FIA – FTX Foundations in Taxation FA 2011 For exams in 2012.

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Presentation transcript:

FIA – FTX Foundations in Taxation FA 2011 For exams in 2012

Introduction to the UK tax system Taxes in the UK Administration Classification of income Different types of taxes Chapter 1

Taxes in the UK Slide 3

Administration Slide 4

Classification of income Slide 5

Different types of taxes Slide 6

Adjustments of trading profits/losses for trading purposes Basis of assessment Deductible/non-deductible expenditure Pre-trading expenditure Further adjustments Chapter 2

Basis of assessment Slide 8

Deductible/non-deductible expenditure Slide 9

Deductible/non-deductible expenditure 2 Slide 10

Pre-trading expenditure Slide 11

Further adjustments Slide 12

Capital allowances Qualifying expenditure Computing allowances Special assets Interaction with VAT Commencement/causation Chapter 3

Qualifying expenditure Slide 14

Computing allowances Slide 15

Computing allowances 2 Slide 16

Computing allowances 2 (cont’d) Slide 17

Special assets Slide 18

Interaction with VAT Slide 19

Commencement/cessation Slide 20

Basis of assessment, NICs for self employed Continuing businesses Commencement and cessation Overlap profits NICs for self employed Chapter 4

Continuing businesses Slide 22

Commencement and cessation Slide 23

Commencement and cessation 2 Slide 24

Overlap profits Slide 25

NICs for self employed Slide 26

Relief for trading losses Trading losses Carry forward trade loss relief Trade loss relief v. general income Choice of loss relief Chapter 5

Trading losses Slide 28

Carry forward trade loss relief Slide 29

Trade loss relief v. general income Slide 30

Choice of loss relief Slide 31

Partnerships Trading income for partnerships Changes in partnerships Loss relief for partners Chapter 6

Trading income for partnerships Slide 33

Changes in partnerships Slide 34

Loss relief for partners Slide 35

Preparing tax returns for self-employed and partnerships Self employed pages Partnership pages Chapter 7

Self employed pages Slide 37

Partnership pages Slide 38

Introduction to personal taxation Fiscal year, scope, sources Income and capital The personal tax computation Investment income Eligible interest Personal allowance Chapter 8

Fiscal year, scope, sources Slide 40

Income and capital Slide 41

The personal tax computation Slide 42

Investment income Slide 43

Eligible interest Slide 44

Personal allowance Slide 45

Employment income (1) Employment income Basis of assessment Allowable deductions Chapter 9

Employment income Slide 47

Basis of assessment Slide 48

Allowable deductions Slide 49

Employment income (2) Taxable benefits Exempt benefits NICs for employees Chapter 10