ACCA Tax UK
ACCA Tax UK
ACCA Tax UK
Kartei Details
| Karten | 239 |
|---|---|
| Sprache | Deutsch |
| Kategorie | Finanzen |
| Stufe | Andere |
| Erstellt / Aktualisiert | 23.11.2024 / 02.02.2025 |
| Weblink |
https://card2brain.ch/box/20241123_acca_tax_uk
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Which IHT Taxes are charged on PET & CLT?
PET: only Death rate tax, no lifetime tax - if transferor dies within 7 years
CLT: IHT when gift is made, death tax if transferor dies within 7 days
What values will be used for calculation of transfers including lifetime transfers or property held at death?
- lifetime transfer = market value
- property held at death = market value immediately before death
what is a PET and what is a CLT?
CLT = transfer into trust
PET = transfer to a person (gifts etc) - only taper relief for PET
which 4 exceptions to lifetime transfers exist?
- ANY Gifts made out of income if no impact on wealth/standard of living
- Small gifts <250 - this applies in TOTAL -> if a person makes 3 gifts and the total is over 250, then none of it is chargeable
- Gifts in respect of Mariage
- 5000 for parent
- 2500 for remote ancestor - grandparents etc
- 1000 for everyone else
- 3000 annual exempt amount for ANYTHING
- this can be carried forward for 1 year
how is the gross chargeable amount calculated if the transferor pays the tax?
chargeable amount + tax paid (20/80)
How long is the NRB available for? Is it applicable to PET & CLT?
- 7 years = all CLT in previous 7 years reduce the rate band
- only CLT, PET does NOT use the NRG bands, only the annual exemption
How is the available Nil rate band calculated?
NRB @ time of gift - CLT in 7 years before
CLT = Gift- exemptions (if transferee pays) or Gift - exemptions + tax (if transferor pays)
When does a tax at death on lifetime transfers incur?
when the transferor dies within 7 years of making the PET or CLT.
By whom is the IHT payable on lifetime gifts at death payable?
by the one who receives it
what can be deducted in calculation of the death estate?
- debts due at death which are legally enforcible
- spouse exemption transactions
- repayment & interest of mortgages
For who is the Residence Nil Rate band available & when?
- only at death
- only for inheritance by DIRECT ASCENdANTS
- property must have been the residence of the dead at some point
what is the due date of payment of IHT payable?
- 6 months after end of death-month, UNLESS:
- CLT between 6.april - 30. sept: due 30 april following year
list who is responsible for paying the tax and by whom the tax is born by for:
- lifetime tax
- additional lifetime tax at death
- death estate tax
- lifetime tax: Transferor pays, transferor borns
- additional lifetime tax at death: Transferee pays & borns
- death estate tax: Personal representatives pay, beneficiary borns
When can input tax be claimed back?
as long as you make taxable supllies & business is registred for VAT
in Which cases can input tax not be recovered (blocked input tax)
- Cars UNLESS: used for business purposes (100% VAT recoverable) or leased cars 50% VAT recoverable
- Entertaining customers: UNLESS overseas customers
- Good purchased for private use: UNLESS goods were used for business & output VAT is accounted for it
which input VAT for pre-registration expenditure can be reclaimed?
- Goods: 4 years Prior to registration IF goods still in business
- Services: 6 months prior registration
how is input VAT for fuel recoverable?
- fuel 100% for business = 100% recoverable
- private use = input VAT on costs to provide fuel, output VAT on scale charge if EMPLOYERRR pays
What are examples of exempt supplies?
- land & buildings
- any form of SERVICES
- financial
- health
- insurance
- edducaitonal
- supply of goods by charitites
what are examples for supplies outside the VAT scope?
- wages & dividends
- going concern transfers
- gifts of goods/services
- exports of services outside the UK!
what are zero rated supplies?
- everything necessary to live
- food for consumption
- books, newspapers etc
- transport of people
- travel services
- childrens clothing
- export of GOODS outside the UK
when does HMRC have to be informed for reaching the registration limint?
- historical test: within 30 days of END of month in which limit was reached
- future test: within 30 days of END of month where REALIZED that limit will be reached
what is the effective date of registration for historical test & future prospects test?
- historical test: from first day of second moth after limit is exceeded
- future test: from the date the grounds existed / from the start of the 30 days
is the registration/deregistration limit based on taxable supplies or turnover?
taxables upplies
how is a tranfer of business @ going concern treated?
as outside VAT scope = No VAT payable
when can companies register for group registration?
- control > 51%
- establishment in UK
what are the effects of group VAT registration?
- one VAT for whole group per period
- intercompany transactions are outside of VAT scope
when can input VAT be recovered?
- claimant must be registred for VAT
- input is evidenced by tax invoice
- recovery not blocked (cars, private use, customers)
- the input is
- imported to the UK
- puraches in the UK
- Input purchased by traders making wholly exempt supplies is IRRECOVERABLE
Basic Tax Point vs Actual Tax point
Basic Tax point
- when goods are handed over
- when service is finished
Actual tax point
- if invoice/payment is done within 14 days after basic TP or anywhere before TP, then the actual TP is used
How are goods exported from UK treated?
- zero rated supply
how are services exported from UK treated?
- out of VAT scope
how is the import of services treated?
- with postponed accounting
- VAT does not have to be paid at time of importation
- Import VAT is declared as output VAT but can be reclaimed as input VAT
how is the import of services treated?
- as being supplied in the country where customer is situated
how many VAT returns must be files?
one for every VAT period
how long must records be kept?
6 years
when is VAT payable?
1m + 7 days of end of relevant VAT quarter
hwat penalties applie for late filing of VAT returns?
- points for each late submission
- 4 points = 200 penalty
- every after = 200 penalty
- it takes 12 months of no delays to set points to 0
When does a large business make payments on account for VAT?
- VAT liabilitites >2'300'000
- end of 2nd & 3dmonth (for each quarter) - 1/24 of VAT liability from previous year
- end of first month in next quarter = balancing payment
when is annual accounting available for small businesses? what does it mean?
- entry: taxable supplies <1'350'000
- must leave: turnover > 1'600'000
- 9 monthly payments on account (10% of VAT due in previous year)
- balancing mayment 2 months after end of period
can cash accounting be used with annual accounting and flat-rate scheme?
only with annual accounting. Cash accounting & flat rate scheme cannot be used together
