Neil Da Costa's Tax Exam Podcast: Recent Episodes
Neil Da Costa
Neil Da Costa is the renowned UK Tax Kaplan lecturer who lectures on a wide range of finance qualifications such as ACCA, ACA, CTA, and CIMA. Neil is the author of Advanced Tax Condensed and Taxation Condensed which are innovative memory joggers that summarise the vast tax syllabus In this podcast series, he distills the essential knowledge you need to know on a tax topic in no more than 15 minutes. . Visit neildacosta.co.uk for further information and to access study and exam techniques. Connect with Neil on LinkedIn for regular tax updates, motivation, and productivity tips.
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 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
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 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.
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 .
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
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.
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.
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.
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
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.
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.
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
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.
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.
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.
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 .