UK Tax Liabilities: A Comprehensive Overview
The United Kingdom has a complex tax system, and understanding tax liabilities can be a difficult task. This article will provide a comprehensive overview of the UK tax liabilities, to help individuals and businesses better understand their tax obligations.
Income Tax: Who Must Pay and How Much
Income tax is the most common form of taxation in the UK. All individuals and businesses must pay income tax, and the amount due depends on the type of income and the individual or business’s income bracket. This article will explain how to calculate income tax and how to file a return.
Corporation Tax: What is it and Who Must Pay
Corporation tax is a tax paid by businesses on their profits. It is separate from income tax and is usually a flat rate. This article will explain who must pay corporation tax, how to calculate it, and any available exemptions.
VAT: Who Must Pay and How Much
Value-added tax (VAT) is a consumption tax applied to the sale of goods and services. All businesses must register for VAT if their turnover exceeds a certain threshold. This article will explain who must pay VAT, how to calculate it, and how to register for it.
Capital Gains Tax: What is it and Who Must Pay
Capital gains tax is a tax on the profits made from the sale of assets. It is separate from income tax and is usually a flat rate. This article will explain who must pay capital gains tax, how to calculate it, and any available exemptions.
Inheritance Tax: What is it and Who Must Pay
Inheritance tax is a tax on the assets of an individual who has passed away. It is separate from income tax and is usually a flat rate. This article will explain who must pay inheritance tax, how to calculate it, and any available exemptions.
Stamp Duty: What is it and Who Must Pay
Stamp duty is a tax on the purchase of certain assets, such as property and shares. It is separate from income tax and is usually a flat rate. This article will explain who must pay stamp duty, how to calculate it, and any available exemptions.
