logo

The UK Tax System and The Environment - PDF

   

Added on  2019-12-03

19 Pages4226 Words153 Views
TAXATION 1
The UK Tax System and The Environment - PDF_1
Table of ContentsINTRODUCTION ..........................................................................................................................4TASK 1............................................................................................................................................41.1 Describe the UK tax environment..........................................................................................41.2 Analyse the role and responsibilities of the tax practitioner..................................................61.3 Explain the tax obligations of tax payers or their agents and the implications of non-compliance...................................................................................................................................7TASK 2............................................................................................................................................82.1 Calculate relevant income, expenses and allowances............................................................82.2 Calculate taxable amounts and tax payable for employed and self-employed individualsand payment dates........................................................................................................................92.3 Complete relevant documentation and tax returns...............................................................10TASK 3..........................................................................................................................................113.1 Calculate chargeable profits.................................................................................................113.2 Calculate tax liabilities and due payment dates...................................................................133.3 explain how income tax deductions are dealt with..............................................................13TASK 4 .........................................................................................................................................144.1 Identification of Chargeable assets......................................................................................144.2 Computation of capital gains and taxes...............................................................................154.3 Computation of tax liability on capital gain tax...................................................................16CONCLUSION..............................................................................................................................17REFERENCES .............................................................................................................................182
The UK Tax System and The Environment - PDF_2
Index of TablesTable 1: Financial Data of XYZ Limited......................................................................................11Table 2: Statement showing computation of operating profit......................................................12Table 3: Statement showing Calculation of taxable profit.............................................................123
The UK Tax System and The Environment - PDF_3
INTRODUCTION Tax is defined as a financial charge which is imposed to an organizational body or anindividual against the income. Government is entitled to impose tax and its collection so as toraise funding expenditure. In a general phenomenon, Tax is an obligation for legal and individualentities against their respective incomes. Main aim of government of United Kingdom is to makea transparent and easier system (Dowell, 2013). This report deals with the different aspects ofUK tax environment as well as the role and responsibilities of tax practitioners. This report alsorepresents the types of taxes, obligations and implications of non-compliance with tax liabilities.Furthermore, various hypothetical examples are quoted in relation to calculate taxable amountsand tax payable for employed and self-employed individuals as well as computation ofchargeable profits, capital gains and losses. TASK 11.1 Describe the UK tax environment The tax environment of UK is transparent and major purpose of imposing tax on publicor legal entities is to generate a sources of income for the UK's central Government (Brudno,2005). There are different types of tax that are imposed in UK which are as follows: Income tax: Income tax is the major source of income for the government of UK as alarge amount of fund come from income tax. Further, individuals get allowance on income tax.The basic rate of income tax in UK is 20%, over the income tax threshold of £10,400.Nonetheless, many changes have been put to the income tax pattern in UK (Types of Tax in UK.2015).Income tax rates in UK AmountBasic rate 20% £10400 to £31,865Higher rate 40% £31,866 to £150,000Additional rate 45%Over £150,0004
The UK Tax System and The Environment - PDF_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Assignment on Taxation- Tax system in UK
|20
|4991
|140

Assignment on Taxation in UK
|24
|5080
|35

UK Tax Environment- Report
|19
|5319
|27

UK Tax Environment : Assignment
|6
|5330
|47

UK TAXATION INTROUCTION
|4
|4017
|452

UK Tax Environment : Report
|16
|4720
|50