Employers are required to submit income tax and NIC information to HMRC electronically when or before employees are paid each week or month.

Assets = Liabilities + Equity

VAT is generally charged on non-business transactions

The CRS does not allow countries to obtain information from their Financial Institutions.

The double entry system of accounting or bookkeeping means that every business transaction will involve two accounts or more.

Tax code is used by the employer or pension provider to work out how much Income Tax to take from pay or pension.

Income Tax is Payable by individuals on the disposal of capital assets.

Some self-employed people are not eligible for Working Tax Credit.

If an asset’s value becomes negligible, a claim may be made to treat the asset as sold and immediately purchased it at its current market value

The income tax and NIC that the employer deducts during each tax month is due for payment to HMRC not later than 7 days after the tax month ends

Full ROR is only available when all of the net sale proceeds from the sale of the old asset are reinvested.

The basic idea underlying capital allowances is that the business will over time obtain relief for the actual net cost of an asset to the business

HMRC will calculate the tax liability on behalf of the taxpayer, provided the return is submitted by the 31 December deadline.

Class 2 NICs are a percentage based contribution levied on the ‘profits’ of the individual in excess of £8,424 for the tax year 2018/19.

Under the flat rate scheme, a business calculates its VAT liability by simply applying a flat rate percentage to total turnover.

The ledger is referred to as the centerpiece of the accounting cycle.

The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC)

The standard UK VAT rate is 20%.

A sole trader is a self-employed and is not affected by National Insurance.

CGT is charged on gains arising on chargeable disposals of chargeable assets.

A statement of changes in shareholders’ equity is a financial statement that presents a summary of the changes in shareholders’ equity accounts over the reporting period.

You normally don’t have to pay duty on goods imported from non-EU countries when they’re first brought into the EU.

Duty relief schemes allow you to pay less or no duty on imports and exports from and to non-EU countries.

Class 2 NICs are a percentage based contribution levied on the ‘profits’ of the individual in excess of £8,424 for the tax year 2018/19.

Debits and credits are not used in a single entry system.

Asset accounts is when a debit decreases the balance and a credit increases the balance.

VAT return periods are normally six months long, but traders who regularly receive repayments, can opt to have quarterly return periods to receive their repayments earlier.

WCT is a state benefit made to people who work and have a low income. 

Business rates were introduced in England and Wales in 1990

Gain accounts is when a debit increases the balance and a credit decreases the balance