Essay on Taxation and Records

Essay on Taxation and Records Essay on Taxation and Records A general guide to keeping records for your tax return RK BK1 Contents Introduction 3 Why good record keeping helps you 3 Records you should keep 4 How long to keep your records 4 If you keep your records on computer 5 What you should do if your records are lost or destroyed 5 11 3 What happens if you don’t keep adequate records If you run a business or work for yourself Examples of the types of records you will need to keep 5 If you claim personal allowances, other deductions or reliefs If you are an employee, a director, or an office holder If you receive any form of social security benefits or a UK pension 5 6 Common points of difficulty 14 Motor vehicles and other assets used for business and private purposes 14 Claiming losses for capital gains purposes – time limits 14 Examples of records recommended for different types of business 15 Retail shop 15 Subcontractors in the construction industry 16 Manufacturing firm (limited company) 17 9 More information 18 If you receive interest, dividends or other income from UK savings, annuity investments or trusts 9 Your rights and obligations 19 If you are in a share scheme or receive share-related benefits 9 Putting things right 19 If you have other income in the UK or foreign income or gains 10 If you have capital gains or claim capital losses 10 We have a range of services for people with disabilities, including guidance in Braille, audio and large print. Most of our products are also available in large print. Please contact us on any of our phone helplines if you need these services. 2 Introduction This guide gives you general advice about what records you need to keep for tax purposes and how long to keep them. It gives some examples of typical records you may need if you’re: completing a Self Assessment tax return making a claim, for example, for tax allowances or tax credits keeping business records employing others completing a Company Tax Return. Why good record keeping helps you Whatever records you keep, it makes sense to organise and keep them in an orderly fashion. This will help you and your accountant (if you have one) as well as us, if we need to ask you anything. If you’re starting a business, help keep it on the right track by keeping good records from the beginning and you’ll find it easier to keep your affairs up to date. Records you should keep You should keep any records and documents that you have received, or have prepared, that will be used to complete entries in your Self Assessment or Company Tax Return, or your claim form if you’re claiming benefits or allowances. Most of these records will be from the tax year or accounting period to which they relate, or soon afterwards. However, you will sometimes need to refer to records that are already several years old. For example, if you dispose of an asset (such as land, shares or a valuable chattel, for instance a painting) that you have owned for a long time, you may need to have older records to calculate a capital gain or loss – read If you have capital gains or claim capital losses on page 10 of this guide, or go to www.hmrc.gov.uk/cgt/intro/record-keeping.htm The need to refer to old records can arise in other circumstances, so please bear this in mind as you read this booklet. You may have already discarded any records relating to events that happened before April 1996, as there was previously no obligation to keep them. It does not matter if you have not kept such items, but you should hold on to any such records that you still have and which may be relevant in future. For more information on record keeping for companies, go to www.hmrc.gov.uk/ct/managing/record-keeping.htm 3 What happens if you don’t keep adequate records If we need to check your tax return for any

What You Need to Know About Consecutive Numbers

What You Need to Know About Consecutive Numbers The concept of consecutive numbers may seem straightforward, but if you search the internet, youll find slightly differing views about what this term means. Consecutive numbers  are numbers that follow each other in order from smallest to largest, in regular counting order, notes  Study.com. Put another way,  consecutive numbers are numbers that  follow each other in order, without gaps, from smallest to largest, according to  MathIsFun. And  Wolfram MathWorld  notes: Consecutive numbers (or more properly, consecutive  Ã¢â‚¬â€¹integers) are integers n1  and n2  such that n2–n1   1 such that n2 follows immediately after n1.​ Algebra problems often ask about properties of consecutive odd or even numbers, or consecutive numbers that increase by multiples of three, such as 3, 6, 9, 12. Learning about consecutive numbers, then, is a bit trickier than is at first apparent. Yet it is an important concept to understand in math, particularly in algebra. Consecutive Number Basics The numbers 3, 6, 9 are not consecutive numbers, but they are consecutive multiples of 3, which means that the numbers are adjacent integers. A problem may ask about consecutive even numbers- 2, 4, 6, 8, 10- or consecutive odd numbers- 13, 15, 17- where you take one even number and then the very next even number after that or one odd number and the very next odd number. To represent consecutive numbers algebraically, let one of the numbers be x. Then  the next consecutive numbers would be x 1, x 2, and x 3. If the question calls for consecutive even numbers, you would have to ensure that the first number you choose is even. You can do this by letting the first number be 2x instead of x. Take care when selecting the next consecutive even number, though. It is  not  2x 1 since that would not be an even number. Instead, your next even numbers would be 2x 2,  2x 4, and 2x 6. Similarly, consecutive odd numbers would take the form: 2x 1, 2x 3, and 2x 5. Examples of Consecutive Numbers Suppose the sum of two consecutive numbers is 13. What are the numbers? To solve the problem, let the first number be x and the second number be x 1. Then: x ( x 1) 132x 1 132x 12x 6 So, your numbers are 6 and 7. An Alternate Calculation Suppose you had chosen your consecutive numbers differently from the start. In that case, let the first number be x - 3, and the second number be x - 4. These numbers are still consecutive numbers: one comes directly after the other, as follows: (x - 3) (x - 4) 132x - 7 132x 20x 10 Here  you find that x equals 10, while in the previous problem, x was equal to 6. To clear up this seeming discrepancy, substitute 10 for x, as follows: 10 - 3 710 - 4 6 You then have the same answer as in the previous problem. Sometimes  it may be easier if you choose different variables for your consecutive numbers. For example, if you had a problem involving the product of five consecutive numbers, you could calculate it using either of the following two methods: x (x 1) (x 2) (x 3) (x 4)or(x - 2) (x - 1) (x) (x 1) (x 2) The second equation is easier to calculate, however, because it can take advantage of the properties of the  difference of squares. Consecutive Number Questions Try these consecutive number problems. Even if you can figure out some of them without the methods discussed previously, try them using consecutive variables for practice: Four consecutive even numbers have a sum of 92. What are the numbers?Five consecutive numbers have a sum of zero. What are the numbers?Two consecutive odd numbers have a product of 35. What are the numbers?Three consecutive multiples of five have a sum of 75. What are the numbers?The product of two consecutive numbers is 12. What are the numbers?If the sum of four consecutive integers is 46, what are the numbers?The sum of five consecutive even integers is 50. What are the numbers?If you subtract the sum of two consecutive numbers from the product of the same two numbers, the answer is 5. What are the numbers?Do there exist two consecutive odd numbers with a product of 52?Do there exist seven consecutive integers with a sum of 130? Solutions 20, 22, 24, 26-2, -1, 0, 1, 25, 720, 25, 303, 410, 11, 12, 136, 8, 10, 12, 14-2 and -1 OR 3 and 4No. Setting up equations and solving leads to a non-integer solution for x.No. Setting up equations and solving leads to a non-integer solution for x.