Making sense of the UK Tax System – Income Tax, NI, VAT and more

Who Should Attend / Learning Outcome

Many owner managers prefer not to take an interest in this area of business preferring to ‘…leave that to the accountant…’

While not necessarily needed to be specialists it can be argued that it is only by understanding this critical area of activity that real control and effective cash flow management of a business can be achieved.

The delegates will be offered a basic overview of the UK tax system and elements of compliance deemed essential for business to know in an entertaining format. The delegate will not be able to become an expert on any of the areas covered but will derive a good basic insight and an appreciation of the importance of effective reporting and benefit of transparency.

The course will benefit any individual charged with overall responsibility for the financial performance of their organisation and is deliberately targeted at ‘non-financial’ staff.

Course Content

• The costs of non-compliance
• Recognising that tax is a cost of successful business
• Employer’s responsibilities for collecting PAYE, NI and other deductions
• Key elements of Income Tax
• Income Tax bands
• Allowances
• Getting to grips with National Insurance
• Class 1, 2, 3 and 4 contributions and exemptions
• P14/P60 Summary Sheets
• Deductions Working Sheet P11
• Payslip booklets, payment records and annual returns
• Getting to grips with Corporation Tax
• Corporation Tax Bands
• Filing corporation tax returns
• Getting to grips with VAT
• Registering for VAT
• How to fill in a VAT return
• Considering eligibility for Capital Allowances
• Considering eligibility for ‘benefits in kind’