Anum406
On this page, you find all documents, package deals, and flashcards offered by seller anum406.
- 16
- 0
- 0
Community
- Followers
- Following
16 items
lecture 6 self employment 1
· Apply the ‘badges of trade’ to determine whether a transaction is a trading activity. · Describe the scope of taxation of trading income. · Determine the tax consequences of consumption of own goods. · Explain and apply the ‘capital v. revenue’ principle. · Adjust a profit and loss account to arrive at trading profits · Explain, by reference to statute and case law, the reasons for making adjustments to the profit and loss account. · Compute self-employed Natio...
- Lecture notes
- • 10 pages •
· Apply the ‘badges of trade’ to determine whether a transaction is a trading activity. · Describe the scope of taxation of trading income. · Determine the tax consequences of consumption of own goods. · Explain and apply the ‘capital v. revenue’ principle. · Adjust a profit and loss account to arrive at trading profits · Explain, by reference to statute and case law, the reasons for making adjustments to the profit and loss account. · Compute self-employed Natio...
Lecture 5 Capital gains tax
Identify chargeable and non-chargeable assets for the purposes of capital gains tax. Compute the chargeable gains of an individual taxpayer. Apply for the annual exemption and advise on its efficient use by husband and wife living together. Compute capital gains tax liabilities. Describe the major reliefs and exemptions.
- Lecture notes
- • 9 pages •
Identify chargeable and non-chargeable assets for the purposes of capital gains tax. Compute the chargeable gains of an individual taxpayer. Apply for the annual exemption and advise on its efficient use by husband and wife living together. Compute capital gains tax liabilities. Describe the major reliefs and exemptions.
lecture 4 Other incomes and relief
Compute the profits of a property income business. Describe the treatment of property income losses. Determine the tax treatment of interest and dividends. Identify sources of income which are not subject to tax. Compute the tax treatment of lease premiums.
- Lecture notes
- • 8 pages •
Compute the profits of a property income business. Describe the treatment of property income losses. Determine the tax treatment of interest and dividends. Identify sources of income which are not subject to tax. Compute the tax treatment of lease premiums.
Lecture 3 Employment income
· Distinguish between employment and self-employment. · Apply the basis of assessment for an employee. · Advise on the treatment of termination payments. · Compute National Insurance liabilities for employees and employers. · Explain how PAYE works. · Explain the treatment of benefits in kind. · Compute the taxable values of the major benefits in kind. · Describe the main types of share incentive schemes. · Apply the rules for obtaining relief for employment expe...
- Lecture notes
- • 9 pages •
· Distinguish between employment and self-employment. · Apply the basis of assessment for an employee. · Advise on the treatment of termination payments. · Compute National Insurance liabilities for employees and employers. · Explain how PAYE works. · Explain the treatment of benefits in kind. · Compute the taxable values of the major benefits in kind. · Describe the main types of share incentive schemes. · Apply the rules for obtaining relief for employment expe...
Lecture 2 Computation and payment of income tax
· Distinguish between income and capital. · Provide examples of non-taxable income. · Set out an income tax computation in the standard format. · Demonstrate how tax relief is obtained for charitable contributions. · Compute taxable income. · Apply the correct tax rates to non-savings income. · Identify personal allowances to which the taxpayer is entitled and explain the conditions which apply
- Lecture notes
- • 9 pages •
· Distinguish between income and capital. · Provide examples of non-taxable income. · Set out an income tax computation in the standard format. · Demonstrate how tax relief is obtained for charitable contributions. · Compute taxable income. · Apply the correct tax rates to non-savings income. · Identify personal allowances to which the taxpayer is entitled and explain the conditions which apply
Introduction to the UK income tax system and self-assessment
· Locate the main sources of tax law and practice. · Make use of a combination of statute and case law to analyse a tax issue. · Advise a taxpayer about his or her obligations under self-assessment. · Identify the critical time limits under self-assessment and explain the consequences of failure to comply. · Describe the role of HMRC and its powers in the context of self-assessment. · Compute payments on account and balancing payment. · Describe HMRC’s digital strategy...
- Lecture notes
- • 8 pages •
· Locate the main sources of tax law and practice. · Make use of a combination of statute and case law to analyse a tax issue. · Advise a taxpayer about his or her obligations under self-assessment. · Identify the critical time limits under self-assessment and explain the consequences of failure to comply. · Describe the role of HMRC and its powers in the context of self-assessment. · Compute payments on account and balancing payment. · Describe HMRC’s digital strategy...