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Business, Accounting & Vocational: Textbooks & Study Guides
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Pearson Education Limited
Table Of Contents
Preface ixAcknowledgements xSummary of tax data xiPart 1 INCOME TAX AND NATIONAL INSURANCE1 Introduction to the UK tax system 3UK taxes 3Sources of tax law 4The tax year 6Structure of HM Revenue and Customs 6Administration of the tax system 7Self Assessment 7Appeals 11The HMRC Charter 12Tax evasion 13Tax avoidance 132 Introduction to income tax 15Taxable persons 15Classification of income 16Exempt income 17Structure of an income tax computation 18Married couples and civil partners 19Rates of income tax for 2011-12 19Income taxed at source 20Savings income 22Dividends from UK companies 263 Personal allowances 31Personal allowances for 2011-12 31The personal allowance 32Blind person's allowance 34Tax reducers 34Married couple's allowance 354 Payments and gifts eligible for tax relief 42Payments and gifts deductible from total income 42Eligible interest payments 48Annual payments and patent royalties 48Gifts of shares or property to charity 49Payments which are tax reducers 49Maintenance payments 50Loans used to purchase a life annuity 50Gift Aid 515 Income from property 55Definition of property income 55Basis of assessment and allowable expenditure 56Capital expenditure 57Losses 58Lease premiums 59 Rent-a-room relief 62Furnished holiday lettings 626 Income from savings and investments 67Interest received 67Dividends received 69Tax-efficient investments 70Individual Savings Accounts 70Enterprise Investment Scheme 72Venture Capital Trusts 73Community investment tax credits 74Child Trust Funds 74Income from trusts and settlements 75Miscellaneous income 787 Income from employment (1) 81Employment and self-employment 81Basis of assessment 84Employment income 84Non-taxable employment income 85Allowable expenses 87Payments made on termination of employment 90The PAYE system 92Construction industry scheme 96Employee incentive schemes 978 Income from employment (2) 102Benefits in kind 102Benefits assessable on all employees 103Special rules for P11D employees 1059 Income from self-employment: Computation of income 115The badges of trade 115The calculation of trading profits 117Deductibility of expenditure 118Disallowed expenditure 118Allowable expenditure 121Trading income not in the accounts 124Non-trading income in the accounts 124Expenditure not in the accounts 124Post-cessation receipts 12510 Income from self-employment: Basis periods 130The current year basis 130Commencement of trade 131Cessation of trade 134Change of accounting date 136Transitional overlap relief 140Averaging of trading profits 14111 Income from self-employment: Capital allowances 148Eligible expenditure 148Chargeable periods 148Plant and machinery 149Capital allowances on plant and machinery 151Writing down allowance 152Annual investment allowance 156First year allowance 157Balancing allowances and charges 161Non-pooled assets 161Allowances on cessation of trade 166Industrial buildings and agricultural buildings 167Miscellaneous capital allowances 16912 Income from self-employment: Trading losses 174Relief for trading losses 174Carry-forward trade loss relief 175Trade loss relief against total income 177Early trade losses relief 180Non-active traders 182Terminal trade loss relief 182Post-cessation trade relief 184Transfer of a business to a company 185Losses on shares in unlisted trading companies 18513 Income from self-employment: Partnerships 188Principles of partnership taxation 188Notional profits and losses 191Change in partnership composition 192Non-trading income 194Trading losses 19514 Pension contributions 200Registered pension schemes 200Tax relief for contributions by scheme members 202Tax relief for contributions by employers 205Annual allowance charge 207Lifetime allow