{"id":173,"date":"2016-06-20T08:45:00","date_gmt":"2016-06-20T07:45:00","guid":{"rendered":"https:\/\/www.thetrainingplace.org\/blog\/2016\/06\/20\/personal-tax-part-3\/"},"modified":"2016-06-20T08:45:00","modified_gmt":"2016-06-20T07:45:00","slug":"personal-tax-part-3","status":"publish","type":"post","link":"https:\/\/www.thetrainingplace.org\/blog\/2016\/06\/personal-tax-part-3\/","title":{"rendered":"PERSONAL TAX PART 3"},"content":{"rendered":"
\n<\/div>\n
\n<\/div>\n
\nIncome
\ntax is tax charged on income earned by individuals and it\u2019s used by the
\ngovernment to run and maintain the state. <\/o:p><\/span><\/div>\n
\n<\/div>\n
\nThe
\ngovernment tax year starts on 6th <\/sup>April to 5th<\/sup> April the
\nfollowing year. <\/o:p><\/span><\/div>\n
\n<\/div>\n\n\n\n\n
\n
\nTax year<\/o:p><\/span><\/b><\/div>\n<\/td>\n
\n
\nTax period<\/o:p><\/span><\/b><\/div>\n<\/td>\n<\/tr>\n
\n
\n2016\/17<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n6
\n April 2016 to 5 April 2017<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n<\/div>\n
\nFrom
\nthe total income earned by an individual, personal allowance is deducted to
\narrive at the taxable income<\/b>. The
\npersonal allowance for 2016\/17 is \u00a311,000<\/b>,
\nwhich could vary depending on the individual\u2019s circumstances and income level. <\/o:p><\/span><\/div>\n
\n<\/div>\n
\nThe
\ntaxable income is subjected to different tax rates which range from 0% up to 45%
\non different parts of the income. The tax rates and income brackets are shown
\nbelow for different types of income an individual could earn.<\/o:p><\/span><\/div>\n
\n<\/div>\n
\n2016\/17 Tax Year<\/o:p><\/span><\/b><\/div>\n\n\n\n\n\n\n\n
\n
\n<\/div>\n<\/td>\n
\n
\nIncome
\n brackets<\/o:p><\/span><\/b><\/div>\n<\/td>\n
\n
\nNon-investment
\n income<\/span><\/b><\/o:p><\/span><\/div>\n<\/td>\n
\n
\nSavings
\n income <\/span><\/b><\/o:p><\/span><\/div>\n<\/td>\n
\n
\nDividends
\n income<\/o:p><\/span><\/b><\/div>\n<\/td>\n
\n
\nCapital
\n Gains<\/o:p><\/span><\/b><\/div>\n<\/td>\n<\/tr>\n
\n
\nStarting
\n rate<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n\u00a30
\n – \u00a35,000<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n–<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n10%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n–<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n–<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\nBasic
\n rate<\/o:p><\/b><\/span><\/div>\n<\/td>\n
\n
\n\u00a30
\n – \u00a332,000<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n20%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n20%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n7.5%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n10%<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\nHigher
\n rate<\/o:p><\/b><\/span><\/div>\n<\/td>\n
\n
\n\u00a332,001
\n – \u00a3150,000<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n40%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n40%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n32.5%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n20%<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\nAdditional
\n rate<\/o:p><\/b><\/span><\/div>\n<\/td>\n
\n
\nOver
\n \u00a3150,000<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n45%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n45%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n38.1%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n20%<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n<\/div>\n
\nFrom
\n2016\/17, there is a tax free savings interest of \u00a31,000 for basic rate tax
\npayers and \u00a3500 for higher rate payers; an individual will then need to pay tax on any interest above this at
\nthe applicable tax rate after adding savings income to non-investment income.<\/span><\/o:p><\/span><\/div>\n
\n<\/a>From
\n2016\/17, there is a dividend allowance which implies that there will be no tax
\nto pay on the first \u00a35,000 of dividend income for all tax payers, and any
\ndividends received above this, will be subject to tax at the applicable tax rate
\nafter taxing savings and non-investment income<\/span>.<\/o:p><\/span><\/div>\n
\nWe
\nwill now use an illustration to demonstrate the computation of income tax for
\nan individual.<\/o:p><\/span><\/div>\n
\n<\/div>\n
\n
\n<\/div>\n
\nIllustration:<\/o:p><\/span><\/b><\/div>\n
\nThomas Bamqual, is 42 years old and he
\nhas employment income of \u00a343,000; interest received from a building society
\nsavings account of \u00a31,900; dividends received of \u00a31,683; taxable gains from the
