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UK Tax templates

Antonin Vinet

on 3 October 2014

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Transcript of Tax

What do we have to pay no matter what???
Stamp Duty Land Tax
Capital Gains Tax
Council Tax
Inheritance Tax
Excise Duties
Corporation Tax
Other Taxes
Personal Allowance = £7,748

20,000 gross - personal allowance
20,000-7,748 = 12,252

12% of 12,252 = £1,470.24
National Insurance Calculations

Personal Allowance = £9,440

20 000 gross - personal allowance
20,000 – 9,440 = 10,560

Tax 20% of that amount:
20% of 10,560 = £2,112
Income Tax Calculations

National Insurance Contributions

Personal Allowance £7,748 (£149 x 52)

Tax Rate: ?

National Insurance
Gross Salary: £20,000

Tax = £2,112
NI = £1,470.24
Total = 3,582.24
20,000 – 3,582.24 = £16,417
monthly: £1,368.15
Total net salary (after tax)

Income Tax

Stamp duty Land Tax
If you buy property or land and the purchase price is more than £125,000, you pay SDLT of between one and five per cent of the whole purchase price. 7% over 2 millions

What's this one?
Capital Gain Tax
Corporation Tax
Council Tax
Inheritance Tax
Excise Duty
A UK tax on certain goods. Tobacco, air passenger duty, fuel, alcohol. These are levied partly to raise government revenue, and rates are often higher on items which have an adverse effect on public health, public order or the environment.
(Value Added Tax) is a tax that you pay when you buy goods and services in the EU (European Union), including the UK. If you have to pay VAT on something, it will normally be included in the price you see.
What rate?
20%, since 4 January 2011; previously, it was 17.5%
On what?
Almost everyday items you buy. However in 1994–95, a reduced rate was introduced for domestic fuel and power,
originally 8% but now 5%. The reduced rate has since been extended to
cover women’s sanitary products, children’s car seats, contraceptives,
certain residential conversions and renovations, certain energy-saving
materials, and smoking cessation products. A number of goods are either
zero-rated or exempt.
Zero Rated products:
Most food items, books, newspapers and magazines, children's clothes, some goods provided in special circumstances - for example, equipment for disabled people
In some case you can have a reduced rate of 5% like for for example children's car seats and gas and electricity for your home
On what?
On capital 'gains', meaning:
If, when you sell or give away an asset it has increased in value, you may be taxable on the 'gain' (profit).
This doesn't apply when you sell personal belongings worth £6,000 or less or, in most cases, your main home.
What rate?
18% to 28%, depending on your level of personal income
What rate?
Based on area living in and property values. The amount of Council Tax you pay depends on the 'valuation band' your home is in and the Council Tax rates set by your local council.
This a tax per household, not per person
What for?
Recycling services, social housing benefits, and fire services, leisure centres, parks, flood defences and CCTV installation etc
There is a range of EXEMPTIONS and reliefs from council tax, including a 25% reduction for properties with only one resident adult and a reduction of up to 50% if the property is empty or a second home.27 Properties that are exempt from council tax include student halls of residence and armed forces barracks. Low-income families can have their council tax bill reduced or eliminated by claiming Council Tax Benefit.
What rate?
40% BUT lower rate of Inheritance tax of 36 per cent will be introduced where 10 per cent or more of the deceased person’s net estate is left to charity.
If the taxable value of your estate (including your share of any jointly owned assets and assets held in some types of trusts) when you die is above £325,000
gradual exemptions when transfers made within seven the seven years before the death
What's that?
Capital gains made by companies are subject to corporation tax
Corporation tax is charged on the global profits of UK-resident companies, public corporations and unincorporated associations. Firms not resident in the UK pay corporation tax only on their UK profits
What rate?
The standard rate of corporation tax in 2012–13 is 24%, with a reduced
rate of 20% on profits under £300,000. For firms with profits between
£300,000 and £1,500,000, a system of relief operates
The standard rate is due to fall to 23% in 2013–14 and 22%
in 2014–15.
Tax Split (total ~£600bn)
Income Tax 27%
NI Contributions 18%
VAT 18%
Fuel Duties 5%
Tobacco Duties 2%
Alcohol Duties 2%
Capital Gain Tax 0.5%
Inheritance Tax 0.5%
Stamp Duty 1%
Corporation Tax 7.5%
Rest 18.5%
Percentage of total reciepts
Talking about corporate Tax:
Let's now calculate my monthly net salary for £18,000 Gross yearly salary
How the Income Tax burden is shared?
But individuals could be saving more
But let's have a look at the rest of the world
UK residents receive the first portion of their income free from tax. This is known as their personal allowance, on income tax it's £9,440 if your earn less than £100,000 per year
Personnal allowance?
£0-£32,010 tax rate is
£32,011 - £150,000
Over £150,000
Introduction to GDP and conclusion
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country
Then Tax collected in the UK represent between 35 and 40% of the country's GDP (£600bn)
GDP per capita is often considered an indicator of a country's standard of living
CAREFUL: GDP per capita is NOT a measure of personal income
Main Offshore Locations
Key numbers
~£600bn of tax reciepts
~ 35-40% of UK GDP
Most important Taxes:
Income Tax, NI Contributions, VAT, Corporation Tax, Excise Duty
Marginal Tax Rate?
Full transcript