Financial Skills: Tax: Income Tax

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Course Overview

An introductory course intended to provide a thorough grounding in theprinciples and practice of UK income tax. This course providesa detailed review of the UK income tax regime and explains how the various sources of income are taxed. The course coverswhat deductions and reliefs are available andexplains how income tax liability is calculated. Also covered is the system by whichindividuals in the UK have to provide the tax authorities with information about their tax affairs. It also offers an introduction to the powers and sanctionsof HMRC in administering the system.

Course Outline

THE BASIS OF UK INCOME TAX LIABILITY

• Fundamental principles
• Chargeable persons and chargeable periods
• Basic tax obligations
• Types of taxable income
• Employees
• Self-employed
• Rents
• Investment income
• Trusts and estates

COMPUTING INCOME TAX LIABILITIES

• Rates of tax and allowances
• Differential tax rates on income sources
• Basic rate taxpayers
• Higher rate taxpayers
• Pension payments, gift aid donations
• Exemptions and expenses
• Tax computations and examples

SELF-ASSESSMENT AND COMPLIANCE

• Tax returns -filing and payment obligations
• Brief introduction to the PAYE system
• The penalties regime
• Interest and surcharges
• HMRCenquiry powers and procedures

SPECIAL CATEGORIES OF TAXPAYER

• The elderly
• Children
• Husband and wife taxation
• Non-residents and non-domiciled individuals

Financial Skills: Tax: Income Tax / Comprehen