\nsale of a garage property of \u00a320,100 (after deducting the annual exemption);
\ninterest received from an ISA account of \u00a3800 and he made gift-aid contributions
\nof \u00a3960 through the year. What will be the tax liability?<\/o:p><\/span><\/div>\n
\n<\/div>\n<\/div>\n
\n<\/div>\n
\n<\/div>\n
\nSolution:<\/o:p><\/span><\/b><\/div>\n
\n**You
\nwill need to bear in mind that:<\/o:p><\/span>
\n
<\/span>
\nEmployment income- The employment income is subjected to tax first, then <\/span>
\n
<\/span>
\nSavings income- The savings income is subjected to tax next, then <\/span>
\n
<\/span>
\nDividends income- The dividends are subjected to tax next, then <\/span>
\n
<\/span>
\nIncome from sale of assets- The taxable income from capital assets will be taxed<\/span>
\n
<\/span>
\n
<\/span>
\n<\/div>\n
\n              <\/span> <\/span><\/p>\n
\nBasic Rate bracket will now be extended to: \u00a332,000
\n+ (\u00a3960\/ 0.8) = \u00a333,200<\/span><\/b><\/div>\n
\n
<\/span><\/b><\/div>\n
\nInterest from ISA\u2019s are not taxed<\/o:p><\/span><\/b><\/div>\n
\n
<\/span><\/b><\/div>\n
\nInterest received will need to be grossed up, but dividends will
\nno longer be <\/span><\/b><\/div>\n
\ngrossed up<\/o:p><\/span><\/b><\/div>\n
\n
<\/span><\/b><\/div>\n
\nThomas will be entitled to the full personal allowance of \u00a311,000,
\nsince his taxable income is less than \u00a3100,000<\/o:p><\/span><\/b><\/div>\n<\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n<\/div>\n<\/td>\n
\n
\nTotals<\/o:p><\/span><\/div>\n<\/td>\n
\n
\nNon-Investment<\/o:p><\/span><\/div>\n<\/td>\n
\n
\nSavings<\/o:p><\/span><\/div>\n<\/td>\n
\n
\nDividends<\/o:p><\/span><\/div>\n<\/td>\n
\n
\nCapital Gains<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\n<\/div>\n<\/td>\n
\n
\n\u00a3<\/span><\/o:p><\/div>\n<\/td>\n
\n
\n\u00a3<\/span><\/o:p><\/div>\n<\/td>\n
\n
\n\u00a3<\/span><\/o:p><\/div>\n<\/td>\n
\n
\n\u00a3<\/span><\/o:p><\/div>\n<\/td>\n
\n
\n\u00a3<\/span><\/o:p><\/div>\n<\/td>\n<\/tr>\n
\n
\nEmployment
\n income<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n43,000<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n43,000<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n<\/tr>\n
\n
\nInterest
\n (\u00a31900\/0.8)<\/i><\/o:p><\/span><\/div>\n<\/td>\n
\n
\n  2,375<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n2,375<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n<\/tr>\n
\n
\nDividends
\n <\/o:p><\/span><\/div>\n<\/td>\n
\n
\n  1,683<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n1,683<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n<\/tr>\n
\n
\nCapital
\n gains<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n20,100<\/o:p><\/span><\/u><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n20,100<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\nTotal
\n income<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n67,158<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n43,000<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n2,375<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n1,683<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n20,100<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\nPersonal
\n Allowance<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n(11,000)<\/o:p><\/span><\/u><\/div>\n<\/td>\n
\n
\n(11,000)<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n<\/tr>\n
\n
\nTaxable income<\/o:p><\/span><\/b><\/div>\n<\/td>\n
\n
\n56,158<\/o:p><\/span><\/u><\/b><\/div>\n<\/td>\n
\n
\n32,000<\/o:p><\/span><\/b><\/div>\n<\/td>\n
\n
\n2,375<\/o:p><\/span><\/b><\/div>\n<\/td>\n
\n
\n1,683<\/o:p><\/span><\/b><\/div>\n<\/td>\n
\n
\n20,100<\/o:p><\/span><\/b><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\nThis
\nmeans that the first item to be taxed will be \u00a332,000 and then the next \u00a31,200
\nfrom savings income will be taxed to make up the extended basic rate bracket
\n(remember the basic rate has been extended from \u00a332,000 to \u00a333,200 due to the
\ngift aid donations). The rest of the taxable income will be taxed at the
\napplicable higher rate based on the type of income.<\/o:p><\/span><\/div>\n
\n<\/div>\n
\nTax liability
\ncomputation:<\/o:p><\/span><\/u><\/b><\/div>\n
\n<\/div>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n<\/div>\n<\/td>\n
\n
\n\u00a3<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n\u00a3<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\nTaxable employment
\n income<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n32,000<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n\u00a332,000 @ 20%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n6,400.00<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\n<\/div>\n
