Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Tax
Administration
| Question | Answer |
|---|---|
| apprenticeship lecy | companies with wage bill > £3m pay 0.5% into levy to fund organisations apprenticeship |
| differences between england and scotland apprenticeship levy | england = amount paid available for use in 24 months scotland = money is absorbed in budget and government allocate |
| basis for 0.5% payment into apprenticeship levy | amount payable for Class 1 NI |
| annual allowance for apprenticeship levy (deducted) | £15,000 |
| steps in typical PAYE system | 1. business registers as employer 2. PAYE reference received 3. Set up of software 4. enter employee details 5. monthly or weekly enter staff gross pay and system calculates net pay 6. 'periods' informaton shared with HMRC |
| steps in typical PAYE system 7 and 8 | 7. software inform HMRC of employee leaving 8. software alerts HMRC of new starts |
| making tax digital - from April 2019 | VAT registered business need to file information electronically |
| why making tax digital should not have an extreme impact | VAT businesses - generally large generally large businesses - have computerised systems |
| impact of making tax digital on accountants role | businesses will buy software to automatically upload tax filings this reduces requirement for bookkeepers, businesses will lower costs because one time payment for software then don't need to pay an accountant |
Created by:
amyperston
Popular Accounting sets