home
***
CD-ROM
|
disk
|
FTP
|
other
***
search
/
High Voltage Shareware
/
high1.zip
/
high1
/
DIR15
/
BANKPLAN.ZIP
/
YOURPLAN.ZIP
/
TAX.TXT
< prev
next >
Wrap
Text File
|
1993-12-30
|
9KB
|
212 lines
*****************************************************************
-> This file contains some quotations about taxation, and
summary income tax data for the UK and Ireland.
-> The file has been supplied as an integral part of YOUR-PLAN.
This is a personal financial planning software package developed
as a shareware package for use on a 'try-before-you-buy' basis
by Invest-Tech Limited. For contact details, see end of this file.
-> To view this file page-by-page, type "TYPE TAX.TXT|MORE"
To print this file, type "PRINT TAX.TXT"
(Press CTRL+BREAK to quit now)
*****************************************************************
INTRODUCTION
============
YOUR-PLAN (r2.1) contains a facility to enable users to enter
basic tax data (allowances and rates) so as to enable YOUR-PLAN
to calculate net monthly salaries and to apply marginal tax rates
to any changes in salary etc. Basic tax data for the UK and
Irish systems is presented below after a series of quotations by
famous and infamous people on the subject of "tax".
*****************************************************************
QUOTES ABOUT TAX
================
The avoidance of taxes is the only intellectual pursuit that
still carries any reward
- John Maynard Keynes
The difference between tax avoidance and tax evasion is the
thickness of a prison wall
- Denis Healey
We don't pay taxes. The little people pay taxes
- Leona Helmsley at her tax fraud trial, 1989
The art of taxation consists in so plucking the goose as to
obtain the largest amount of feathers with the least possible
amount of hissing
- J. B. Colbert, 1665
Taxing is an easy business. Any projector can contrive new
compositions, any bungler can add to the old.
- Edmund Burke
Be at the pains of putting down every single item of expenditure
whatsoever every day which could possibly be twisted into a
professional expense and remember to lump in all the doubtfulls
- Hilaire Belloc
There is one difference between a tax collector and a
taxidermist - the taxidermist leaves the hide
- Mortimer Caplan
(Tax) has made more liars out of the American people than golf
- Will Rogers
There is no such thing as a good tax
- Winston Churchill
In this world nothing is certain but death and taxes
- Benjamin Franklin
There is just one thing I can promise you about the outer-space
progamme - your tax-dollar will go further
- Werner von Braun
*****************************************************************
BASIC TAX RATES ETC. - UK (1993/4 and 1994/5)
=============================================
NB:
Depending on your printer set-up, the pound currency sign may
appear as a blank space or as #. Try switching the printer to
using an "IBM" symbol set.
*****************************
The following rates etc. refer to the tax year ending April 1994:
Income tax rates
----------------
Up to 2,500 20%
£2,501-£23,700 25%
Excess over £23,700 40%
Main personal allowances:
------------------------
Personal £3,445
Married couple's £1,720
Single parent addition £1,720
Other significant reliefs
-------------------------
Mortgage interest relief (at 25% rate only) on loans of up to
£30,000. Annual exemption for capital gains is £5,800 for
individuals.
***************************
The following rates etc. refer to the tax year 1994/5 and are
based on the changes announced in the November 1993 Budget.
Income tax rates
----------------
Up to 3,000 20%
£3,001-£23,700 25%
Excess over £23,700 40%
Main personal allowances:
------------------------
Personal (under 65s) £3,445
Married couple's (under 65s) £1,720 (at 20% tax rate only)
Single parent addition £1,720 (at 20% tax rate only)
Other significant reliefs
-------------------------
Mortgage interest relief (at 20% rate only) on loans of up to
£30,000. Annual exemption for capital gains is £5,800 for
individuals.
***************************
When assessing your tax position, you may also need to take
account of age allowances, dividends, benefits-in-kind
(company car, cheap loans etc.), capital gains, BES and (from
1st January 1994) Enterprise Investment Scheme relief etc.
When entering details of deductions into YOUR-PLAN, you should
allow for National Insurance Contributions. The current standard
rate for employees is 2% on the first £56/week and 9% on weekly
earnings of between £56 and £420. After April 1994, the rate for
weekly earnings between £57 and £430 will be increased to 10%.
The foregoing is a brief synopsis of the main provisions etc.
to enable you to use YOUR-PLAN to do some basic planning.
Consult your professional adviser for specific guidance
especially if your tax position is complex or unclear.
***************************************************************
BASIC TAX RATES ETC. - IRELAND (1993/4)
=======================================
NB:
Depending on your printer set-up, the pound currency sign may
appear as a blank space or as #. Try switching the printer to
using an "IBM" symbol set.
Income tax rates
----------------
Rate Married Single/widowed
---- ------- --------------
27% First £15,350 First £7,675
48% Balance Balance
Main personal allowances
------------------------
Single £2,175
Married £4,350
Widowed £2,675
One parent family allowance:
- Widowed £1,675
- Other £2,175
PRSI Allowance £286
PAYE Allowance £800
You should consult tax tables etc. for details of other
allowances applicable to widowed people, older people etc.
and for exemption limits.
The ceiling for mortgage relief is £5,000 for a married couple
(£2,500 for single person). The maximum amount that can be
claimed is the lower of 90% of the amount paid and the ceiling.
Special reliefs apply to widowed people, first-time buyers etc.
The employees PRSI rate is 5.5% up to a maximum of £20,000. The
health contribution (1.25%), employment & training (1%), temporary
income (1%) levies also apply to most employees.
In assessing taxation, account must also be taken of capital
gains tax (40% with indexation and allowances of £1,000 for
single people and £2,000 for a married couple), BES relief,
residential property tax, capital acquisitions tax etc.
The foregoing is a brief synopsis of the main provisions etc.
to enable you to use YOUR-PLAN to do some basic planning.
Consult your professional adviser for specific guidance
especially if your tax position is complex or unclear.
*****************************************************************
YOUR-PLAN (c) Copyright Invest-Tech Limited 1992, 1993, 1994
All Rights Reserved
Invest-Tech Limited
27 Ardmeen Park, Blackrock, Co. Dublin, Ireland
Irish Tel: 283 4083 UK Tel: 0232-315454
(Call 9 to 9 weekdays and 10 to 6 weekends - GMT/BST)
Fax: 661 3130
Fax codes: Irish:01- UK:010-353-1- Inter'l:+353-1-
*****************************************************************
To view this file page-by-page, type "TYPE TAX.TXT|MORE"
*** End of TAX.TXT file ***