\nInterest<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n<\/div>\n
\n 
\n 1,200<\/o:p><\/span><\/u><\/div>\n<\/td>\n
\n
\n\u00a3500 @ 0%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n  
\n NIL<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\n\u00a3700 @ 20%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n140.00<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\nSub-total<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n33,200<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n<\/tr>\n
\n
\nInterest (\u00a32,375-\u00a31,200)<\/i><\/o:p><\/span><\/div>\n<\/td>\n
\n
\n  1,175<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n\u00a31,175 @ 40%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n   470.00<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\nDividends<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n 
\n 1,683<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n\u00a31,683 < \u00a35,000<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n   NIL<\/o:p><\/span><\/div>\n<\/td>\n<\/tr>\n
\n
\nCapital gains tax<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n20,100<\/o:p><\/span><\/u><\/div>\n<\/td>\n
\n
\n\u00a320,100 @ 20%<\/o:p><\/span><\/div>\n<\/td>\n
\n
\n4,020.00<\/o:p><\/span><\/u><\/div>\n<\/td>\n<\/tr>\n
\n
\nTaxable income (same
\n as above)<\/i><\/o:p><\/span><\/b><\/div>\n<\/td>\n
\n
\n56,158<\/o:p><\/span><\/u><\/b><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n<\/tr>\n
\n
\nTotal tax liability<\/o:p><\/span><\/b><\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n<\/div>\n<\/td>\n
\n
\n11,030.00<\/a><\/o:p><\/span><\/u><\/b><\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\nYou
\nwill notice the interest is split into three lines in the table above. This is
\nbecause the <\/span><\/div>\n
\nsavings income is the next type of income to be taxed and we need
\nto use up the extended 20% tax bracket of \u00a333,200, which the taxable employment
\nincome doesn\u2019t cover this bracket in full; so the balance is covered in the
\nsavings income. The tax free savings interest of \u00a3500 for higher rate tax
\npayers has been accounted for; hence the savings income has been split as \u00a3500
\nwhich is exempt and then \u00a3700 which is then taxed at 20%, while the remaining
\nsavings income of \u00a31,175 is taxed at 40%.<\/o:p><\/span><\/div>\n
\n<\/div>\n
\nThe
\ndividends received from 2016\/17 will no longer be grossed up and the first
\n\u00a35,000 dividends received will not be taxed, so there is no tax on the
\ndividends received by Thomas because it is less than \u00a35,000.<\/o:p><\/span><\/div>\n
\n<\/div>\n
\nThe
\ntable above shows that Thomas will be due to pay tax of \u00a311,030 for 2016\/17<\/u><\/b>; remember this tax year has just started
\nand the tax return will be due by 31\/01\/2018.<\/o:p><\/span><\/div>\n
\n
<\/span><\/div>\n
\n
<\/span><\/div>\n
\nWe have an article in the last edition of this magazine
\nwhich shows that this person would be due to have paid <\/span>\u00a313,548.75 in 2015\/16<\/u><\/b> if he earned the same income. Please
\nfeel free to compare the two tax years and identify the differences in the
\nthresholds and tax computations.<\/span><\/div>\n
\n
<\/span><\/div>\n
\n<\/div>\n
\nYours Sincerely,<\/o:p><\/span><\/div>\n
\nThe Friendly Team<\/span><\/div>\n
\n<\/span>
<\/div>\n
\nThe Training Place of Excellence Limited<\/span><\/div>\n
\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Income tax is tax charged on income earned by individuals and it\u2019s used by the government to run and maintain the state. The government tax year starts on 6th April to 5th April the following year. Tax year Tax period 2016\/17 6 April 2016 to 5 April 2017 From the total income earned by an … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-173","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"yoast_head":"\nPERSONAL TAX PART 3 - The Training Place Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thetrainingplace.org\/blog\/2016\/06\/personal-tax-part-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PERSONAL TAX PART 3 - The Training Place Blog\" \/>\n<meta property=\"og:description\" content=\"Income tax is tax charged on income earned by individuals and it\u2019s used by the government to run and maintain the state. The government tax year starts on 6th April to 5th April the following year. Tax year Tax period 2016\/17 6 April 2016 to 5 April 2017 From the total income earned by an ... 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