6. Vehicle Benefits 7. Tax-free mileage allowances 8
! Tax Rates 2019/20 Welcome to the 2019-20 Tax Rates Income Tax 2 Pensions 4 Annual investment limits 5 National Insurance Contributions 6 Vehicle Benefits 7 Tax-free mileage allowances 8 Capital Gains
More informationFundamentals Level Skills Module, Paper F6 (BWA)
Answers Fundamentals Level Skills Module, aper F6 (BWA) Taxation (Botswana) Section B December 07 Answers and Marking Scheme Fairgrounds Sports Store (ty) Ltd (a) Sales output Sales per accounts department,76,86
More information1.2 What law applies to this notice?
Foreword This notice cancels and replaces Notice 723A (October 2011). 1. Introduction 1.1 What is this notice about? This notice explains the schemes for claiming a refund of VAT incurred in: Either European
More informationCCH Premier Protection (unregulated) policy
CCH Premier Protection (unregulated) policy MEMBER REWARDS PARTNER CCH Premier Protection Important: This is a claims made insurance. We must receive claims in writing during the period of insurance.this
More informationPaper P6 (UK) Advanced Taxation (United Kingdom) Friday 5 June Professional Level Options Module
Professional Level Options Module Advanced Taxation (United Kingdom) Friday 5 June 2015 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A
More informationStrategic Professional Options, ATX UK. 1 Wanda
Answers Strategic Professional Options, ATX UK Advanced Taxation United Kingdom (ATX UK) December 2018 Answers 1 Wanda Notes for use in a client meeting Client Wanda Subject Various matters Prepared by
More informationNG Accounting - Tax Facts 2018/19
E enquiries@ngaccounting.co.uk Tax Facts 2018/19 NG Accounting - Tax Facts 2018/19 T 0115 981 0000 E enquiries@ngaccounting.co.uk W www.ngaccounting.co.uk 1 T 0115 981 0000 CORPORATION TAX 2018/19 2017/18
More informationNon-UK Businesses Claiming Overseas UK VAT Refunds Face More Perils Than in Any Other EU Country
Non-UK Businesses Claiming Overseas UK VAT Refunds Face More Perils Than in Any Other EU Country Published on Alvarez & Marsal (https://www.alvarezandmarsal.com) Non-UK companies face penalties for errors
More information