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% Document Info
\author{mgxx2004 (mgrawahi)}
\pdfinfo{
  /Title (uk-tax-system.pdf)
  /Creator (Cheatography)
  /Author (mgxx2004 (mgrawahi))
  /Subject (UK Tax System Cheat Sheet)
}

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\noindent
\begin{multicols}{3}
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{UK Tax System Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{mgxx2004 (mgrawahi)} via \textcolor{DarkBackground}{\uline{cheatography.com/197440/cs/45419/}}}
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\noindent
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}mgxx2004 (mgrawahi) \\
  \uline{cheatography.com/mgrawahi} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 11th January, 2025.\\
   Updated 11th January, 2025.\\
   Page {\thepage} of \pageref{LastPage}.
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{document}
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\begin{multicols*}{4}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Tax Classification}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Tax is classified into two categories:} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{{\bf{1. Direct Tax}}} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{{\bf{2. Indirect Tax}}} \tn 
% Row Count 3 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{1.06423 cm} x{2.36877 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Direct Tax}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Tax on individual's wealth/income.} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
Examples: & 1. Income Tax \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
 & 2. Capital Gains Tax \tn 
% Row Count 3 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{1.13289 cm} x{2.30011 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Indirect Tax}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Tax on an individual's transactions} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
Example: & 1. VAT \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
 & 2. Insurance Tax \tn 
% Row Count 3 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{What profits are subject to income tax?}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Trading profits of UK residents are subject/chargeable to income tax} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Determination of trading vs. capital transactions}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{By applying the '6 Badges of Trade'.} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{If one or more apply, then the transaction is considered a trade, though final decision is made by the courts.} \tn 
% Row Count 4 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{1.40753 cm} x{2.02547 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Sole Trader (self-employed) vs. Company}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{{\bf{Tax:}} Self-employed face lighter taxes (20\% income tax vs 25\% corporation tax).} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{} \tn 
% Row Count 2 (+ 0)
% Row 2
\SetRowColor{LightBackground}
{\bf{Liability:}} & Companies limited liability {\bf{vs.}} sole traders risk losing everything. \tn 
% Row Count 6 (+ 4)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{} \tn 
% Row Count 6 (+ 0)
% Row 4
\SetRowColor{LightBackground}
{\bf{Setup and Maintenance:}} & Sole trader simpler set-ups {\bf{vs.}} Companies require legal administration paperwork and costs to maintain. \tn 
% Row Count 11 (+ 5)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{} \tn 
% Row Count 11 (+ 0)
% Row 6
\SetRowColor{LightBackground}
{\bf{Ownership \& Flexibility:}} & Companies owned via shares, thus, are offer more flexibility for raising capital, investment, or selling, unlike sole traders. \tn 
% Row Count 17 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{The Six Badges of Trade}}  \tn
% Row 0
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\mymulticolumn{2}{x{3.833cm}}{1. {\bf{S}}ubject of Matter of Transaction} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{2. {\bf{L}}ength of Period of Ownership} \tn 
% Row Count 2 (+ 1)
% Row 2
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\mymulticolumn{2}{x{3.833cm}}{3. {\bf{F}}requency of Transactions} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{4. {\bf{S}}upplementary Work} \tn 
% Row Count 4 (+ 1)
% Row 4
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\mymulticolumn{2}{x{3.833cm}}{5. {\bf{R}}eason for Sale} \tn 
% Row Count 5 (+ 1)
% Row 5
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\mymulticolumn{2}{x{3.833cm}}{6. {\bf{M}}otive of Transaction} \tn 
% Row Count 6 (+ 1)
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\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Tax Evasion}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Illegal actions like hiding income or falsifying tax return, is punishable by fines or imprisonment.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Activities Classified as Trading for Tax Purposes}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Activities that involve repeated buying and selling, particularly to make profit.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Tax Avoidance}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Legal but crafty use of loopholes to reduce tax, often through artificial schemes, although legal, the HMRC see it as exploitation of rules against their intended purposes.} \tn 
