ICAEW Principles of Tax _ Study Guide & Exam
ICAEW
Review.pdf
Principles of Tax _ Study Guide & Exam Review.pdf Page 1 of 39
ICAEW Principles of Tax | Study Guide
& Exam Review
ICAEW Principles of Tax _ Study Guide & Exam
ICAEW
Review.pdf
Principles of Tax _ Study Guide & Exam Review.pdf Page 1 of 39
,ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 2 of 39
When to submit a full tax return?
- you are a Director of a company
- a sole trader with turnover > $85,000
- voluntarily
When should individuals notify HMRC of chargability?
5th October following the end of the tax year (After the next April) - in penalties section of
tax return
Submission dates for personal self-assessment tax returns
in the tax tables
ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 2 of 39
,ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 3 of 39
How long can HMRC amend errors in a return
9 months from when it was filed
How long can a tax-payer amend their return?
12 months after the due date (i.e. 31st Jan after tax year or 3 months after return requested).
How is a payment on accounts calculated and when are they paid?
Each payment is half of the previous year's income tax and Class 4 NIC (excluding PAYE).
Interim payment dates in tax tables.
ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 3 of 39
, ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 4 of 39
What is an extra-statutory concession?
a relaxation of legal position to resolve anomalies and relieve hardship - not an official
source of tax law
What is exempt from income tax?
Income from; National Savings Certificates, ISAs, Winnings, some benefits, Redundancy pay,
Scholarships, interest from overpaying tax, qualifying compensation payments
What is included in Non-Savings income?
Employment income (inc pension and benefits), trading profits, property income)
Difference between net income and taxable income
Net income is BEFORE personal allowance is accounted for, taxable income is AFTER
ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 4 of 39
ICAEW
Review.pdf
Principles of Tax _ Study Guide & Exam Review.pdf Page 1 of 39
ICAEW Principles of Tax | Study Guide
& Exam Review
ICAEW Principles of Tax _ Study Guide & Exam
ICAEW
Review.pdf
Principles of Tax _ Study Guide & Exam Review.pdf Page 1 of 39
,ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 2 of 39
When to submit a full tax return?
- you are a Director of a company
- a sole trader with turnover > $85,000
- voluntarily
When should individuals notify HMRC of chargability?
5th October following the end of the tax year (After the next April) - in penalties section of
tax return
Submission dates for personal self-assessment tax returns
in the tax tables
ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 2 of 39
,ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 3 of 39
How long can HMRC amend errors in a return
9 months from when it was filed
How long can a tax-payer amend their return?
12 months after the due date (i.e. 31st Jan after tax year or 3 months after return requested).
How is a payment on accounts calculated and when are they paid?
Each payment is half of the previous year's income tax and Class 4 NIC (excluding PAYE).
Interim payment dates in tax tables.
ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 3 of 39
, ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 4 of 39
What is an extra-statutory concession?
a relaxation of legal position to resolve anomalies and relieve hardship - not an official
source of tax law
What is exempt from income tax?
Income from; National Savings Certificates, ISAs, Winnings, some benefits, Redundancy pay,
Scholarships, interest from overpaying tax, qualifying compensation payments
What is included in Non-Savings income?
Employment income (inc pension and benefits), trading profits, property income)
Difference between net income and taxable income
Net income is BEFORE personal allowance is accounted for, taxable income is AFTER
ICAEW Principles of Tax.pdf ICAEW Principles of Tax.pdf Page 4 of 39
