6694094
Description
Flashcards by megan murphy, updated more than 1 year ago
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Created by megan murphy
over 7 years ago
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| Question | Answer |
| List three services provided by banks | Savings Accounts Direct Debits Paypath Foreign exchange |
| List 5 ways banks help businesses/households manage payments | Direct Debit Standing Order ATM Internet Paypath |
| Outline the Main Differences between Households and Businesses in Managing Money | Scale Formality of procedures Need for legal records |
| List Differences between Insurance for a Home and for a Business | Wider range required for a business Business insurance is more expensive |
| Define PAYE | Income 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. |
| Define 'Benefit in Kind' | Form of Income that is not paid in Money, but which benefits the employee. Example Company Car, cheap loans |
| List the Similarities between Households and Businesses regarding Tax | Both have to pay Both work within the tax year Both have to fill out forms Both have to keep records |
| List the Differences between Households and Businesses regarding Tax | Businesses 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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