% Row Count 4 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{HMRC}}  \tn
% Row 0
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\mymulticolumn{2}{x{3.833cm}}{Her Majesty's Revenue and Customs} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{Responsible for collecting taxes, administering benefits, and enforcement of tax and customs law.} \tn 
% Row Count 3 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{1.27021 cm} x{2.16279 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Tax Year for Individuals - UK}}  \tn
% Row 0
\SetRowColor{LightBackground}
Individuals Fiscal Year & 6th April to 5th April (e.g. Assessment Year). \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.6866 cm} x{2.7464 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Addressing/reducing tax evasion/avoidance}}  \tn
% Row 0
\SetRowColor{LightBackground}
1. TAAR & Targeted Anti-avoidance Rule \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
2. GAAR & General Anti-abuse Rule \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
3. DOTAS & Disposal of Tax Avoidance Schemes \tn 
% Row Count 4 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Impact of measures to reduce tax evasion/avoidance}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Decline of creative tax planning by making avoidance schemes increasingly difficult and risky.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{HMRC Criteria for Self-employment}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{{\bf{C}}ontrol} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{{\bf{H}}olidays and Sickness} \tn 
% Row Count 2 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{{\bf{E}}quipment} \tn 
% Row Count 3 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{{\bf{W}}ork Performance and Correction} \tn 
% Row Count 4 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{{\bf{E}}xclusivity} \tn 
% Row Count 5 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{{\bf{R}}emuneration and Financial Risk} \tn 
% Row Count 6 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Tax Application to Limited Companies}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Limited companies pays:} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{1. {\bf{Salary to employees}} (20\% income tax \& 8\% national insurance).} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{2. {\bf{Dividends}} (taxed at 8.5\% - basic rate).} \tn 
% Row Count 4 (+ 1)
% Row 3
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{3. {\bf{Corporation tax}} (25\%) on profits before dividends.} \tn 
% Row Count 6 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{1.30454 cm} x{2.12846 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Tax Year for Corporations - UK}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Corporation Tax Year}} & 1st April to 31st March inclusive (e.g. Financial Year). \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{1.30454 cm} x{2.12846 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Tax Year for Corporations - UK}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Corporation Tax Year}} & 1st April to 31st March inclusive (e.g. Financial Year). \tn 
% Row Count 3 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{x{0.96124 cm} x{2.47176 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Self-employment vs. Employment}}  \tn
% Row 0
\SetRowColor{LightBackground}
Self Employment & • Higher risk and reward. \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
 & • More expenses allowed (lower tax). \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
 & • Taxes paid later. \tn 
% Row Count 5 (+ 1)
% Row 3
\SetRowColor{white}
 & • No compulsory national insurance. \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
 & • More control over Activities. \tn 
% Row Count 9 (+ 2)
% Row 5
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{} \tn 
% Row Count 9 (+ 0)
% Row 6
\SetRowColor{LightBackground}
Employment & • Fewer expenses allowed. \tn 
% Row Count 10 (+ 1)
% Row 7
\SetRowColor{white}
 & • Taxes paid via PAYE. \tn 
% Row Count 11 (+ 1)
% Row 8
\SetRowColor{LightBackground}
 & • Compulsory national insurance (8\%). \tn 
% Row Count 13 (+ 2)
% Row 9
\SetRowColor{white}
 & • Holiday and sick pay. \tn 
% Row Count 14 (+ 1)
% Row 10
\SetRowColor{LightBackground}
 & • Social security benefits. \tn 
% Row Count 16 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{3.833cm}{p{0.3433 cm} p{0.3433 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{3.833cm}}{\bf\textcolor{white}{Tax Application to Sole Traders}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{2}{x{3.833cm}}{Sole traders are {\bf{taxed}} on business profits under income tax rules, with no corporation tax or dividends.} \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
\mymulticolumn{2}{x{3.833cm}}{- Income tax is {\bf{20\%}} on profits.} \tn 
% Row Count 4 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}