48. Personal Tax (AAT)
The content of this particular qualification includes the following:
- 48.01. Introduction to income tax: A REVIEW OF THE UK TAX SYSTEM, HM Revenue & Customs, The law governing tax, Information available from HM Revenue & Customs, AN INTRODUCTION TO INCOME TAX COMPUTATION, HOW INCOME IS DIVIDED UP FOR TAX PURPOSES, The main categories of income, Tax years, Basis of assessment, HOW INCOME TAX IS CALCULATED, Personal allowance, Tax bands, HOW AN INDIVIDUAL'S TAX RETURN WORKS, Structure of the tax return, Timing of the tax return, SHORT TAX RETURN, EXEMPT INCOME, WHEN TO PAY INCOME TAX, RESPONSIBILITIES OF THE TAXPAYER, Tax avoidance & tax evasion, THE DUTIES & RESPONSIBILITIES OF A TAX PRACTITIONER, Keeping records, Compliance checks.
48.02. Income from property: HOW PROPERTY INCOME IS TAXED, What does Property Income cover?, Accrual basis of calculation, EXPENDITURE THAT IS ALLOWABLE, Wear & tear allowance, EXPENDITURE THAT IS NOT ALLOWABLE, CALCULATING THE PROFIT OR LOSS UNDER PROPERTY INCOME, Dealing with a single property, Several properties, RENT A ROOM RELIEF, HOLIDAY LETS, DEALING WITH PROPERTY LOSSES, COMPLETING THE RELEVANT PARTS OF THE TAX RETURN, KEEPING RECORDS. - 48.03. Income from savings & investments: THE BASIS OF ASSESSMENT FOR SAVINGS & INVESTMENT INCOME, TAX DEDUCTED AT SOURCE, Calculating the gross & tax amounts, Election for non-taxpayers, TAX BANDS & RATES FOR SAVINGS & DIVIDEND INCOME, Using the rates & bands, ASSESSMENT SUMMARY, TAX-FREE INVESTMENT INCOME, Individual savings accounts (ISAs), Cash ISAs, Stockes & shares ISAs, KEEPING RECORDS.
- 48.04. Income from employment: THE BASIS OF ASSESSMENT FOR EMPLOYMENT INCOME, Employment & self-employment, BENEFITS IN KIND, Company cars, Scale charges for private use of cars, Fuel benefit for private use of company cars, Pool cars, Vans, Cheap (or 'beneficial') loans, Living accommodation, Provision of other assets, Vouchers, credit cards, & other benefits paid by the employer, Tax-free benefits, ALLOWABLE DEDUCTIONS, Expenditure reimbursed by the employer, Using your own transport for business, Entertaining & subsistence, Professional fees & subscriptions, Pension contributions, Payroll giving scheme, REDUNDANCY PAYMENTS, COMPLETING THE EMPLOMENT PAGES OF THE TAX RETURN, KEEPING RECORDS.
- 48.05. Preparing income tax computations: A REVIEW OF ASSESSABLE INCOME, What we have covered so far, Summary of tax rates for different sources of income, EXPENDITURE THAT REDUCES TOTAL INCOME TAX, Gift aid payments, Personal pension plan payments, PERSONAL ALLOWANCES FOR OLDER PEOPLE, PERSONAL ALLOWANCES FOR INDIVIDUALS WITH HIGH INCOMES, TAX RATES FOR INDIVIDUALS WITH HIGH INCOMES, COMPREHENSIVE TAX COMPUTATIONS, COMPLETING THE TAX RETURN, A REVIEW OF PAYMENT DATES, Payments on account, INTEREST & PENALTIES, Interest payable, Penalties, Incorrect returns, Time limits for assessments & claims.
- 48.06. Capital gains tax - the main principles: AN INTRODUCTION TO CAPITAL GAINS TAX, Basis of assessment, Disposals, CHARGEABLE & EXEMPT ASSETS, Exempt assets, Chargeable assets, CALCULATION OF CAPITAL GAINS TAX, THE COMPUTATION OF EACH GAIN, Proceeds on disposal, Transfer to spouse or civil partner, Transfer to 'connected person', Incidental costs of disposal, Original cost, & incidental costs of acquisition, DEALING WITH LOSSES.
- 48.07. Capital gains tax - some special rules: DEALING WITH PART DISPOSALS, IMPROVEMENT EXPENDITURE, PRINCIPLE PRIVATE RESIDENCES, SPECIAL RULES FOR CHATTELS, Chattels sold at a gain for over £6,000, Chattels sold at a loss for less than £6,000, MATCHING RULES FOR SHARES, USING THE 'FA 1985 POOL', BONUS & RIGHTS ISSUES, Dealing with bonus shares, Dealing with rights issues, PAYMENT OF CAPITAL GAINS TAX, COMPLETING THE CGT SECTION OF THE TAX RETURN, KEEPING RECORDS.
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