Summary
Summary Tax for SQE1 FLK1 and FLK2
- Course
- Institution
notes based on Barbri prep course and external resources - CGT, VAT, SDLT, corporation tax, income tax, IHT
[Show more]
2 reviews
By: wardas330 • 2 weeks ago
By: farris2607 • 1 year ago
Seller
Follow
vanessaulysses1
Reviews received
Content preview
TaxIT - % 20, 40, 45 / returns Jan 31 (Oct 31) / 37,700 / dividend% 7.5, 32.5, 38.,750 Personal Allowance
IHT - 40% / NRB 325 / RNRB 175K / 3K Allowance / PET (7y) / taper relief / CLT % 20, 25 / Relief busi 100/50 agri 100
CGT - 10, 20% / 18, 28% if residential / PRR relief / EIS / Annual Exempt Amount 12,300
Corp Tax - 19% / tax due 9m1d
VAT - % 20, 5, 0 / threshold 85K historic (last 12m) or future (30d)
SDLT - % 0, 2, 5, 10, 12 / +3% each band if second residential property
https://www.simmons-simmons.com/en/features/autumn-budget-2021/ckv9x6fay1nks0a735d2b2uyu/company-tax
ation-autumn-2021
https://www.broomconsultants.com/imgs/tpo_tax_tables_2021_2022125.pdf
Property
SDLT and Land Transaction Tax:
basis of charge in both England and Wales for:
○ residential property
○ non-residential freehold property
Value Added Tax:
basis of charge:
○ what is a taxable supply
○ standard, exempt and zero-rated supplies
reasons why a client would make an option to tax and the effect that has.
Capital Gains Tax:
basis of charge
principal private dwelling-house exemption
Wills
Inheritance Tax:
lifetime transfers - PET and CLT and exempt
transfers on death
exemptions and reliefs
scope of anti-avoidance provisions
Income and Capital Gains Tax in respect of the period of the administration of an estate:
PRs’ liability to Income Tax and Capital Gains Tax
beneficiaries’ liability to Capital Gains Tax on inherited assets
Business
Income Tax:
chargeable persons/entities (employees, sole traders, partners, shareholders, lenders and debenture
holders)
basis of charge (types of income/main reliefs and exemptions)
charge to tax: calculation and collection
1
, scope of anti-avoidance provisions
Capital Gains Tax:
chargeable persons/entities (sole traders, partners, and shareholders)
basis of charge (calculation of gains/allowable deductions/main reliefs and exemptions)
charge to tax: calculation and collection
scope of anti-avoidance provisions
Corporation Tax:
basis of charge
calculation, payment and collection of tax
tax treatment of company distributions or deemed distributions to shareholders
scope of anti-avoidance provisions
Value Added Tax:
key principles relating to scope, supply, input and output tax
registration requirements and issue of VAT invoices
returns/payment of VAT and record keeping
Inheritance Tax:
business property relief
Tax Evasion Steps
Double Reasonableness Test: HMRC can set aside avoidance scheme IF in consultation with independent advisory
panel determines scheme cannot reasonably be regarded as a reasonable course of action
→ General Anti-Abuse Rule (GAAR): if proven then HMRC can make tax adjustment that is JUST &
REASONABLE
Dishonest tax evasion = 7 years jail or unlimited fine
2
, Income Tax
Tax rates for Non-Savings & Taxable Income Dividend
Taxable Income Savings (nondividend %
% income)
Basic rate 20% £1 to £37,700 7.5%
Higher rate 40% £37,701 to £150,000 32.5%
Additional rate 45% Over £150,000 38.1%
Exemptions
Personal Allowance 12,570
Income limit for Personal Allowance 100,000
before taper
NO Personal Allowance if net income 125,140
exceeds
Personal Allowance tapers by half for £1 for every £2
anyincome over 100K
Marriage Allowance 1,260 as taxable credit (20%) = so
reduces races by 252
Personal Savings Allowance - savings
income that will be taxed at 0%
- For basic rate payer 1,000
- For higher rate payer 500
- For additional rate payer 0
Ind Savings Account (ISA) - deduct 20,000 is tax free
when cacl net income any income in
cash, stocks, shares, innovative finance,
lifetime ISA
Dividend Allowance - dividend income 2,000
amount that will be taxed at 0%
Employment
EE threshold for ER to retain tax 184/week
Payment and FPS to HMRC 22nd each month
Register for Self-Assessment w/in 3m of trading
Submit Self Assessment tax return paper Oct 31 +
online Jan 31
2 payments for Self Assessment Jan 31 in tax year +
3
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller vanessaulysses1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.68. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now