Appointment of directors According to provisions of articles, normally by: - Members at A, Quizzes of Finance

Download Appointment of directors According to provisions of articles, normally by: - Members at A and more Quizzes Finance in PDF only on Docsity! REVISION A. GENERAL INFORMATION 1. Date: December 2022 2. Duration: 60 minutes 3. Format: Closed book exam B. SCOPE OF KNOWLEDGE 1. Chapter 1: Introduction to taxation and UK tax system 2. Chapter 2: Introduction to income tax 3. Chapter 3: Employment income 4. Chapter 4: Trading profits 5. Chapter 5: Capital allowances C. REVISION INCOME TAX COMPUTAION – 2021/22 Total Non savings Savings Dividends Employment income (S1) X Trading income (S2) X Interest X Dividends X Total income X X X X - - - - Net income X X X X Less: PA (S3) (X) - - - - Taxable income Income tax liability (S4) (1) Non-savings income: BRB, HRB, ARB (2) Savings income: Starting rate band, Nil rate band, BRB, HRB, ARB (3) Dividends income: Nil rate band, ORB, URB, ARB Less: Marriage allowances (S5) (X) - Income tax liability X Less: PAYE (X) - Income tax payable X (S1) Employment income – Chapter 3 Pro forma £ Salary X Bonus/commission X Benefits X ---- Employment income X (1) Taxable income/benefits: + Exempt benefits (MUST) + Taxable benefits: Rules: - The taxable benefit will be reduced by any contributions made by the employee towards the cost of the benefits (exception in relation to private fuel). - The taxable benefit will be pro-rated if it was only available for part of the tax year. • General benefits • Special: Vouchers, Living accommodation, Motor cars, Private fuel, Vans, Use and gifts of assets, Living accommodation expenses. (S2) Trading income – Chapter 4 £ Net profits per financial accounts X Add: Disallowed expenditure/income not shown in accounts X Less: Non-trade income in accounts/Expenditure not in accounts (X) -