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Tax Planning Guide

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Tax Planning Guide Powered By Docstoc
					GARBETTS
PSC TAX PLANNING TOOL (2011/12 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                               748
                                                            Number of months                        12
                                                            Default 648
ERS NI                                                                                                                    -

Salary - Spouse                                             Salary (enter as negative)                                    -
                                                            Tax code                               748
                                                            Number of months                        12
                                                            Default 648
ERS NI                                                                                                                    -

Estimated depreciation:

                     Asset base                                                                                           -

Profit before tax                                                                                                         -

Corporation Tax                                                                                                           -


Dividend                                                                                                                  -

Retained profit brought forward                                                                                           -

Retained profit carried forward                                                                                           -



Personal                                                                                           Self            Spouse

                                                                                               50%                    50%

Salary                                                                                                -                   -
Dividend                                                                                              -                   -
Other dividends
Other non dividend income

Total                                                                                                 -                   -


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                    -
                                          13.8%                                                                           -

Minimum salary                                                                                                            -




1ce2f1c3-9b0e-46d0-9510-d86ea0056dea.xls 8/12/2011 3:52 PM
GARBETTS
PSC TAX PLANNING TOOL (2011/12 TAX RATES)
WORKED EXAMPLE




Summary liabilities                                                                                     £

PAYE                                                                                               1,242
CT                                                                                                35,617
Personal                                                                                          19,100

Total                                                                                             55,959

Company                                                                                  Profit and loss £

Profit from accounts spreadsheet                                                                 156,112

Estimated income till end of financial year                                                       42,000

Estimated expenses till end of financial year                                                     (1,500)

Salary - Self                                     Salary (enter as negative)                     (10,000)
                                                  Tax code                        748
                                                  Number of months                 12
                                                  Default 648
ERS NI                                                                                              (404)

Salary - Spouse                                   Salary (enter as negative)                      (7,068)
                                                  Tax code                        748
                                                  Number of months                 12
                                                  Default 648
ERS NI                                                                                              (404)

Estimated depreciation:

                     Asset base                                                  2,600              (650)

Profit before tax                                                                                178,086

Corporation Tax                                                                                  (35,617)


Dividend                                                                                       (130,000)

Retained profit brought forward                                                                     9,060

Retained profit carried forward                                                                   21,529



Personal                                                                          Self            Spouse

                                                                                  80%                20%

Salary                                                                          10,000             7,068
Dividend                                                                       115,556            28,889
Other dividends                                                                    132               110
Other non dividend income                                                        4,200             4,200

Total                                                                          129,888            40,267


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                    -
                                          13.8%                                                          -

Minimum salary                                                                                           -

				
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