[saragul90]

Q1:

a. Post Income Tax for three year period which included incorporated business and individual income. including Capital Allowances and dividens. clearly stated not IR35 applicable.
b. Research and Development – revenue expenditure
c:

Q2: a: IHT implications: including advantages of lifetime gifts, and further information required from client for transfer value (diminution in value concept), BPR relief availability and basis of calculations,

CGT implication – calculation of base cost, gift relief claimed on asset previously.

ethics

Q3: was on trading losses ( i did not attempt this one, so cant remember much)

Q4: Partnership – One partner retiring, deduction of Overlap profits, PSA, and calculation of income tax liability

IHT – PET vs death gift. tax implications

VAT partial exemption, exempt supplies.. calculation not required, explanation. impact of lease inclusive of VAT on profits.

Q5: Accommodation benefit, two alternatives. One owned property of company one rental.

EMI vs CSOP and calculation required on disposal.

[saragul90]

yeah

[saragul90]

Key Concepts of CG (JAR OF PIRI IS)
Judgment
Accountability
Responsibility
Openness
Fairness
Probity
Integrity
Reputation
Independence
Innovation
Scepticism

Role of Board (LEADERSHIPS)

Leadership
Ensure resources are managed
Appoints Directors
Decide on Strategy
Evaluates Performance
Regular Re-Election
Set Cultures, Values and Ethics
Hold Regular meetings
Internal Control and Risk Management Systems
Public Accountability
Schedule of Matters

Role of Chairman (CHAIRMEN)

Company face to investors
Hold CEO to account
AGM Chair
Induction and CPD
Run board meetings
Manage Appraisals
Ensure Effective Board
Nomination Committee

Role of CEO (MAD SCAM)

Manage company resources
Accountable for Performance
Develop and Implement Strategy
Selection of Executives
Company face to Stakeholders
Adequate Internal Control Systems
Monitoring Results

Institute Investors Intervention (SOS RAINS)

Strategy
Operational Performance
Succession Planning
Remuneration policy
Acquisition and Disposal
Internal Control Failures
Non-Compliance with Laws and Codes
Social Responsibility

Internal Controls Objectives (ASPIE)
Accurate Information
Safeguard Assets
Prevent and Detect Fraud
Internal Policies followed
Efficient conduct of business

Components of Internal Control Systems (CRIME)

Control Activities
Risk Assessment
Information and Communication
Monitoring
Control Environment

AAA MODEL (FEN ABCD)

Fact
Ethics (Independence, Obedience, Confidentiality)
Norms, Principle and Values (Objectivity, Governance, Independence, Transparency)
Alternatives
Best Action
Consequences
Decision
Contents of an Integrated Report (POP ORGS)
Presentation basis (how report prepared, explain KPIs)
Overview of company (Basics)
Performance ( 6 Capitals – KPIs)
Outlook (Future Opportunities + Challenges)
Risks
Governance
Strategy (Link to Outlook + risks, how value created in future)

[Author]

Posts