Introduction to Income Tax
Short course
In London
Description
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Type
Short course
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Location
London
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Duration
1 Day
At the end of the course participants will be able to: Understand the calculation of income tax from employment income and how benefits are taxed. Understand how income tax is calculated for self-employed individuals, including how to calculate taxable profits. Understand how partnership profits are treated. Demonstrate an awareness of how new and ceasing. Suitable for: Any professional interested in an overview of the key principles and rules relating to income tax.
Facilities
Location
Start date
Start date
About this course
None - assumes no previous knowledge
Reviews
Subjects
- Tax
Course programme
Other Extras
- Worked example of trading profit computation
- Worked example of capital allowances
- Worked example of property income
- Worked example of income tax payable
- Certificate of attendance
Level: Introductory
Synopsis:
Income tax rates regularly change every year, in this introduction to income tax you will see an up to date outline of the computation of employment, self employment, property and investment income, along with an overview of the main tax rates and allowances applying to different income types.
At the end of the course participants will be able to: Understand the calculation of income tax from employment income and how benefits are taxed . Understand how income tax is calculated for self-employed individuals, including how to calculate taxable profits . Understand how partnership profits are treated . Demonstrate an awareness of how new and ceasing businesses basis periods are calculated . Show an understanding of how property and investment income is calculated .
Prerequisites:
None - assumes no previous knowledge
Suitable For:
Any professional interested in an overview of the key principles and rules relating to income tax.
Introduction
- What is income tax and who does it apply to
- Standard tax bands and personal bands and personal
Employment income
- Taxation of salaries and bonuses
- Taxation of benefits and expenses
- Tax rates applicable
Income from self-employment
- Adjustment of profits
- Capital allowances
- Basis periods for new traders and those who cease to trade
- Partnership rules
- Tax rates applicable
Property and investment income
- Calculation of property income including lease premiums
- Allowable expenses attached to property income
- Calculation of interest income
- Calculation of dividend income
- Tax rates applicable
Charitable Donations
- Gift aid scheme
Introduction to Income Tax