[ishaqacca]

@onyxera said:
Question 3 required calculation of Fergus Income tax, NIC (employee and employer), and corporation tax, and then compare the totals with the trading & NIC liabilities already given in the question. It would be more favorable if Fergus incorporates his business, than continue to trade unincorporated.
Question 2 on Share disposal required the set up of a share pull for acquisitions/disposal from Pluto remembering to index prior to ‘operative events’ i.e. the first 10,000 shares disposed from acquisitions from Pluto.
Question 1: The unused nil rate band is transferred and used-up on the chargeable lifetime transfer.
Question 6: Adjusting trading loss. Same add back deductions not allowed technique. Ended up with a reduced adjusted trading loss. Carry back loss relief max 12 months, so I think only 5/12 of the lost relief in the year ended Aug 2013 was available.
Question 4: On VAT, I think the figures were all VAT-inclusive, hence use the VAT fraction 1/6 to get the VAT. The flat rate scheme, the 12% flat rate * Taxable supplies (Standard, zero-rated & exempt supplies). It wasn’t profitable to use the flat rate.
Question 5: Employment income. I don’t remember all, but the lease car should have 15% disallowed, the 2 mobile phones, the taxable benefit is 20% * cost (for one), the living accommodation had the rateable value and additional benefit as the cost of providing the house exceeded 75,000. The travel expense mileage from work to the office (cant remember the Coy’s name) is not an allowable deduction. I think other mileages are allowed, so multiply with the amount the Coy reimbursed.

Treatment of Unused Indexation Allowance: The indexation allowance cannot serve to create/or increase a loss. If the coy’s already makes a loss, then indexation allowance is forfeited, if the indexation allowance is greater than unindexed gain, the gain is reduced to Nil, remaining indexation allowance is lost.

Multiple choice questions (strange how you all remember your answers, let me try).
Tax evasion is illegal
The child benefit income tax charge is 531
The trustees pay additional tax on CLT after 6 months (31 July)
2 ties for the dude who doesnt want to be UK resident
I give up (cant remember anything, but MCQ’s were a bit easy)

I shouldn’t forget to thank open tuition, and wish you all success

Q6 loss was an early year loss so it can be carried back to 3 previous years right?

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