F6 Study Group-The UK Tax System

[KayPee]

First Session Section A:The UK Tax System
Date:1st March 2009:

Time:19:00 Hrs GMT

[KayPee]

Major topics for discussion



1: The overall purpose and function of taxation in a modern economy

2: Different types of taxes

3: Principal sources of revenue law and practice

4: Tax avoidance and tax evasion


Any suggestions on past questions set on Section A?

[KayPee]

Hello everyone,

For today's session we are looking at just Section A of the F6 syllabus.
It will be a very quick one as we need lots of time to concentrate on more difficult sections of the syllabus.
So this is the form today's discussion is going to take.We can all post questions on this section that we think is not so clear

At the end of the day we shall agree on what format the next sessions should take.

Which of the following statements are correct?

I Indirect tax is only accounted for by persons carrying on a business
II Indirect tax is ultimately borne by the end user
III Indirect tax is an inefficient tax

A 2 only
B 1 & 2 only
C 2 & 3 only
D All three


When do we say a tax is inefficient?

Is VAT efficient or inefficient?


Hey the last sentence I read under tax avoidance said:''HMRC have introduced a new disclosure obligations regarding tax avoidance schemes to HMRC''
Does that mean that taxpayers are obliged to disclose any tax avoidance scheme they've adopted? that will be like revealing a secret strategy.

hello anybody in the UK here who has an ISA? How does it work?

[dizzydee]

Hello

I would like to join your study/chat group.
Only just seen it, so I will read up for saturday 7th March.
Will it be 7pm GMT again?

Look forward to speaking to you on saturday


Dizzydee
:confused:

[tracy]

Hi,

Sorry missed the session on 1st March, but will look at the point below and post a reply, I see noone else has posted anything, are the answers/points being posted or is the study seesion taking place on the Chatroom?

[KayPee]

hi Tracy you can post your answers right here.
And for session 2 I'll open a different Thread for that.

How far have you gone with Income tax liabilities.

Watch out for a comprehensive question on Section B of the Syllabus.That will be the focus of our next discussion session aside problematic areas that members of the group might bring up.

See you

[tracy]

Hi,

I'm not using the GTG study book but a different publisher, I have so far study the Income tax liabilities for self employed and employed I still have quite a bit to do on capital allowances and patenerships, hoping to get these done this week.

[code09]

hey how are you ??
Where i could find free updated notes for F6(UK)