Icaew tax Study guides, Revision notes & Summaries

This document is a set of exam ready notes to be taken into the Business Planning: Taxation (BPT) ICAEW ACA Exam. Got 89% in BPT using these notes. They provide answers to all scenarios that could come up in the exam which can then be used in the open book exam and tailored to the specifics of the question. The answers discuss the tax implications and relief options. Please see below preview for all scenarios.

This document is a set of exam ready notes to be taken into the Business Planning: Taxation (BPT) ICAEW ACA Exam. They provide answers to all scenarios that could come up in the exam which can then be used in the open book exam and tailored to the specifics of the question. The answers discuss the tax implications and relief options. Scenarios include: - Takeovers - Incorporation - Disincorporation and liquidations - Trade and asset sales - Share sales (+ with mixed consideration) - MBOs ...

What is vat charged on - Answer The sale of taxable supplies by a taxable person What is a taxable person - Answer a sole trader, partnership, limited company, club or association making taxable supplies What is a taxable supply - Answer One one which output vat is chargeable and input vat can be recovered and will be zero rated, reduced rated or standard rated. When will the vat rates differ from normal - Answer Before 2011. This is particularly applicable when looking at purch...

ICAEW tax compliance VAT questions with correct answers

Principles of TAX ICAEW questions with correct answers

ICAEW AA Chapter 7- Planning ISA300 - planning audit - correct answer Time wasted doing wrong - inefficient Really important work might not be done at all- not prioritizing key work Wrong conclusion may be drawn Audit Strategy - correct answer Background information required to an effective audit- formulation of general strategy which considers materiality risk audit approach experts timing team budgets and deadlines of audit - guides the development of audit plan Audit plan - corr...

Tax Compliance // ICAEW Study Manual Glossary // Set 5 questions with correct answers

ICAEW ACA AccountingUsers of Accounting - correct answer Any organization/business/individual who needs to keep track of their income, expenses, assets and liabilities. Types of Business Entity - correct answer • Sole trader • Partnership • Limited Liability Companies Stakeholders for financial information - correct answer • Managers/Directors • Owners of the company • Trade contracts • Finance providers •HMRC Year-end capital Equation - correct answer Bal. at ...

ICAEW ACA: Tax Compliance 2023 Questions & Answers (A+GRADED 100%VERIFIED)

What does the property value have to be above where there is additional rent? - Answer £75,000 How many years does the property have to be owned by the employer before given to the employee, for it to be valued at Market Value & not the orginal cost? - Answer MORE THAN 6 years What % does the use of assets have to be used for private use to be deemed as insignificant ? - Answer 40% For Car benefit, what is the maximum contribution the employee can contribute? - Answer £5000 Can...