The Taxation Environment of UK Assignment

Added on - 22 Jul 2020

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UK TAXATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Understanding the taxation environment of UK....................................................................11.2 Tax practitioners role and responsibilities.............................................................................31.3 Taxation obligation of tax payers and agents & liability for the non-compliance.................4TASK 2............................................................................................................................................52.1 Calculating relevant income, expenditures and allowance....................................................52.2 Calculation of taxable amounts & self-employed income.....................................................72.3 Completion of tax documentation for tax return filling.........................................................7TASK 3............................................................................................................................................8SCENARIO 1..................................................................................................................................83.1 Calculating chargeable profits...............................................................................................83.2 Calculating the tax obligation of the company......................................................................93.3 Explaining income tax deductions.......................................................................................10TASK 4..........................................................................................................................................10SCENARIO 2................................................................................................................................104.1 Discussion of chargeable assets...........................................................................................104.2 Calculation of capital gains and losses................................................................................114.3 Calculation of net capital gain tax payable..........................................................................11Lucy has liability to pay £1,590 as CG tax to HMRC...................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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