Tax Tips & Tools
2015/16
Edition
A comprehensive collection of
tax calculators, spreadsheets,
checklists and other tax tools
Tax Tips & Tools has been
comprehensively updated
for the 2015/16 tax year
Tax Tips & Tools
has been comprehensively updated
for the 2015/16 tax year
This latest edition of Tax Tips & Tools contains a total of 125 highly
practical and easy to use tax calculators, spreadsheets, checklists and
other tax tools.
“ 2020’s Tax Tips and Tools is a brilliant time saving resource created
specially by a tax professional who understands the needs of a busy
practice. We have used it since its inception, and cannot recommend it
highly enough. It will pay for itself many times over.”
Gulam Shaikh, Shaikh & Co
• Inheritance and Trust Tax Tools
• Income Tax and Corporation Tax Tools
• Interactive Tax Checklists
• Payroll and Construction Industry Scheme Tools
• NI and Tax Credits Tools
• Capital Gains Tax and SDLT Tools
• Value Added Tax Tools
• Administrative and Other Tools
• Mind Maps
Tax Tips & Tools is split into
the following sections:
Tax Tips & Tools allows you to make
complex calculations quickly and easily.
For example, the Car Tax and Tax Credits
Calculators allow you to advise clients
on these issues in a matter of minutes –
something that could otherwise take hours.
Tax Tips & Tools has been designed for tax
practitioners, particularly those who serve
small and medium size businesses.
If you are committed to providing your
clients with tax advice which they perceive
to be valuable and are happy to pay for, you
absolutely need the latest edition of Tax
Tips & Tools.
A brief description of just some of the other
tools and a complete list of contents can be
found on the following pages.
Tax Tips & Tools
allows you to
advise clients in a
matter of minutes
- not hours.
New
for 2015/16
SAVINGS RATE AND DIVIDEND INTERACTION
The introduction of the first £5,000 of savings income taxable at 0% from April 2015 can
significantly change the method of extraction of funds from a company. Interest on directors’
loan accounts with credit balances now needs to be considered. The calculation model
shows the dividends that can be extracted based on the savings and other income. There is
also an
explanatory letter to clients and a board minute template
to approve the payment
of interest.
Also included is the
Beneficial Loan Interest Calculator
that can be used to calculate the
interest (on a daily basis) on directors’ loan accounts credit balances.
Order online at:
the2020group.com
Notable Updates and Tools
for 2015/16
INTERACTIVE TAX CHECKLISTS
The existence of the Interactive Tax Checklists is probably one of the best kept secrets of
Tax Tips & Tools. These checklists provide a really powerful means of providing a pro-active
service when reviewing a client’s tax affairs, whilst ensuring that everyone in the practice is
providing a consistent level of service.
There are 4 checklists which cover Income Tax, VAT, PAYE and Corporation Tax. There are
over
150 possible tax planning questions and opportunities
to consider. Sections not
required can easily be omitted from the checklist report. Additionally, there is an option to
add free text where required. The report can be generated as a Word document for further
editing as necessary.
SHOULD YOU NOT BE
COMPLETELY SATISFIED
WITH THE PRODUCT,
TAX TIPS & TOOLS
COMES WITH A FULL
28 DAY MONEY BACK
GUARANTEE
Notable Updates and tools
for 2015/16
MIND MAPS
This is another tool for planning and tax
advice. With an overview of the subject in
graphical format as well as detailed help
notes.
FURNISHED HOLIDAY
LETTINGS
Often clients are not asked the relevant
questions when preparing furnished
holiday lettings statements – especially
recording the number of days actually
let. This model includes a page for listing
the let days as well as the calculations
to decide if it actually qualifies for FHL
treatment.
CASE STUDIES
The case studies section has various
calculations to highlight some of the
vagaries of the tax system. In particular,
we would draw your attention to the
case studies involving
chargeable event
gains
. As soon as you become aware that
someone has such an “event” in a tax year,
you should start planning and reviewing
the tax implications. Our example shows a
356% tax relief on a pension contribution
when it interacts with top slicing relief on
chargeable events.
CLIENT FORMS FOR
COMPLETION
Some of the forms are designed to be
used by clients. The
Gift Aid Summary
for
example is simply a form to list payments
under Gift Aid.
Estate Valuation
is another form that
can be sent as an Excel file to a client
to complete and send back. As tax
practitioners we don’t always know about
clients’ funds in ISAs or their portfolio
valuations of shares, unit trusts, properties
etc to establish if there are any potential
IHT liabilities.
TAX CREDITS
Even though universal credits are looming,
we still have tax credits with us. Even if
you choose not to advise on tax credits
(as per your engagement letter) you can
still point out to clients their potential
entitlement. The case studies once again
indicate how valuable this can be in certain
circumstances.
As well as Income Tax, there are specific Corporation Tax,
VAT, PAYE and Meetings Checklists.
