ACCA F6 UK TAXATION (Finance Act 2010) by Emile Woolf International Publishing

By Emile Woolf International Publishing

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Extra resources for ACCA F6 UK TAXATION (Finance Act 2010)

Example text

Gift Aid donations are ignored in the individual’s taxable income computation as they have already obtained their tax relief at source. Further information about the treatment of Gift Aid donations can be found in section 6 below. 40 © Emile Woolf Publishing Limited Chapter 2: Introduction to income tax Example Annabel received the following income in 2010/11: £ Employment income Bank deposit interest Dividends from a UK company 60,000 2,800 6,300 Annabel is entitled to a personal allowance of £6,475 and has made a Gift Aid donation of £400.

VAT is said to be a regressive tax as a low earner will spend more of their income than a high earner. 1 Income tax Income tax is payable by individuals on their earned income, such as employment income, self-employment income and pensions. It is collected from employees using the Pay As You Earn (PAYE) system, and from self-employed individuals using the self assessment system. Income tax is also payable by individuals on their other income, such as bank interest, dividends and rental income. 2 National insurance contributions (NICs) NICs are payable by most individuals who are either employed or self-employed.

If one spouse is paying tax at the higher rate and the other spouse has not fully utilised their allowance and basic rate band, tax planning advice should be given to: „ reduce the taxable income of the spouse paying the higher rate of tax, and „ increase the taxable income of the other spouse by an equivalent amount. To achieve this, the following tax planning advice can be given: „ Gift income-producing assets from one spouse to the other spouse (see note below) „ Put assets into joint names so that the taxable income is split using the 50:50 rule „ If the spouse paying the higher rate of tax has an unincorporated business: - employ the spouse (see note below), or - take the spouse on as a partner.

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