Tax planning tool - Excel by zgo16864

VIEWS: 8 PAGES: 5

									GARBETTS
PSC TAX PLANNING TOOL (2010/11 TAX RATES)

This is a simple tax planning tool for PSCs. Enter your data in the gray boxes.
See the example sheet for a completed example.
The calculations are simplified to those normally used for a PSC, they should be used as a guide
only and the results considered critically.

Summary liabilities                                                                                                    £

PAYE                                                                                                                    -
CT                                                                                                                      -
Personal                                                                                                                -

Total                                                                                                                   -

Company                                                                                                 Profit and loss £

Profit from accounts spreadsheet                                                                                        -

Estimated income till end of financial year                                                                             -

Estimated expenses till end of financial year                                                                           -

Salary - Self                                               Salary (enter as negative)                                  -
                                                            Tax code                           648
                                                            Number of months                    12
                                                            Default 648
ERS NI                                                                                                                  -

Salary - Spouse                                             Salary (enter as negative)                                  -
                                                            Tax code                           648
                                                            Number of months                    12
                                                            Default 648
ERS NI                                                                                                                  -

Estimated depreciation:

                     Asset base                                                                                         -

Profit before tax                                                                                                       -

Corporation Tax                                                           0.0%                                          -


Dividend                                                                                                                -

Retained profit brought forward                                                                                         -

Retained profit carried forward                                                                                         -



Personal                                                                                       Self             Spouse

                                                                                               50%                  50%

Salary                                                                                     100,000                      -
Dividend                                                                                         -
Other dividends
Other non dividend income

Total                                                                                      100,000                      -

Income in 40% band                                                                                  -                 -
Income in 50% band                                                                                  -                 -
Balance under 40% band                                                                              -            43,880

Estimate 40% and 50% on Dividend and Other Income                                                   -                   -
Estimate tax on Personal Allowance Abatement (income over £100k only)                               -                   -

IR35 Deemed salary workings (if necessary)

Income caught by IR35                                                            Q1                                     -
                                                                                 Q2                                     -
                                                                                 Q3                                     -
                                                                                 Q4 (e)                                 -

5%                                                                                                                      -
Pension costs                                                                                                           -
Direct costs                                                                     (e)                                    -


Less employers NI                         0%                weeks                                  52                   -
                                          12.8%                                                                         -

Minimum salary                                                                                                          -




241f2f64-8301-4e72-ac3a-b48572af2459.xls 10/8/2010 7:46 PM
GARBETTS
PSC TAX PLANNING TOOL (2005/06 TAX RATES)


Summary liabilities

PAYE
CT
Personal

Total

Company

Profit from accounts spreadsheet

Estimated income till end of financial year

Estimated expenses till end of financial year

Salary - Self                                   Tax code
                                                Default 489
ERS NI

Salary - Spouse                                 Tax code
                                                Default 489
ERS NI

Estimated depreciation:

                    Asset base

Profit before tax

Corporation Tax                                               18.7%


Dividend

Retained profit brought forward

Retained profit carried forward
Personal



Salary
Dividend
Other income

Total
Excess over 40%
Balance under 40%

Possible higher rate


IR35 Deemed salary workings (if necessary)

Income caught by IR35




5%
Pension costs
Direct costs


Less employers NI                  0%        weeks
                                   12.8%

Minimum salary
                     £

                 2,090
                 6,503
                   984

                 9,576

      Profit and loss £

               50,000

                      -

                      -

489           (10,000)

                 (654)

489            (4,600)

                      -



                      -

               34,746
                          Months in fin year
               (6,503)                     12


              (30,000)

                 5,000

                 3,243
           Self   Spouse

           95%       5%

         10,000    4,600
         31,667    1,667
              -        -

         41,667    6,267
          4,372        -
              -   31,028

           984         -




Q1                 1,000
Q2                     -
Q3                     -
Q4 (e)                 -

                    (50)
                       -
(e)                (500)


            52     (550)
                     887

                     337

								
To top