84 Tools have been updated for 2015/16
See the full list on the following pages
INHERITANCE TAX
AND TRUST TOOLS
1 Estate Valuation
2 IHT Annual Gifts out of Income
Summary Form UPDATED 3 IHT – Quoted Securities Valuation Tool 4 Inheritance Tax Calculator
5 Intestacy Rules Handout UPDATED 6 Trust Tax Calculators UPDATED
INCOME TAX AND
CORPORATION TAX TOOLS
7 AddBacks Comparison
8 Admitting a Partner UPDATED 9 Beneficial Loan Calculator UPDATED 10 Bonus v Dividend Calculator UPDATED 11 Car Benefits v FPCS UPDATED 12 Car CO2 Emissions Listing Sheet
13 Car Tax Calculator UPDATED 14 Change of Accounting Date UPDATED 15 Corporation Tax Calculator
16 Deferred Tax Calculator
17 Directors Payslips UPDATED 18 Director Salary Letters UPDATED 19 Disincorporation Calculator UPDATED 20 Dividend Taxation
21 Effective Tax Rates –
Profit Extraction UPDATED 22 Extraction of Funds –
Grossing Up Calculator UPDATED 23 Farming Losses Calculator
24 Flat Rate Expenses UPDATED 25 Form 930 What If? Calculator UPDATED 26 Fuel Benefit Checker UPDATED 27 Furnished Holiday Lettings –
Data Recording UPDATED 28 Furnished Holiday Lettings –
Interactive PDF UPDATED 29 Gift Aid Summary UPDATED 30 High Income Child Benefit Charge UPDATED 31 Income Tax Calculator (Form 930) UPDATED 32 Incorporation Action Checklist
33 Incorporation Elections
34 Incorporation Issues UPDATED 35 Interactive Mileage
Expense Calculator UPDATED 36 Lease Buy or Contract Hire UPDATED 37 Maximum Dividend Calculators UPDATED 38 Maximum Pension Contributions UPDATED 39 Pension – Certificate of Earnings UPDATED 40 Pension – Company or
Personal Contribution? UPDATED 41 Pension Planning Letter UPDATED 42 Pre-Incorporation Questionnaire
43 Property - Inside or Outside
a Company? UPDATED 44 Salary Sacrifice – Bikes UPDATED 45 Salary Sacrifice – Cars UPDATED 46 Salary Sacrifice – Pensions UPDATED 47 Salary to PA or NI Limit? UPDATED 48 Salary v Dividend Calculator UPDATED 49 Savings Rate and
Dividend Interaction NEW
50 Savings Rate – Letter and
Company Minute NEW
51 SEIS Tax Relief Calculator UPDATED 52 Should I Incorporate? UPDATED 53 Should I Incorporate?
Practical Guides UPDATED 54 Trading Vehicle Assessor UPDATED 55 Use of Home as Office Calculator
56 Use of Home for Business 57 UTR Validator
58 Visual Tax Planner UPDATED
INTERACTIVE CHECKLISTS
59 Interactive Corporation
Tax Checklist UPDATED 60 Interactive PAYE Review Tool UPDATED 61 Interactive Pre Year End
Meet Checklist UPDATED 62 Interactive Tax Checklist –
Income Tax UPDATED 63 Interactive VAT Review Tool UPDATED
Tax Tips & Tools
2015/16 Edition
Tax Tips & Tools
2015/16 Edition
continued
PAYROLL AND CONSTRUCTION
INDUSTRY SCHEME TOOLS
64 Construction Industry Scheme
Payment Sheets UPDATED 65 Employment Status Indicator
66 IR35 Deemed Salary Calculator UPDATED 67 Net to Gross Calculator UPDATED 68 PAYE Coding Notice Checker UPDATED 69 PAYE Penalties Calculator
70 PAYE Settlement Calculator
71 Payroll Calculator – Weekly/Monthly UPDATED 72 Payroll Checker – Annual UPDATED 73 Payroll – Engagement Letters UPDATED 74 Payslip UPDATED 75 Redundancy Calculator UPDATED 76 RTI Penalties Calculator
77 Systemising Payroll – Payroll
and CIS Costing Tools UPDATED 78 Systemising Payroll – Payroll
Procedures Letter UPDATED 79 Systemising the Payroll Function UPDATED 80 Year End PAYE Return
Interactive PDF UPDATED 81 Year End PAYE Standard Letters UPDATED
NI AND TAX CREDITS TOOLS
82 Class 4 NI Losses UPDATED 83 Maximum NI Calculator UPDATED 84 Pension Credits UPDATED 85 Tax Credits 2015/16 (Provisional) UPDATED 86 Tax Credits 2014/15 (Actual) UPDATED 87 Tax Credits – Trading Losses UPDATED
CAPITAL GAINS TAX
AND SDLT TOOLS
88 CGT Asset Disposal Calculator 89 CGT Indexation Calculator 90 CGT Lease Premium Calculator 91 Entrepreneur’s Relief
VALUE ADDED TAX TOOLS
92 VAT Annual Scheme Calculator 93 VAT Capital Goods Scheme 94 VAT Cash Accounting Calculation 95 VAT Ebay and Paypal Reconciliations 96 VAT Flat Rate Scheme Calculator 97 VAT – Partial Exemption Annual summary –
Special
98 VAT – Partial Exemption Annual summary – Standard
99 VAT Registration Limits Tool UPDATED 100 VAT Registration Number Validator
101 VAT Relief for Bad Debts
102 VAT Relief for Bad Debts – Flat Rate Scheme 103 VAT Scale Charges Calculator
104 VAT Summary Working Papers
ADMINISTRATIVE
AND OTHER TOOLS
105 Client Help Sheet System UPDATED 106 Interest on Tax Calculator
107 Personal Tax Organiser UPDATED 108 RTI Filing Trackers UPDATED 109 SA Payment Form UPDATED 110 Small Business Rate Relief Calculator UPDATED 111 Student Loan Repayment Calculator UPDATED 112 Tax Department – Lead Generation
113 Tax Liabilities (Graphical Summary) UPDATED 114 Tax Liabilities Summary UPDATED 115 Tax Liability Graphs
116 Tax Manager UPDATED 117 Tax Return Monitoring Submissions
Report UPDATED 118 Tax Reviewer UPDATED 119 The 20+ Steps to Completing
a Tax Return UPDATED 120 VAT Tracker
121 Year on Year Tax Liabilities UPDATED
MIND MAPS
122 Extracting Profit UPDATED 123 Higher Rate Taxpayer UPDATED 124 Tax Administration Procedures UPDATED 125 Tax Efficient Remuneration UPDATED
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