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LPC Law Notes Business Law and Practice Notes

Taxation Of Individuals Notes

Updated Taxation Of Individuals Notes

Business Law and Practice Notes

Business Law and Practice

Approximately 649 pages

A collection of the best LPC BLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".

In short these are what we believe to be the strongest set of Business Law and Practice notes available in the UK this year. This collection of notes is fully updat...

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Income Tax 1) Total Income Calculation Cumulative total of all included income PS50,000 + PS2000 + PS1000 = PS53,000 Includes 1) Salary PS50,000 2) Bank interest Want it to be gross Bank interest - Gross PS2000 Bank interest - Net (have to convert to gross) PS1600 x 3) Dividends Want them to be gross 100 80 = PS2000 Dividends - Gross PS1000 Dividends - Net (have to convert to gross) PS900 x 100 90 Does not include 1) Gaming and betting prices 2) Income from ISAs 3) Income from a Child Trust Fund 4) Compensation for loss of employment up to PS30,000 5) Periodic compensation payments for PI payouts 6) Redundancy payments = PS1000 2) Net income Calculation Total income (1) MINUS allowable deductions PS53,000 MINUS PS7,000 Includes = PS46,000 1) Pension Scheme contributions Total = PS5000 2) Charges on income * Loans to buy an interest in a partnership * Loans to contribute capital to a partnership * Loans to buy shares in a close company * Loans to buy shares in an employee controlled company or invest in a co-operative Total = PS2000 3) Taxable income Calculation Net income (2) MINUS Personal allowance PS46,000 MINUS PS8,105 = PS37,895 Includes a) For all salaries below PS100,000, the PA is PS8,105 b) For all salaries above PS100,000 and below PS116,210 it is calculated: PS8,105 MINUS (PS110,000 - PS100,000) = PS5,000 2 c) For all salaries above PS116,210 there is no PA

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