Tax 1- Income Tax思维导图
Tax 1- Income Tax
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思维导图大纲
Tax 1- Income Tax思维导图模板大纲
basic info
nature: recurring basis, not one-off
payee
individuals
PRs on behalf of deceased
trustee on behalf of trust
tax year: 6 April to 5 April
anti-avoidance
double reasonableness test-cannot reasonably be regarded as a reasonable course of action
collection system
1-Pay As You Earn - PAYE
Full Payment Submission - FPS
submit monthly or quarterly (if less than 1500 per month)
late report and payment: interests and penalty
2-Self-Assessment
submit annual tax returns online
1st payment: due on 31 January in tax year -50%
2nd payment: due on 31 July after tax year -50%
late file or late payment-penalty
30% of tax loss
up to 100%for deliberate
tax band
basic rate band - 20% - from 1 to 37,700
higher rate band - 40% from 37,700 - 150,000
additional rate band - 45% - over 150,000
categories
1-non-saving income
1-earnings and pensions:salary, bonus, non-cash benefits(car, private medical insurance), state pension, job-seeker allowance
2-trading income
3-property income - rental income
2-saving income
taxed on tax band
personal saving allowance - PSA
basic rate band - 1000
higher rate band - 500
3-dividend income
rate
basic rate band - 7.5%
higher rate band - 32.5%
additional rate band - 38.1%
Dividend allowance - 2000 for all bands
note: foreign income
UK resident should pay tax on foreign income
183 days in UK during tax year
exempt income
1. interest from National Savings Certificate
2. Individual Savings Account: ISA, up tp 20000 per year: 4 types: case, stocks and shares, innovative finance, lifetime ISAs
3. Premium Bonds, betting, gaming, lotteries
4. social security benefits - universal credit, housing credit, winter fuel allowances for pensioners
5. child benefit - exception: high-income child benefit charge
6. child tax credit, working tax credit
Non-Saving Income
trading profit
register within 3 months starting business
accounting period - 12 month chosen by taxpayer
business expenses
revenue related
only proportion for business purposes
capital expenses (one-off item)
annual investment allowance - AIA
plant and machinery - up to 1,000,000
writing down allowance
apply to
plant and machinery exceeds 1,000,00
car, land, building
method: deduct fixed percentage of current tax value (reduce every year) yearly
rate
6% for long-life assets
18% for most assets
pool: put all asset together
main/standard pool -18%
special rate pool - 6%
structures and building allowance
building and structures
trading losses
only apply to sole trader or partner
four alternatives
1. current year/prior year loss relief
set off total income
if loss remains, may set off capital gains (saving CGT)
2. carry forward of loss relief
set off future profit of the same trade
3. carry forward relief on incorporation of business
transfer business to company and receive share in return
set off any unused trading losses against salary or dividend for any years
4. terminal loss relief
current tax year and 3 preceding year
Last in, First Out - LIFO
set off only profits of trade, no other income
partnership
file partnership tax return annually
salary and interest deducted first
payable even if retain profit in business
overlap profit problem -
only in first accounting period
not refund until trade ceases, or sole trader change accounting date to 5 April
income allowance
interests of qualifying loan - used for
capital contributions or loan to partnership
investment in a close trading company
payment of inheritance tax for PRs
personal allowance
12,570 for 2021/22
tapered by 1 for every 2 of income above 100,000, if exceeding 125,140, no allowance
marriage allowance
actually married or in a civil relationship
transferring spouse's income must less than personal allowance
recipient spouse must be basic rate taxpayer
additional allowance
income from personal saving
receipt of dividends
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