PTAX Personal Taxation

Slides:

Advertisements

Similar presentations

Personal Finance for GPs Jenny Stone, ACA Ramsay Brown and Partners Ramsay House 18 Vera Avenue London N21 1RB Tel:

Advertisements

ARITHMETIC AND INTEREST. CALCULATE TO THE NEAREST CENT WHERE NECESSARY THE COMPOUND INTEREST ON (I) €600 FOR 2 YEARS AT 5% Ex. 8A Q.1 (i) Year 1 P 1 =

Irwin/McGraw-Hill ©The McGraw-Hill Companies, Inc., 2000 Principles of Taxation Chapter 3 Taxes as Transaction Costs.

Copyright  2003 McGraw-Hill Australia Pty Ltd PPTs t/a Tax Procedures for your Business by Ian Birt, Slides prepared by Peter Miller 1 Tax Identification.

PTAX Personal Taxation Introduction. Tax: 3 Rules of Thumb 1. If you increase your wealth, expect HMRC to tax it 2. Claim all possible tax deductions.

Payroll Update and Payroll Year End Sharon Mortimer – Agent Account Manager.

Presented by NAME TO BE SUPPLIED TITLE TO BE SUPPLIED Scottish Provident Relevant Life Policies Relevant Life Policies.

16 Money Management and Financial Planning

© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater Corporations: Stock Values, Dividends, Treasury Stock,

Reforms to the Civil Service Pension Scheme Update: February 2012 Your Questions Answered.

CHAPTER 4 INCOME TAX WITHHOLDING Developed by Lisa Swallow, CPA CMA MS Payroll Accounting 2013 Bernard J. Bieg and Judith A. Toland.

Limited-Pay Whole Life Insurance  Characteristics  Provides protection for the entire lifetime  Level or fixed periodic premiums payable for.

Chapter 12. Be able to:  Outline the difference between managing a household and managing a business in relation to taxation.  Explain the implications.

All payslips contain the following information: Employers Name Your Name, Date of Payment National Insurance Number Tax Code Payment Method (BACS, Cash,

Tax Bases Anderson: Structure of Taxes. What is Taxed? Defining the Tax Base The tax base reflects what is taxed, and therefore what is not taxed as well.

Chapter 3. Learning Objectives (part 1 of 2) Describe the basic federal tax model Distinguish between adjustments to income and itemized deductions Determine.

Module 30 Retirement Planning. Menu The need for retirement planning Tax deferral and retirement planning Qualification of pension plans Other retirement.

© 2010 South-Western, Cengage Learning SLIDE 1 Chapter 7 Do Now9/26/13 & 9/27/13 Work with your neighbor and create a list of ways people accumulate earned.

Local taxes Direct taxes (no ability to be avoided) 1- income taxes 2- property taxes Indirect taxes (can be avoided in some cases) 1- customs taxes 2-

Haig-Simons Definitions

Intro to Financial Management Understanding Financial Statements and Cash Flows.

Employee’s Pay Chapter 21. Pay Employees are paid either a salary or a wage. If the employee gets paid based on the number of hours they have worked,

Chapter 8 Presentation 2. Determinants of Consumption and Saving ***The amount of DI is the basic determinant of consumption and saving There are also.

23 - 1Copyright 2008, The National Underwriter Company Taxation of Individual Disability Income Insurance  What is it?  Policy that provides benefits.

Completing the 1040EZ 1040 EZ vs A Day 3. Read the Tax Process article In your notebook: What is the maximum income you can earn in order to complete.

© 2012 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.

Switching from NEST to PFG Retirement Plan David Berry Group Pensions Manager.

Relevant life Policies Presented by Michael Cooke.

1 NY3 Instructor Training Overview. 2 NY3 Instructor Training 2009 Federal Return (1040)

Taxes and Your Paycheck Career and Financial Management 2.

© 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license.

