BPT Income tax mindmap OLD
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?- Created by: haylz123
- Created on: 27-02-16 21:36
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- Income tax & NICs
- Income tax computation
- 3 types of taxable income
- Savings
- Dividend
- Non-savings
- IT liability = before tax deducted at source
- IT payable = after tax deducted at source
- Qualifying loan interest
- Personal allowance = £10,600
- 3 types of taxable income
- NICs
- Class 1A - employers
- Class 1 secondary - employers
- Class 1 primary - employee
- Class 1B - employers
- Class 2 & 4 - self-employed
- Venture capital trust
- Income tax
- Quoted company
- Max £200k investment
- 30% relief
- Clawback if sold within 3 years
- Capital gains tax
- Exempt
- Income tax
- Seed enterprise investment scheme
- Income tax
- 50% relief
- Max £100k investment
- Carry back one year possible
- Very small unquoted trading company
- Clawback if sold < 3 years
- Capital gains tax
- Gains exempt if held > 3 years
- Losses allowed but restrict by SEIS relief obtained and not repaid
- Exemption of other gains if invest in SEIS shares - lower of capital gain and 50% of cost of SEIS shares
- Income tax
- Rent a room relief
- First £4,250 = exempt
- Enterprise investment scheme
- Income tax
- Carry back one year possible
- Max £1m investment
- Clawback if sold < 3 years
- Small unquoted trading company
- 30% relief
- Income tax
- Income tax computation
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