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The Daily Telegraph Tax Guide 2013

Book Description

The Daily Telegraph Tax Guide contains everything you need to know about completing a Self-Assessment Return Form, revised and updated to include all budgetary changes announced in March 2013. For any taxpayer, whether self-employed, part-time, retired or unemployed, it is an invaluable resource that can help ensure that you are as tax efficient as possible. The book offers practical advice, timetables and examples that aim to simplify what many people view as a complex and challenging procedure, including: worked examples of completed returns; key changes from the 2012 Autumn Statement and March 2013 Budget; and dealing effectively with HM Revenue & Customs. With an array of top tips for saving on all types of tax, The Daily Telegraph Tax Guide is the essential guide to completing your 2012/13 tax return.

Table of Contents

  1. Cover
  2. Title page
  3. Imprint
  4. Table of contents
  5. About the author
  6. Introduction
  7. 1. You and HMRC
    1. Tax offices
    2. Accounts offices
    3. Business by telephone
    4. Dealing with your tax office
    5. Enquiries
    6. Determinations
    7. Assessments and appeals
    8. Prosecutions
    9. Your Charter
    10. Complaints
    11. Changes in legislation
  8. 2. Tax rates and allowances
    1. Income Tax rates
    2. Starting rate of savings income
    3. Allowances
    4. Indexation
    5. Personal allowance
    6. Married couple’s allowance
    7. Civil partners
    8. Age allowances – income limit
    9. Blind person’s relief
    10. Changes for 2013/14
  9. 3. Tax credits
    1. Who can claim?
    2. Child Tax Credit
    3. Working Tax Credit
    4. How to claim
    5. Payment
    6. Tapering
    7. Annual renewal
    8. Changes in circumstances
    9. Income disregard
    10. Penalties and interest
    11. Help and advice
  10. 4. Interest payments and other outgoings
    1. Home annuity loans
    2. Buy-to-let property
    3. Business loans
    4. Gift Aid
    5. Gifts of assets to charities
    6. Payroll giving
  11. 5. Working in employment
    1. Am I employed?
    2. Earnings
    3. The Pay-As-You-Earn (PAYE) system
    4. Code numbers
    5. How tax is worked out using your tax code
    6. Form P60
    7. Starting work
    8. Moving jobs
    9. Tax-deductible expenses
    10. Tax-free expenses
    11. Employee travel
    12. Home working
    13. Benefits-in-kind
    14. Employee share ownership
    15. Enterprise Management Incentives
    16. Payments on termination of employment
  12. 6. Value Added Tax
    1. What is VAT?
    2. Rates of VAT
    3. Registration
    4. Voluntary registration
    5. Cancellation of registration
    6. Help from HMRC
    7. VAT invoices
    8. Records, accounting and returns
    9. Online filing of Returns
    10. Input tax
    11. Motor cars and fuel
    12. Bad debts
    13. Special schemes for retailers
    14. Flat Rate Scheme
    15. Cash accounting
    16. Annual accounting
    17. Penalties, surcharges and interest
    18. Appeals
    19. Complaints
  13. 7. Working for yourself
    1. Am I self-employed?
    2. Starting up in business
    3. Records
    4. Accounts
    5. Tax Return information
    6. Profits for tax
    7. Profits of the tax year
    8. Post-cessation expenses
    9. Capital allowances
    10. Losses
    11. Taking on staff
    12. Some other ways to save on tax
    13. Foster carers
    14. Furnished holiday accommodation
    15. Other special situations
  14. 8. National Insurance and state benefits
    1. National Insurance numbers
    2. National Insurance contributions
    3. Social Security benefits
    4. Capital limits
    5. Benefits and rates
    6. State Pension Credit
  15. 9. State and private pensions
    1. State Pension
    2. Lump sums
    3. State pension forecast
    4. Private pensions
    5. Stakeholder pensions
  16. 10. Savings and investment income
