- April 10, 2022 at 9:54 am #652983xyzcParticipant
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If all of a company’s profits are paid out as director’s remuneration (and related employer’s class 1 NIC) then there will not be any corporation liability.
In the above statement, if all the profits are paid out as director’s remuneration then there will be nothing to pay employer’s class 1 nic from. So why does in the above statement it is mentioned that all of a company’s profits are paid out as director’s remuneration and related employer’s class 1 nic.
Also, is employer’s class 1 nic deducted from trading profit in calculating taxable total profits,or is it paid out of taxed profits.
Does taxed profits mean profits after corporation tax liability have been deducted.
Also is employee pension contribution either to occupational or personal pension scheme an exempt income for income tax purposes or is it included within the income tax computation as income for calculating income tax liability or is it that the only place where employee pension contribution is used in income tax is in the extension of basic rate and higher rate tax bands.
Are both employer contribution to occupational and personal pension scheme exempt income.
Also should the employer contribution to occupational or personal pension scheme be shown on income tax computation with zero adjustment to gain marks or is it enough to not show it at all.April 19, 2022 at 5:08 pm #653968Tax TutorMember
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Please understand that I am not your personal tutor here to answer every individual query that you may have with material from other sources.
If you have any queries with the contents of the OT study notes or lectures then I will of course seek to assist you so please restrict your questions to the material that I have supplied you with where you have studied both the lecture and the study notes and one question in each post please – not several as you have done here – thank you.
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