Income Tax
Made Simple
- 1st Edition - January 1, 1985
- Imprint: Made Simple
- Author: Henry Toch
- Language: English
- Paperback ISBN:9 7 8 - 0 - 4 3 4 - 9 8 6 0 6 - 4
- eBook ISBN:9 7 8 - 1 - 4 8 3 1 - 3 5 4 4 - 1
Income Tax: Made Simple discusses the fundamental concepts of taxation. It is addressed to the growing number of people, who need to have a better understanding of the effects of… Read more
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Request a sales quoteIncome Tax: Made Simple discusses the fundamental concepts of taxation. It is addressed to the growing number of people, who need to have a better understanding of the effects of taxation on the financial side of life. This comprehensive text includes discussions of the UK's tax system and its administration; general principles of income tax; tax reform proposals; the taxation of husband and wife; capital allowances; taxation of employees; and taxation of dividends and other income. The final chapter on 'Tax Planning' sets out how the individual can reduce his or her tax bill at various stages during one's life-time. The book will be helpful to students of business law and accountancy preparing for examinations of all the major professional bodies, e.g., Institutes of Chartered Accountants, for England and Wales and Scotland, Institute of Bankers, Institute of Scottish Bankers, Association of Certified Accountants, Chartered Institute of Secretaries and Administrators, Institute of Cost and Management Accountants, and the Law Society. It is also suitable for students on Degree Courses at Universities and Polytechnics and BTEC students in accountancy, business studies, and law.
Preface1 Introduction 1.1 Why Pay Taxes? 1.2 Basic Definitions 1.3 Taxation and Incentives 1.4 The Poverty Trap 1.5 The Effect of Inflation 1.6 The Relative Importance of Individual Taxes 1.7 Taxation in Different Countries 1.8 The Revision Test2 The Present System and Its Administration 2.1 The History and the Present System 2.2 The Officials 2.3 Organization 2.4 Regional and Local Offices 2.5 The Procedure of Assessment 2.6 The Black Economy 2.7 Annual Tax Return 2.8 Additional Assessments 2.9 Error or Mistake Claims 2.10 Tax Remission due to Official Error 2.11 Penalties 2.12 Interest on Unpaid Tax and Repayment Supplement 2.13 Taxation at Source 2.14 Appeals Procedure 2.15 Procedure at the Appeal Hearing 2.16 Costs Involved when Disagreeing with the Inspector 2.17 Adequacy of the Inland Revenue Powers 2.18 Revision Test3 General Principles of Income Tax 3.1 The Income Tax Year 3.2 The Nature of Tax Law 3.3 Basic Questions 3.4 What is Income for Tax Purposes? 3.5 Who is Liable to Pay Tax? 3.6 Income Specifically Exempt from Tax 3.7 Receipts Not Regarded as Income 3.8 Persons Specifically Exempt from Tax 3.9 The Concept of Total Income 3.10 Tax-Free Personal Allowances 3.11 Higher Rate Bands 3.12 Revision Test4 The Treatment of Husband and Wife 4.1 Historical Development 4.2 The Effect of a Claim under Section 38 of ICTA 4.3 Effect of Wife's Earnings Election 4.4 Equal Opportunities Commission's Response to Green Paper 4.5 Proposals during the 1983 Election 4.6 The Effect of Unemployment on the Present Situation 4.7 The Use of the Seven Year Covenant to Save Tax 4.8 The Breakdown of Marriage 4.9 Revision Test5 Income from Land and Property 5.1 Schedule A 5.2 Basis of Assessment 5.3 Allowable Deductions 5.4 Conditions Governing Allowances 5.5 Losses 5.6 Lost Rent Relief 5.7 Premiums on Leases 5.8 Other Payments treated as Premiums 5.9 Top-Slicing Relief in Respect of Premiums 5.10 Schedule B 5.11 Revision Test6 Income of the Self-Employed 6.1 What Constitutes Trading? 6.2 What Constitutes a Profession? 6.3 What Constitutes a Vocation? 6.4 What Constitutes a Trading Receipt? 