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CAPITAL GAIN TAX
Share Sale by Company
NEED TO KNOW
TRADING LOSS
COMPUTATION OF CGT (CAPITAL GAIN)
ACCOMODATION AND CARS
VAT
SHARE AND SECURITY
BASIS PERIOD
Assessments commence in the tax year in which the business starts
trading. The basis of assessment in the opening years is normally as follows:
Year of assessment
|
Basis of assessment
|
First tax year
(Tax year in which trade stars)
|
From: Date of commencement
To: following 5 April
|
Second tax Year
The accounting period ending in the tax year is:
(i)
12
months
(ii)
less
than 12 months
(iii)
(iii)
more than 12 months
|
That period of account (CYB)
The first 12 months of trade
12 months to the accounting date ending in the second
tax year (i.e. last 12 months of long period of account)
|
There is no accounting period ending in the second tax year
|
Actual profits in the second tax year
From: 6 April
To: 5 April
|
Third tax year
|
12 months to the accounting data ending in the third tax
year.
- normally CYB
- If a long period of account
= last 12 months of long period
|
Fourth tax year onwards
|
CYB
|
xxxxxxx
Personal Income Benefit
Types of Tax
|
Income tax
|
Corporation tax
|
Capital Gain Tax
|
VAT
|
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DIRECT
TAX
|
INDIRECT
TAX
|
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Chargeable person
|
Individual
|
Lived in Uk or Abroad
|
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Exempt investment Income
|
Betting, gaming, including
premium bond prizes and lotto prize
Certificates: National
savings & Investment Certificates
ISA: Income and Investment made
through Individual Savings Account
|
|||||||||||
Received in net must be
Grossing up (Don’t
forget)
|
20% = Interest paid to
individuals by companies loan stock
Bfank and building society
interest paid to individuals
|
100/90
100/80
|
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Income received in Gross
(no need to grossing up)
|
National savings and investment
interest
Interest on government
securities
Interest from company loan
stock which is listed on Stock exchange
|
|||||||||||
Mileage Benefit
|
On the first 10000 miles
|
45 p
|
||||||||||
In excess 10000 miles
|
25p
|
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Living Accommodation
|
Higher of: the accommodation
annual value and The RENT actually
paid by the employer, Where the employer rents, rather than owns the
accommodation.
|
Expensive house: More than
£75000
|
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The benefit can be reduce
for
|
Business use, Rent paid by the
employee to the employer
|
|||||||||||
Date
|
Date is the factor. House
rented date is important
|
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Expensive accommodation
|
If move between 6 years of
purchase
If move after 6 years of
purchase
|
Cost + Improvement (only before
current tax year improvement)
Market value
|
||||||||||
Exempt benefit
|
Lunch
|
Value: 15p per day
|
||||||||||
Gift received
|
From 3rd party £250
|
|||||||||||
Long Service award 20 years or more
|
£50 (gold watch)
|
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Christmas party
|
£150 per year
|
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Mobile phone (private use)
|
One mobile phone allowed
|
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Band Extended for Charity
|
32010 +1000 =33010 (Basic)
150000+ 1000= 151000
|
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Format : Personal Income
Description
|
Non Savings Income
£
|
Savings Income
£
|
Dividend
£
|
Total Income
£
|
Trading Income
|
****
|
-
|
-
|
****
|
Employment Income
|
****
|
|||
Property Income
|
****
|
|||
Building Society Interest (100/80)
|
****
|
*****
|
||
Bank interest (100/80)
|
****
|
*****
|
||
Loan note ( Unquted)(100/80)
|
****
|
*****
|
||
Dividend Income (100/90)
|
****
|
*****
|
||
Total
|
||||
Less: Personal Allowance
|
(*****)
|
(****)
|
||
Less:
|
(*****)
|
(*****)
|
||
Taxable Income
|
*****
|
*****
|
*****
|
*****
|
FTX for CAT Student
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