Introduction to Income Tax

In addition to your class tuition and study materials, you will receive the following:


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