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The Daily Telegraph Tax Guide 2016

Book Description

The Daily Telegraph Tax Guide 2016 provides readers with the ultimate resource for completing self-assessment tax returns, including tips on tax efficiency, dealing with HMRC, and deadlines for queries.

Table of Contents

  1. Cover
  2. Title Page
  3. Contents
  4. About the author
  5. Introduction
  6. 01    You and HMRC
    1. Tax offices
    2. Wealthy taxpayers
    3. Taxpayers with particular needs
    4. Accounts offices
    5. Dealing with HMRC
    6. Compliance checks and enquiries
    7. Determinations
    8. Assessments and appeals
    9. Prosecutions
    10. Your Charter
    11. Complaints
    12. Changes in legislation
  7. 02    Tax rates and allowances
    1. Income Tax rates
    2. Savings income
    3. Allowances
    4. Indexation
    5. Personal allowance
    6. Marriage allowance
    7. Married couple’s allowance
    8. Age allowances – income limit
    9. Blind person’s relief
  8. 03    Tax credits
    1. Who can claim?
    2. Child Tax Credit
    3. Working Tax Credit
    4. Income limits
    5. How to claim
    6. Payment
    7. Tapering
    8. Annual renewal
    9. Changes in circumstances
    10. Income disregard
    11. Penalties and interest
    12. Help and advice
  9. 04    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
  10. 05    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
  11. 06    Value Added Tax
    1. What is VAT?
    2. Rates of VAT
    3. Exempt supplies
    4. Registration
    5. Voluntary registration
    6. Cancellation of registration
    7. Help from HMRC
    8. VAT invoices
    9. Records, accounting and returns
    10. Online filing of Returns
    11. Input tax
    12. Motor cars and fuel
    13. Bad debts
    14. Special schemes for retailers
    15. Flat Rate Scheme
    16. Cash accounting
    17. Annual accounting
    18. Penalties, surcharges and interest
    19. Appeals
    20. Complaints
  12. 07    Working for yourself
    1. Am I self-employed?
    2. Starting up in business
    3. Records
    4. Accounts
    5. Cash accounting for small businesses
    6. Fixed rate deduction scheme
    7. Tax Return information
    8. Profits for tax
    9. Profits of the tax year
    10. Pre-trading and post-cessation expenses
    11. Capital allowances
    12. Losses
    13. Limit of reliefs
    14. Taking on staff
    15. Some other ways to save on tax
    16. Foster carers
    17. Furnished holiday accommodation
    18. Other special situations
  13. 08    National Insurance and state benefits
    1. National Insurance numbers
    2. National Insurance Contributions
    3. Social Security benefits
    4. Capital limits
    5. Cap on benefits
    6. Benefits and rates
    7. State Pension Credit
  14. 09    State and private pensions
    1. State pension
    2. Lump sums
    3. State Pension forecast
    4. The new State Pension
    5. Private pensions
    6. Stakeholders pensions
  15. 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 Account
    8. Help-to-Buy ISA
    9. Enterprise Investment Scheme
    10. Seed Enterprise Investment Scheme
    11. Venture Capital Trusts
    12. Overseas investment income
    13. Joint income
  16. 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 Account
    7. Separation and divorce
    8. Old age
    9. Death
  17. 12    Residence and domicile
    1. Residence
    2. The automatic residence test
    3. Sufficient ties test
    4. Working abroad: expenses
    5. Leaving the United Kingdom permanently
    6. Allowances for non-UK residents
    7. Income from UK property
    8. Double taxation relief
    9. Going abroad: Capital Gains Tax
    10. Residential property in the United Kingdom
    11. Coming to the United Kingdom permanently
    12. Domicile
    13. Taxation of non-domiciliaries
  18. 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
  19. 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. How do I register for Self Assessment?
    5. Filing deadlines
    6. The Tax Return
    7. Getting started
    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
  20. 15    Paying your tax, interest and penalties
    1. Tax payment dates
    2. Payments on account
    3. Reduced payments on account
    4. Statements of Account
    5. Paying your tax
    6. Certificates of tax deposit
    7. Business Payment Support Service
    8. What if I can’t pay my tax?
    9. Date of receipt
    10. Interest
    11. Remission of tax
    12. Late payment penalty
    13. Penalties
  21. 16    Elections and claims: time limits
  22. 17    Inheritance Tax
    1. Potentially exempt transfers
    2. Chargeable lifetime gifts
    3. Gifts with reservation and pre-owned assets
    4. Exemptions
    5. Your home
    6. Business property
    7. Agricultural property
    8. Rates of tax payable
    9. Taper relief
    10. Transferable nil rate band
    11. Death
    12. Sales at a loss
    13. Payment of tax
    14. Interest and penalties
    15. Excepted estates
    16. Intestacy
    17. Legacies
    18. How to save on Inheritance Tax
  23. 18    Budget measures
    1. 2016/17 personal allowances
    2. Tax rates and bands for 2016/17
    3. Scottish rate of Income Tax
    4. Personal Savings Allowance
    5. Savings income
    6. Dividend income
    7. Rates of National Insurance Contributions for 2016/17
    8. Rates of Child Tax Credits and Working Tax Credits for 2016/17
    9. Benefits-in-kind
    10. Tax-Free Childcare Scheme
    11. Company car and fuel benefits
    12. Company van and fuel benefits
    13. Employee share ownership
    14. Pensions
    15. Buy-to-let
    16. Rent-a-room
    17. Individual Savings Accounts
    18. Junior Individual Savings Accounts and Child Trust Funds
    19. Value Added Tax
    20. Capital Gains Tax
    21. Inheritance Tax
    22. Looking into the future
  24. Appendices
    1. 1. HMRC (Revenue) explanatory booklets and help sheets
    2. 2. Flat-rate allowances for special clothing and the upkeep of tools – 2015/16
    3. 3. HMRC (VAT) notices and leaflets
    4. 4. Rates of National Insurance Contributions for 2015/16
    5. 5. Social Security benefits
    6. 6. Rates of main Social Security benefits for 2015/16
    7. 7. Main dates of the Self Assessment calendar: 6 April 2016 to 5 April 2017
  25. Index
  26. Copyright