Taxation - Assignment Example

Only on StudentShare

Extract of sample
Taxation

Whether someone is employed or self employed depends upon the terms and conditions of relevant engagement. The tax and National Insurance contributions (NICs) rules do, however have special rules that apply to certain special categories of workers in certain circumstances. If you work for someone else it is important to know whether you are working for that person in employed capacity or in a self- employed capacity as an independent contractor.” (HMRC)ii Self employed taxpayers have the advantage of claiming wide range of expenses against the receipts of self employment services. “The decision to become self employed can also be affected by tax system.”(David G Blanch flower and Chris Shad forth)iii There is also an advantage of payment of income tax by instalments as against taxes being withheld by the employer under the PAYE scheme. It becomes extremely difficult in many cases to distinguish between self employment status and employee status of a tax payer. Whenever any taxpayer is working on part time basis with more than one entity it is always the desire of HMRC to consider the tax payer under the employee status. ...Show more

Summary

TAXATION 1. Sam Smith Computation of taxable trading income for 2011/12 2. Computation of Income tax and National Insurance for tax year 2011/12 Calculations of National Insurance contributions of Sam Smith for the year 2011-12 3. Computation of taxable income, income tax and NIC of Mr Sam Smith on being treated as employee for tax year 2011/12 Computation of Income tax for tax year 2011/12 4…
Author : rebekahtorphy
Save Your Time for More Important Things
Let us write a custom assignment on your topic
" Taxation"
with a personal 20% discount.
Find out more

Related Essays

Taxation
89, 011 Less personal allowance ?7,475 Taxable Income ?81,536 Less tax (20% * 35000) = ?7,000 (40% of ?81536-35000) = ?18,614.4 ?25,614.4 NICs for directors at class 1 category letter A (12% (?42484 minus ?7228 = ?35256)) + {(?89, 011- ?42,484) *2%} ?5,161.26 Net income ?
8 pages (2000 words) Essay
Taxation in UK
The purpose of this research is to investigate the following: the importance of direct and indirect taxes; differences between direct tax and indirect tax; implications for direct and indirect taxes; progressivity of income tax and corporate tax in UK; tax revenues of UK government in the year 2010 – 2011; income and corporate tax realization and payment; tax competition.
12 pages (3000 words) Essay
Taxation
According to Deloitte, there are several of changes that the government has proposed that will influence the cars belonging to the company as well as the private fuel used by both employees and employers. These changes aim at increasing further the tax charge on cars with high emissions of CO2.
5 pages (1250 words) Essay
Double Taxation: US, UN and OECD Models Permanent Establishment and Business Profits
The paper looks specifically at the definition of permanent establishment and business profits. These models are important because they apply to agreements between different countries. The US model relates to double taxation agreements between the US and other countries with which they have agreements.
5 pages (1250 words) Essay
Business taxation
The paper attempts to understand how complex or simple it is to segregate between revenue and capital expenditures in the given business circumstances and whether applying annual capital allowance (AIA) to the various classes of assets under the head ‘plant and machinery’ needs a great deal of understanding of the various statutes, legislation and numerous cases that clarify the treatment of expenditure.
8 pages (2000 words) Essay
Advance taxation
The client X is 35 years old, and married with four children. It is also given that X falls under higher tax rate bracket. X has ?125,000 of funds available for investment. Many alternatives are available to X like, X can set up a business as a sole trader, or an incorporated company with its payroll system and salary drawing option.
2 pages (500 words) Essay
Taxation
Income tax involves the amount taxed on individual earnings such as salaries, business profits, sales, corporate profits, capital gains and other sources of income. On the other hand, National insurance contributions include the amount taxed on contributions towards insurance policies.
8 pages (2000 words) Assignment
Valuation of two England football clubs
This is due to the high returns the business has been making in the last couple of years. The returns of the different football clubs in the past has been varied depending on the performance of the teams in the title aggregations. In addition, the management of the different teams has been very crucial in determining the financial performance of the teams.
9 pages (2250 words) Essay
The attractiveness of investing in islamic mutual funds
They were projected to reach the1 trillion-dollar mark in 2010 but this mark was surpassed when the stipulated period was reached. While numerous assets are grounded in nations such as Saudi Arabia or Kuwait, numerous western financial organizations and administrations have
7 pages (1750 words) Research Proposal
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT