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Tax - Business & Property - Coggle Diagram
Tax - Business & Property
Income Tax
Step 1- Deduct Personal Allowance of £12,570... £0-£37,700- 20% £37,701-125,140-40% and then £125,141 + is 45% (Allowance goes down by £1 for every £2 above £100,000 so you don't get any of taxable income if £125,141 and above.
Step 2- Deduct Personal Savings Allowance for each tax band... Basic- £1,000 Higher Rate £500... Additional Rate- No Savings allowance at all
Step 3- Deduct Dividend Allowance £500 and the rest is taxed at: Basic is 8.75% , Higher 33.75, Additional- 39.35%
Other information
Writing Down Allowance
6% on Life Time Assets 18% on other Assets
Authorised Investment Allowance
100% Relief on Plant and Machinery
Partnership...
Partnership Assessment Form
Self Assessment Form
Qualifying Loans that taxpayer can offset
Capital Contributions or loans to a partnership
Investments in a closed trading company
Payments of Inheritance Tax for PRs
Personal Allowance Thresholds
0-£12,570- 0%
Capital Gains Tax
Paid on proft when sell or dispose of something e.g shares, machinery, property, trademark that's increased in value.
Deductibles- cost for acquiring, selling, enhancing the assets value, or establishing, preserving or defending the title or right. Seller may be able to deduct reliefs and allowable losses
Deduct Annual Amount- £3,000 (Tax Free)
Step 2- Calculate the tax bands
Basic Band
10% (18% for Gains on Residential Property)
Basic Band- Trustees and Personal Representatives 20%
Above basic band 20% (24% for gains from Residential Property)
Above Basic Band- Trustees and Personal Representatives 24%
Corporation Tax
Paid on Profits and chargeable gains. Capital Gains and losses of a company...
Deductibles- Capital Allowances, Reliefs, Allowable Losses
Corporation Tax Rates- Main Rate- Profits over £250,000- 25%
Corporation Tax Rates- Small Profits Rate- Profits up to £50,000- 19%
Companies with a profit between £250,000 and £50,000= Calculate difference and x 0.3 and deduct from 25% to find amount.
SDLT Business
Transfers that exceed £1,000... SDLT of 0.5% is rounded up to the nearest £5 if the shares are worth £1,050 , 0.5% is £5.25 round this up to nearest £10.00
Business Releifs
CGT
Roll over releif
Hold over releif
BADR
Incorporation Relief
Share Exchange
Investors' Relief
Capital Allowances
Enterprise Investment Scheme
Sales or Gifts from Spouses
Corporation Tax
Roll over releif