We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byParker Gobble
Modified over 2 years ago
Tax deadlines 31 st OctoberPaper returns 30 th DecemberOnline returns with tax paid through tax code if you owe <£3000 31 st JanuaryOnline returns + outstanding tax (balancing payment) & 1 st payment on account 31 st July2 nd payment on account © Glenda M. Shawley, The Training Pack 2013
Tax penalties: Late returns £100 fine (£100 each partner) even 1 day late 3 months late: £10 each following day to max £900 6 months late: Higher of £300 or 5% of tax due 12 months late: Higher of £300 or 5% of tax due © Glenda M. Shawley, The Training Pack 2013
Tax penalties: Late payments 30 days late: 5% of tax owed at that date 6 months late: Another 5% of tax owed at that date 12 months late: Another 5% of tax owed at that date Interest is also payable on outstanding tax N.B. Penalties dont apply to tax payable on account © Glenda M. Shawley, The Training Pack 2013
Tax rates Personal allowance 2012-2013 = £8105; 2013-14 £9440 (earn<£100,000) Basic rate 20% on £0-£34,370 (12/13) £0-£32,010 (13/14) of taxable income (after allowances) 40% £34.371- £150,000 (12/13); £32,011-£150,000 (13/14) taxable income 50% over £150,000 (12/13) 45% (13/14 © Glenda M. Shawley, The Training Pack 2013
Tax example 2012-13 Jos income after expenses £20315 Tax allowance £8105 taxable income £12210 Tax @ 20% = £2442 Tax on account for following year 50% of £2442 = £1221 Tax payable 31 st Jan = £3463 Class 4 National insurance 9% on profits between £7605 and £42475 = £1143.90 Payment due 31 st Jan = £4606.90 2 nd payment on account due 31 st July £1221 © Glenda M. Shawley, The Training Pack 2013
National Insurance 2012-13 Class 2 = £2.65 pw payable monthly or six monthly Small earnings exemption <£5595 : need certificate Class 4 = 9% profits £7,605 and £42,475 2% profits over £42,475 © Glenda M. Shawley, The Training Pack 2013
VAT Compulsory registration if sales in 12 months are £77,000+ Can register voluntarily if sales below threshold VAT returns and payments quarterly © Glenda M. Shawley, The Training Pack 2013
Shares and Taxation Taxation implications of owning shares.
VERIFICATION What’s new How does it affect our offices.
PARENT MEETING MARCH 10, 2015 Hold onto your hats!!! March is a FULL MONTH!
Entrepreneurvatcapital Self employed motivationcontrol businessstudiesteacher WHEN SOMEONE WANTS TO DO SOMETHING GO TO BALLS.
Contract 9ME/20 Return from Summer Leave Fall 2012 JobAidLeave ReturnFromSummerLeave9ME/20.
Tax Timeline. When you first get hired… You fill out a what? – W-4 (Personal Allowances) – 4 first Why? – To help your employer figure the correct amount.
How to Download a PDF Tax Return Transcript Rev. 2/14.
Taxes What Do You Know?
INCOME TAX. Income Tax Self-assessment system Taxpayers are responsible for reporting their own income and deductions. Monitored by Canada Revenue.
1 Pensions Administration Lynn Wright Pensions Administration Manager.
FY12 Year End Information June Deadline Dates Requisitions (all funding sources)Tuesday, June 26 Invoices –FY12 ProperTuesday, June 26 –FY12 Accrued.
Annual Insurance Premium $2,602,285 Employer Paid $1,947,323 Employee Paid $ 654,962 State Funds Received $ 898,716 Current # Employees on insurance.
Only 2 things are sure in life – death and taxes..
What different types of taxes are deducted from employee’s paychecks? LESSON DO NOW.
Get informed Refund tax | unfiled tax returns Get informed Refund tax | unfiled tax returns A tax refund or tax rebate is a repayment on taxes when the.
Administrative issues Hanna Tolonen EHES JA Kick-off meeting, 21 January 2010, Luxembourg.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-4 Paying Withholding and Payroll Taxes.
20.4 Reducing Balance Loans. Reducing balance loans A reducing balance loan is a loan that attracts compound interest, but where regular payments are.
Income taxes, Withholding and Refunds SIMPLE. You Work and Earn Money.
Barton St Peter’s Advent Calendar.
1040 EZ Tax Information W2 & Page 10 Fill out 1040 EZ form with this info.
TAXES RETURN!!! BECAUSE THERE IS STILL MORE TO LEARN ABOUT THEM…
Source Document Deadlines Payroll Terms Grab Bag.
2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Integer Addition Integer Subtraction.
FINANCIAL MANAGEMENT GUIDE © Marin Management, Inc Taxes, 7850 Summary of Tax Deadlines A. The Purpose of This Policy Marin Management provides.
Chapter 14 Payroll Accounting, Taxes and Reports.
The Balance Sheet. Lesson Aims: To understand what the balance is used for and who uses it To understand what information is used to make a balance sheet.
GETTING PAID WHERE DOES MY MONEY GO?. PAY CHECK DEDUCTIONS Deductions Video What is the difference between gross and net income? What are state taxes.
CENTURY 21 ACCOUNTING © Thomson/South-Western CHAPTER 10 Journalizing Sales And Cash Receipts Using Special Journals Terms-see page 268.
1. The mortgagee/buyer shall withhold the CGT or the CWT and remit to the BIR. In the case of CGT, the buyer shall file the CGT return and pay the tax.
Old Colony Trust Co. v. Commissioner 279 U.S. 716 (1929)
Mini One Stop Shop Technical Implementation Keith Aquilina MITA 3 rd September 2014.
Death and Taxes IRS Form 1040EZ Using the Income Tax Time Powerpoint you will answer the 6 Multiple Choice Math Questions with complete 100 percent accuracy.
Filing Taxes Taxes Due- April 15th. W-2 Form Tax Basics Tax year: January 1 st through December 31 st Required to file taxes every working year. Determines.
Learning Objective # 2 Illustrate how federal income taxes are computed by completing a federal income tax return. LO#2.
Program Planning and Design. What is Program Planning and Design? Program planning and design is simply knowing what you want to do and how you want to.
Taxes: A Farmer’s Perspective AAE 320. Goal Understand for a practical perspective how major types of taxes work for farmers.
International Students and Taxes Tax Year 2005 International Student Services Tidewater Community College Spring 2006.
Given the IRS 1040EZ tax form, sample Instructions, and financial information sheets, you will complete the Payments / Credits / Tax section with complete.
Copyright © 2011 Pearson Education, Inc. Managing Your Money.
McGraw-Hill/Irwin Introduction to QuickBooks Pro, 2004 © 2005 The McGraw-Hill Companies, Inc., All Rights Reserved. Chapter 7 Sales Tax.
Code It. What do all of the following pictures have in common?
Return to Home! Go To Next Slide! Return to Home! Go To Next Slide!
Welcome to Presentation On ADVANCE TAX & INTEREST PROVISION.
The Stimulus Bill of Is it “FREE” Money? First Time Home Buyers can Claim A Credit Worth $8,000 or 10% of the Purchase Price Whichever is Less.
Foreign Tax Credit. U.S. citizens and residents compute their U.S. taxes based on their worldwide income. This sometimes results in U.S. citizens having.
Chapter 3 In-Class Notes. Background on Taxes Taxes are a source of revenue for our federal, provincial, and municipal governments. We pay taxes on personal.
ACCOUNTING II MS. ALLTUCKER CH. 14 SECTION 2: ANALYZING SALES TRANSACTIONS.
© 2017 SlidePlayer.com Inc. All rights reserved.