Neil Da Costa's Tax Exam Podcast
By Neil Da Costa
Neil Da Costa's Tax Exam Podcast Sep 11, 2021
VAT ( Starting / Ceasing Of Trade )
In any tax exam , you will have to explain the VAT implications of VAT registration or deregistration and this podcast will help you understand this important area.
VAT Overview
VAT is normally examined for about 10 marks yet is neglected by students preparing for their tax exams. This podcast will give you an overview on what VAT is.
Single Company Losses Overview
Single company losses feature in every tax exam and is a relatively easy area to master . Listen to this podcast to ensure you get this right in the exam
National Insurance
Every tax exam will have a couple of marks on national insurance thrown in. These are relatively straightforward as there is not a lot to learn on this topic. This short podcast literally covers everything you need to know on social security tax in the UK
Inheritance Tax Overview
Inheritance tax is usually the tax on which students perform the worst in the exam as it is a niche area that most tax students have not encountered. In this podcast, I have explained both lifetime gifts and the death estate in a simple way that will enable you to grasp this important tax.
Income Tax Losses Overview
When looking at income tax it is important to understand how to use losses. Apart from continuing sole traders there is also special loss relief available in opening and closing years.
Income Tax Computation Overview
In any tax exam , you will have to deal with an income tax computation and this podcast explains how to go about preparing an income tax computation.
Corporation Tax Overview
This podcast summarises the essential corp tax knowledge you need to compute the corporation tax for a single company bringing in interest receivable, rental profits and chargeable gains .
Capital Allowances
Capital allowancs on plant and machinery is a fundamental building block in tax and by understanding this important topic , you will have a strong foundation to build up your tax knowledge
Adjustment Of Profits
One of the fundamental aspects to understand in tax is adjustment of profits . In any of the starting tax papers you will have to adjust accounting profits to give you taxable profits . This episode explains the methodology behind this important area
Pensions
In this podcast , I explain all the different tax implications of contributing into both occupational and personal pensions . This is a method for individuals to reduce their tax liabilities and very popular in the tax exams.
Partnerships
Partnerships are unincorporated businesses so the normal sole trader rules apply. In most of the tax teaching courses , we do not have time to cover partnerships and this is allocated as a self study area so this podcast will help reinforce your understanding of this popular topic.
VAT on Land And Buildings
Many tax students get confused about the VAT implications of land and buildings . In this episode , I explain the tax implications in a simple way and in particular help you understand the option to tax.
CGT Disposal Variations
In this episode I explain how to deal with the CGT Variations such as NG/NL, part disposals , leases, chattels and insurance compensation.
Death Estate In Inheritance Tax
In most tax exams , you will be asked to compute the death estate and the inheritance tax due. This podcast explains how to do this in simple steps.
Domicile For Individuals
It is crucially important to work out an individual's domicile as UK domiciled individuals are subject to inheritance tax on their worldwide assets while non-UK domiciled individuals only pay IHT on their UK assets. With income tax and CGT, non UK domiciled individuals can make the remittance election.
Tax Free Employment Benefits
As tax advisors, it is important to advice clients which benefits can be offered to staff that are tax free as these will incentivize staff without attracting a tax liability.
Anti-Avoidance Rules For Takeovers
Many UK companies were buying companies that had large pre-acquisition trading and capital losses . To stop them utilizing the pre-acquisition losses HMRC introduced anti-avoidance rules.
Partial Exemption
Partial exemption is an area many tax students struggle with. It simply relates to the sales mix of a business that sells both taxable and exempt sales . If the VAT relating to the exempt sales is small then it can be claimed back.
Business Asset Disposal Relief (BADR)
BAD relief is the new entrepreneur's relief and is a very popular area in all tax exams. It is available on business assets owned for 2 years
Inheritance Tax Exemptions
There are 3 inheritance tax exemptions which are available for both lifetime gifts and the death estate . In this podcast , Neil explains there different scenarios in which an inheritance tax liability arises. He then clearly explains how the 3 important tax free exemptions work and how to maximize the tax benefit
Enterprise Investment Scheme
The EIS provides lucrative tax benefits to wealthy investors or business angels who are prepared to invest in small unquoted trading companies . These investors can reduce both their income tax and capital gains tax liabilities substantially . In this podcast , Neil explains the conditions that should be satisfied as well as the amazing tax benefits available.
VAT Registration & Deregistration
When a business starts trading , an important area to consider is when the business should register for VAT. In this podcast Neil explains the difference between voluntary and compulsory VAT registration and the various advantages and disadvantages . In addition, we also consider the implications of VAT deregistration.
Termination Payments
HMRC have an exemption of £30,000 available for termination payments while certain payments may be either fully exempt and fully taxable. In this episode, Neil explains the key criteria you should use in deciding the correct tax treatment of termination payments
Degrouping Charge
The degrouping charge is a technical topic and and arises after a nil gain/ nil loss transfer within a 75% CGT group. In this podcast , Neil explains how to compute the DGC and when it arises . The other associated area with this is the substantial shareholding exemption and if the SSE conditions are satisfied , the DGC becomes tax free.
Personal Service Companies
Personal Service Companies is a very topical area now as HMRC is implementing IR-35 legislation in all sectors of the economy. When taking on a contractor , the end-client is now held responsible for ensuring that the client is IR-35 compliant. In this podcast , Neil explains now the deemed salary is computed and the tests HMRC use.
Principal Private Residence and Letting Relief
In this podcast , I have explained how the principal private residence exemption works and the associated letting relief. This is a very popular area for the exam and one of the main tax breaks available in the UK.
Group Relief
This podcast covers group relief, a popular tax exam topic. Companies can give losses to other group companies but in order to effectively surrender the loss , you initially have to understand the difference between loss groups and related companies . This is an Advanced Tax topic and covers some technical detail.
Self Employed Tax Payments
In this podcast, I have explained how self employed payments on account work and the final balancing payments. When giving advice to clients , it is important for the client to budget accordingly so the tax payments are paid on time. We will hear about Candy's Sweet Jabs, a Botox studio that gives clients their youthful looks back .
Rollover Relief
If you are sitting a tax exam and want to know about rollover relief, this episode is for you. Rollover relief is the classic deferral relief and enables businesses to postpone gains on business assets like goodwill or buildings by reinvesting in replacement business assets.