Britain's tax levels are currently at their highest point in the last twenty years (Thisismoney.co.uk - October 2007). Taxes such as Stamp Duty and Council Tax are putting ever more pressure on taxpayers. However, tax is a notoriously complicated subject that can be difficult to understand - and it's something that everybody is affected by as all UK citizens are under the taxman's watchful eye. Paying tax is something none of us can escape; but if we had a better understanding of how the whole system works we'd be far wiser with our money and potentially make significant savings. Here's where "Tax For Dummies" steps in: it provides easy to understand advice from the experts, allowing you to get to grips with every aspect of tax - from child credit and investments to pensions and inheritance tax - and gain greater control over your finances. For the nine million people who have to work out their own tax bill there's a jargon-free step-by-step guide to completing a self-assessment form.
IntroductionAbout This BookConventions Used in This BookWhat You're Not to ReadFoolish AssumptionsHow This Book Is OrganisedPart I: Tax FactsPart II: Tax through Your AgesPart III: Pensions and BenefitsPart IV: Working for Someone ElsePart V: Working for YourselfPart VI: The Part of TensIcons Used in This BookWhere to Go from HerePart I: Tax Facts Chapter 1: Thinking About TaxLooking at Types of TaxKnowing How You Pay TaxesKeeping Money in Your PocketSaving tax on savingsGiving money awayInvesting in propertyReceiving pensions and benefitsChapter 2: Understanding the Legal FrameworkLaying Down and Interpreting the LawLaying down the lawInterpreting the lawGetting to Know HMRCSeeing Who Is Liable for TaxEstablishing your residenceAscertaining your domicileClaiming Allowances and ReliefsKnowing who can claimMaking the claimDistinguishing between Avoidance and EvasionLooking After Your RecordsChapter 3: Self AssessingKnowing Who Does Self AssessmentUnderstanding the ProcessRemembering the Important DatesPaying Your Tax BillPaying your tax bill if you're self-employedPaying your tax bill on other sources of incomePaying Interest and PenaltiesUnderstanding interestFacing penaltiesDealing with EnquiriesGoing through the processNegotiating a settlementKnowing Your RightsHMRC's rightsYour rightsFinding HelpChapter 4: Working Out How MuchIncome Tax Is DueGoing through the Calculation StepsAdding up your incomeDeducting allowancesApplying the tax rates and bandsMaking final reductionsDoing the MathsPart II: Tax through Your AgesChapter 5: Supporting ChildrenGetting Money from the GovernmentClaiming Child Tax CreditReceiving childcare support through WorkingTax CreditBenefiting from child benefitMaking the most of Child Trust FundsCollecting fostering care reliefGiving Money to ChildrenGiving to under-18sPaying out to over-18sSetting up a trustChapter 6: Making Tax-Efficient InvestmentsReceiving Tax-Free Income from InvestmentsInvesting Tax-EfficientlyLooking at popular investmentsCollecting valuablesBetting and racehorsesInvesting on the stock marketBuying into unit trustsSaving for school feesGiving to CharitiesUnderstanding Gift AidMaking a claim through Gift AidGiving through your employer's payrollPaying Tax on Investment IncomeDeducting tax from savingsClaiming back tax on savingsTaxing dividendsDealing with Capital Gains Tax (CGT)Chapter 7: Investing in PropertyPaying Taxes on PropertyStumping up for stamp dutyForking out for council taxRunning a Property Income BusinessPaying tax through self assessmentUnderstanding rental incomeDeducting expensesClaiming capital allowancesRelieving your lossesLetting Your Spare RoomRenting Out Holiday Homes and Overseas PropertiesLetting out a holiday home in the UKReceiving rent from property abroadDabbling in Property DevelopmentSelling UpDeciding which is your main residenceAvoiding capital gains taxChapter 8: Passing On Your WealthAdding Up What You're WorthUnderstanding your estateDiscounting your business assetsKnowing the tax ratesMaking GiftsUnderstanding the seven-year ruleUsing your exemptionsSharing with your spouse or civil partnerGiving with reservationTurning Capital into an IncomePaying Inheritance TaxDrawing Up a WillUnderstanding the importance of a willSetting up trustsMaking specific bequestsChanging your willPart III: Pensions and BenefitsChapter 9: Understanding UK PensionsUnderstanding the BasicsLooking at State PensionsNoting your entitlementFiguring out when you reach retirement ageObtaining a forecastDeferring your state pensionApplying for Pension CreditThinking About Private and Occupational PensionsPaying into a pensionUnderstanding occupational pensionsTopping up with extra paymentsBuying an annuity to save taxTaking your pensionFinding Further HelpContacting HMRCTalking about National InsuranceSeeking other supportChapter 10: Paying Tax on Your PensionKnowing What's TaxableUnderstanding the basicsLooking at tax-exempt pensionsReceiving a foreign pensionEstablishing.
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