Slide Taxation

Question 1

Kể tên các loại Tax?

Answer 1

Income tax
Capital gains tax
Corporation tax
Other taxes

Question 2

Income tax là chi? (thuế thu nhập cá nhân)

Answer 2

Individuals are charged on receipts of income (as distinct from capital receipts)

Question 3

Tax year còn gọi là?

Answer 3

fiscal year/ year of assessment

Question 4

Tax year của income tax?

Answer 4

from 6 April until following 5 April

Question 5

Taxable income gồm?

Answer 5

• earnings from employment
• earnings from self-employment
• most pensions income (state, company and personal pensions)
• interest on most savings
• income from shares (dividends)
• rental income

Question 6

Cái chi ko thuộc taxable income?

Answer 6

• Gambling profits (đánh bài)
• Social security benefits
• Income from certain authorised saving schemes (vd Individual Savings Accounts – ISAs)
• Rental income from a lodger up to £7,500 a year (limit £4,250 2015/16)

Question 7

Tax reliefs (sự giảm bớt) available on certain expenses

Answer 7

True. Vd Pension contributions

Question 8

Fringe (ngoài rìa) benefits included in income ?

Answer 8

Living accommodation
Medical insurance premiums
Company cars
Car fuel

Question 9

Tax allowances (thuế phụ cấp) deducted before calculating tax liability:

Answer 9

• Personal allowance
• Married couples allowance
• Age related allowances
• Blind person’s allowance

Question 10

Pay as you earn (PAYE) là gì?

Answer 10

Employees have tax deducted directly by employers (using tables)

Question 11

Ai trả Capital Gains Tax ?

Answer 11

Paid by individuals and companies

Question 12

Most assets are chargeable –exceptions include?

Answer 12

Private motor cars
Main private residence
Personal possessions (up to £6,000)
British government securities

Question 13

Chargeable gain

Answer 13

sale price - the purchase cost (- any reliefs and allowances)

Question 14

Đặc điểm của Capital Gains Tax

Answer 14

• Sale price can be reduced to reflect any selling costs
• Purchase price can be increased by any extra purchase costs
• Any enhancement expenditure can be included in calculation
• Capital losses can offset capital gains in the same year, or future years
• Exempt amount per taxpayer 2016/2017 = £11,100
• Tax payable varies between 10% and 28% depending on individual’s taxable income

Question 15

Tax year của corporate tax?

Answer 15

1 April-31 March

Question 16

If rate changes thì ?

Answer 16

applied to relevant parts of company’s financial year

Question 17

Đặc điểm của corporate tax?

Answer 17

• Most companies pay 9 months after the end of the company’s accounting year
• Large companies must pay on a current year basis in quarterly instalments
• Not all business expenses are allowable for tax:
  Entertaining
  Gifts to customers (unless very small)
  Donations to political parties
• Capital allowances are given instead of depreciation
• Rate of tax varies depending on amount of taxable profits – wef 2016/17 all 20%
• Need to have profits of £300k to pay full rate
• Losses from one year can be carried forward to offset future profits