6.5 Receipts to be Excluded 6.6 Allowable Business Expenses 6.7 Expenses Specifically Prohibited 6.8 Expenses Specifically Allowed by Statute 6.9 Stock Relief 6.10 Basis Periods 6.11 Change of Accounting Date 6.12 Special Basis Periods for Farmers 6.13 The Correct Schedule of Charge 6.14 National Insurance Contributions 6.15 Revision Test7 Capital Allowances 7.1 What Assets Qualify 7.2 Plant and Machinery 7.3 Industrial Buildings and Structures 7.4 Mines and Oilwells 7.5 Agricultural Buildings 7.6 UK Patents 7.7 Scientific Research 7.8 Dredging 7.9 Know-how 7.10 Hotels 7.11 Crematoria and Cemeteries 7.12 Small Workshops 7.13 Enterprise Zones 7.14 Revision Test8 Business and other Losses 8.1 Loss in Trade Set against Other Income 8.2 Loss In Early Years of a Business 8.3 Loss in Aggregation 8.4 Trading Losses Carried Forward 8.5 Terminal Losses 8.6 Loss of Trader Who Becomes Company Director 8.7 Relief for Losses on Unquoted Shares in Trading Companies 8.8 Annual Payments 8.9 Revision Test 9 Setting up in Business and Forming a Partnership 9.1 Tax Treatment of Employee: Starting a Business 9.2 Basis Period for a New Business 9.3 Basis Period When Closing a Business 9.4 Changing the Accounting Date 9.5 Forming a Partnership 9.6 What Constitutes a Partnership? 9.7 Assessment of Partnerships - Share of Partners 9.8 Change in Partnership 9.9 Partner Residing Abroad 9.10 Partnerships Involving Companies 9.11 Revision Test10 Taxation of Employees 10.1 Schedule E 10.2 Foreign Emoluments 10.3 Earnings from Overseas Employment 10.4 Pensions 10.5 Foreign Pensions and Annuities 10.6 Employments with International Organizations 10.7 The Difference between Schedule D and Schedule E 10.8 Meaning of the Term 'Emoluments of Office or Employment' 10.9 Basis of Assessment 10.10 Directors of Higher-Paid Employees 10.11 Exclusion of Certain Directors 10.12 Dispensation for Payment of Allowable Expenses 10.13 Fringe Benefits 10.14 Scale Charges for Directors' and Higher-Paid Employees 10.15 Scholarship Income 10.16 Share Option and Share Incentive Schemes 10.17 Profit Sharing Schemes 10.18 Expenses 10.19 Terminal Payments 10.20 Pay as You Earn 10.21 Purchasing Pension Rights 10.22 Revision Test11 Treatment of Taxed and Untaxed Interest Dividends and other Income 11.1 Interest-Paid Government Securities and Debentures 11.2 Assessments Under Case III of Schedule D 11.3 Basis of Assessment 11.4 Transferring Untaxed Interest to Taxed Interest 11.5 What Constitutes a New Source under Case III 11.6 Taxed Interest, Annuities, Alimony, etc., Paid in Arrears 11.7 Dividends 11.8 Capital Distributions Made in Cash and Scrip Dividend Options 11.9 Miscellaneous Income 11.10 Furnished Holiday Letting 11.11 Basis Period for Case VI 11.12 Case VI Losses 11.13 Claw-Back of Life Assurance Relief 11.14 Chargeable Event on Non-qualifying Policies and Bonds 11.15 Revision Test12 Treatment of Foreign Income and Non-residents 12.1 Income Assessed Directly on the Recipient 12.2 Basis of Assessment 12.3 Double Tax Relief 12.4 Double Tax Relief on Dividends Paid through an Agent 12.5 Unilateral Relief 12.6 Alimony 12.7 Residence 12.8 Ordinarily Resident 12.9 Domicile 12.10 Husband and Wife 12.11 Taxation of Non-residents 12.12 Revision Test13 The Treatment of Settlements and Trusts 13.1 Tax Liability of the Deceased 13.2 Deceased Estates 13.3 Treatment of Trustees 13.4 Trusts where the Settlor is Still Living 13.5 Settlement by a Parent in Favor of Own Child 13.6 Accumulation Settlements for Children 13.7 Discretionary Trusts 13.8 Foreign Trusts 13.9 Revision Test14 Tax Planning 14.1 Common Sense and a Sense of Proportion 14.2 The Problem of Starting Employment 14.3 Tax-Efficient Savings 14.4 The Age Allowance Gap 14.5 Getting Married 14.6 Covenants 14.7 Gifts and Settlements 14.8 The Break-up of Marriage 14.9 Setting up in Business 14.10 Forming a Partnership 14.11 Forming a Company 14.12 Working Overseas 14.13 Questions of Residence, Ordinarily Resident and Domicile 14.14 Tax-Efficient Investment 14.15 Considerations on Retirement 14.16 Capital Conversion Schemes 14.17 The Investment of Lump Sum (Redundancy) Payments 14.18 Revision TestAbbreviationsTable of CasesIndex
- Edition: 1
- Published: January 1, 1985
- No. of pages (eBook): 222
- Imprint: Made Simple
- Language: English
- Paperback ISBN: 9780434986064
- eBook ISBN: 9781483135441
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