PTAX Personal Taxation Savings & Investments (Interest & dividends)

PTAX Personal Taxation Income From Property (Rental Income)

PTAX Personal Taxation Capital Gains Tax 1 FA2015.

F6 Taxation (UK). 2 Taxation (UK) Section A: The UK tax system Section B: Income tax liabilities Section C: Chargeable gains Section D: Corporation tax.

National Association of Student Financial Aid Administrators Presents… © NASFAA 2010 Filling the Piggybank: Saving for College.

PTAX Personal Taxation Income Tax Computation (Pensions, Gift Aid, Personal Allowance) FA2015.

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

PTAX Personal Taxation Employment (Salaries, Bonuses, Pensions) FA2015.

NHS PENSION CHANGES SEMINAR - 28 FEBRUARY Lentells Healthcare Directors Andrew Spear FCCA Jo Fursman FCCA Jane Jordan FCCA.

STRATHCLYDE PENSION FUND ANNUAL GENERAL MEETING 14 JUNE 2013.

BTAX Business Taxation

16 Money Management and Financial Planning

PTAX Personal Taxation

Allowances and Other Reliefs

PTAX Personal Taxation

Documentation for Pay and Calculations

Overview of a tax return

Termination Payments.

Chapter Objectives Be able to:

Prepare Tax Documentation for Individuals

Exempt Income and Non- assessable non- exempt income

BTAX Business Taxation

The Direct Method of Determining the Net Cash Provided by Operating Activities Appendix 14A.

PTAX Personal Taxation

14.2 Federal Taxes.

Income Tax Returns - Individuals

FAS 109: Accounting for Income Taxes

Adjustments to income Spring 2018, lamc.

Federal Income Taxes Introduction to Taxes Federal Income Taxes

Intro to Financial Management

Taxable Income and Tax Payable Part Two

    JOURNALIZING ACCRUED INTEREST EXPENSE 1 2 3

16 Money Management and Financial Planning

Adjustments to Income.

Federal Income Taxes Introduction to Taxes Federal Income Taxes

Chapter 14.2 Federal Taxes How do we pay individual income taxes?

Child Benefit Tax Charge

Presentation transcript:

PTAX Personal Taxation Income Tax Computation (Pensions, Gift Aid, Personal Allowance) FA2015

Objectives To be able to: Identify income which is exempt from Income Tax Determine a taxpayer’s personal allowance Compute Income Tax payable, making appropriate adjustments for: Personal Pensions Gift Aid Determine payments on account Determine penalties due for lateness and error

EXEMPT INCOME

Tax-free Income What investment income is free of tax?

Tax-free benefits What cash-based benefits are free of tax?

Tax-free benefits What other employment benefits are free of tax?

Other Exempt Income What other income is tax free? Questions EX1, EX2

INCOME TAX COMPUTATION Including: Personal allowances Personal pensions Gift aid

Personal Allowance (High Income) What happens to the personal allowance of high income taxpayers?

Adjusted net income What is “adjusted net income”

Personal Allowance (Age-related) What is the age-related personal allowance? Questions IT1, IT2, IT3, IT4

Gift Aid & Pension Contributions How does a basic rate taxpayer obtain tax relief on contributions to a personal pension?

Gift Aid & Pension Contributions How does a higher rate taxpayer obtain tax relief on contributions to a personal pension? Increase basic rate band by gross amount Questions IT5, IT6, IT7, IT9 (optional)

PAYMENTS & PENALTIES

When are Income Tax payments due? Payments on Account When are Income Tax payments due?

How much is each payment on account? Payments on Account How much is each payment on account?

Late Return What are the penalties for late submission of a tax return?

Late Payment What are the penalties for late payment of Income Tax?

Incorrect Returns What is the penalty for submitting an incorrect tax return? Questions PP1, PP2 19

HOMEWORK Read chapter 5 Tutorial book questions, 5.4, 5.6, 5.1, 5.2, 5.3, 5.5, 5.7