Principles of business taxation 'Finance Act 2006' by Chris Jones, (Chartered tax advisor); Chartered Institute of

By Chris Jones, (Chartered tax advisor); Chartered Institute of Management Accountants

Your 'one-stop' studying and revision source for the award of the CIMA specialist improvement certificates in enterprise Taxation.

content material: A) normal Tax rules; B) Computation of Taxable buying and selling revenue; C) Computation of company Tax; D) worker Tax issues; E) worth extra Tax
summary:

Covers the parts in the CIMA CPD certificates in enterprise Taxation. This name offers assurance of topic components equivalent to Taxation of restricted businesses, Taxable buying and selling revenue, worker Tax Read more...

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By Chris Jones, (Chartered tax advisor); Chartered Institute of Management Accountants

Your 'one-stop' studying and revision source for the award of the CIMA specialist improvement certificates in enterprise Taxation.

content material: A) normal Tax rules; B) Computation of Taxable buying and selling revenue; C) Computation of company Tax; D) worker Tax issues; E) worth extra Tax
summary:

Covers the parts in the CIMA CPD certificates in enterprise Taxation. This name offers assurance of topic components equivalent to Taxation of restricted businesses, Taxable buying and selling revenue, worker Tax Read more...

Show description

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Extra resources for Principles of business taxation 'Finance Act 2006'

Example text

The Renault Clio bought for £9,000 goes into the general pool. Remember there are no first year allowances are given on cars. We also have a disposal in the year. We restrict the disposal proceeds to the actual cost of the asset. So £2,000 is deducted in the general pool. This leaves us with £87,000 of expenditure in the general pool which will qualify for the 25% writing down allowance. Next we will deal with the first year allowance of 40% on the equipment costing £12,000. £4,800 goes across into the allowances column.

We also disallow profits or losses on the sale of assets. Losses on sales of assets are a disallowed expense and should therefore be added back. Profits on sales of assets are not taxable as Trading Income and should therefore be deducted in arriving at trading profits. The trader may have also incurred legal fees on the acquisition of capital assets. These are disallowed as they relate to a capital item. However, legal fees incurred on the renewal of a short lease are specifically allowed. A short lease in this context is a lease of less than 50 years.

If 70% of the costs are incurred for business purposes, 30% of the costs must be disallowed as they relate to private expenditure which has not been incurred wholly and exclusively for the purposes of the trade. 30% of the motor expenses should be added back to the profit. Provided the taxpayer proposes a percentage which reasonably reflects the private element of the expense, the Revenue will usually accept it. The private use adjustment can apply to any expenditure. For example, if a taxpayer uses, say, 20% of his house as an office for the purposes of the trade, he will be able to deduct 20% of the mortgage interest in arriving at his taxable profit.

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