    1. Tax-free income
    2. Interest and dividends
    3. Accrued income
    4. Rents
    5. Rent-a-room
    6. Non-qualifying life policies
    7. Individual Savings Accounts
    8. Enterprise Investment Scheme
    9. Seed Enterprise Investment Scheme
    10. Venture Capital Trusts
    11. Overseas investment income
    12. Joint income
  17. 11. The family unit
    1. Living together
    2. Marriage
    3. Children
    4. High Income Child Benefit charge
    5. The Child Trust Fund
    6. Junior Individual Savings Accounts
    7. Separation and divorce
    8. Old age
    9. Death
  18. 12. Residence and domicile
    1. Residence
    2. Ordinary residence
    3. Working out annual average visits
    4. Working abroad
    5. Working abroad: expenses
    6. Leaving the United Kingdom permanently
    7. Allowances for non-UK residents
    8. Income from UK property
    9. Double taxation relief
    10. Going abroad: Capital Gains Tax
    11. Coming to the United Kingdom permanently
    12. Domicile
    13. Taxation of non-domiciliaries
    14. Statutory residence test
  19. 13. Capital gains
    1. Taxable gains
    2. Tax payable
    3. Husband and wife
    4. Working out chargeable gains
    5. Relief for losses
    6. Entrepreneurs’ Relief
    7. Assets owned on 31 March 1982
    8. Investments in shares
    9. Your home
    10. A second home
    11. Chattels
    12. Gifts and valuations
    13. Short life assets
    14. Part disposals
    15. Enterprise Investment Scheme
    16. Seed Enterprise Investment Scheme
    17. Venture Capital Trusts
    18. Inheritances
  20. 14. How to complete your Tax Return and work out your tax
    1. Do I need to complete a Tax Return?
    2. Who has to complete a Tax Return?
    3. Employees and pensioners with complex tax affairs
    4. The Tax Return
    5. Getting started
    6. Filing deadline: paper
    7. Filing deadline: online
    8. Keeping proper records
    9. Filling in your Tax Return
    10. Working out your tax
    11. Illustration
    12. What HMRC do
    13. Some other hints on efficient tax compliance
  21. 15. Paying your tax, interest and penalties
    1. Tax payment dates
    2. Payments on account
    3. Reduced payments on account
    4. Business Payment Support Service
    5. Statements of Account
    6. Paying your tax
    7. Certificates of tax deposit
    8. Date of receipt
    9. Interest
    10. Remission of tax
    11. Late payment penalty
    12. Penalties
  22. 16. Elections and claims: time limits
  23. 17. Inheritance Tax
    1. Potentially exempt transfers
    2. Chargeable lifetime gifts
    3. Gifts with reservation and pre-owned assets
    4. Exemptions
    5. Business property
    6. Agricultural property
    7. Rates of tax payable
    8. Taper relief
    9. Transferable nil rate band
    10. Death
    11. Sales at a loss
    12. Payment of tax
    13. Interest and penalties
    14. Excepted estates
    15. Intestacy
    16. Legacies
    17. How to save on Inheritance Tax
  24. 18. Budget measures
    1. 2013/14 Personal allowances
    2. Tax rates and bands for 2013/14
    3. Rates of National Insurance Contributions for 2013/14
    4. Rates of Child and Working Tax Credits for 2013/14
    5. Company car and van fuel benefits
    6. Sole traders – cash accounting
    7. Capital allowances
    8. ‘Cap’ on tax reliefs
    9. Individual savings accounts
    10. Junior individual savings accounts and child trust funds
    11. Value Added Tax
    12. Capital Gains Tax
    13. Inheritance Tax
    14. Looking into the future
  25. Appendices
    1. 2. Flat-rate allowances for special clothing and the upkeep of tools – 2012/13
    2. 3. HMRC (VAT) notices and leaflets
    3. 4. Rates of National Insurance Contributions for 2012/13
    4. 5. Social Security Benefits
    5. 6. Rates of main Social Security Benefits for 2012/13
    6. 7. Main dates of the Self-Assessment calendar 6 April 2013 to 5 April 2014
  26. Index
  27. Full imprint