Karteikarten
Unit 4 - LC Business
Karten in diesem Stapel (8)
- 1List three services provided by banksSavings Accounts
Direct Debits
Paypath
Foreign exchange - 2List 5 ways banks help businesses/households manage paymentsDirect Debit
Standing Order
ATM
Internet
Paypath - 3Outline the Main Differences between Households and Businesses in Managing MoneyScale
Formality of procedures
Need for legal records
- 4List Differences between Insurance for a Home and for a BusinessWider range required for a business
Business insurance is more expensive
- 5Define PAYEIncome Tax paid by Employees on gross pay. The rate of income tax paid on pay is 20% up to €33,800 and 40% after €33,800.
- 6Define 'Benefit in Kind'Form of Income that is not paid in Money, but which benefits the employee. Example Company Car, cheap loans
- 7List the Similarities between Households and Businesses regarding TaxBoth have to pay
Both work within the tax year
Both have to fill out forms
Both have to keep records
- 8List the Differences between Households and Businesses regarding TaxBusinesses have to do the Tax collecting for the Government
Businesses have to register for VAT Businesses can claim expenses against taxable profits.
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- Flashcards for unit 4 - LC Business
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