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tax

A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national). A failure to pay in a timely manner, along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. The first known taxation took place in Ancient Egypt around 3000–2800 BC.
Most countries have a tax system in place, in order to pay for public, common, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts. Most countries charge a tax on an individual's income as well as on corporate income. Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, use taxes, payroll taxes, duties and/or tariffs.
In economic terms, taxation transfers wealth from households or businesses to the government. This has effects that can both increase and reduce economic growth and economic welfare. Consequently, taxation is a highly debated topic.

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  1. D

    New van - tax efficient?

    Hi Folks, advice needed here... I am a 51 yr old leak detection engineer/plumber 2 years into self employment which i am loving. To get going I bought a 61 plate transit which has been great but is now off the road for a few weeks at least - which now that i am established and making decent...
  2. H

    Started plumbing apprenticeship - should I be paying income tax?

    Hello! I've recently started an apprenticeship with a local plumbing company and had a super quick question. do I have to pay any income tax on the money I make? I'll know exactly what I'll be paid at the end of this month but I don't think it'll be a huge amount because I make about £140 a...
  3. king of pipes

    Invoicing,quoteing, tax records.

    Making the most of the time off doing my tax return due the 31st Of Jan , not great at keeping records never enough hours in a day but get there in the end, thinking of gettting some software to speed this up a bit in the newyear but a complete novice so dont want to get something thats not...
  4. C

    Tax compliance investigation

    Hi Guys just after some advice if anyone has been subject to a hmrc full compliance tax investigation Just had the letter through this morning. Has anybody had one and how did it go! My books are pritty organised for a sole trader All receipts present and all income paperwork present...
  5. Scott_D

    Tax, CIS and materials

    Got some work to do for a builder who wants to deduct 20% at source Im fine with this for labour but what happens about materials that I Buy?
  6. F

    Quick question regarding tax

    Hi all Just got a quick question regarding tax on an invoice. Just to clarify Im not VAT registered. On my invoices i list materials and labour. My question is, is my tax added purely on the labour on my invoices? Ie: Materials £100 Labour £50 Tax @ 20% (on labour) £10 Total due £160 Or...
  7. W

    Tax return materials connundrum.

    You declare your income and you submit all your material receipts. But most people end up with a lot of materials on the van. They already claimed the full cost of which offset against their earnings. Presumably this evens out because you then use them up next year, have less material receipts...
  8. hammers4spanner

    Tax returns

    Anyone know if these are still going quarterly ? Or did it fade out?
  9. M

    Tax query advice

    Hi all. I've recently gone self employed and I'm currently subbying to a firm who tax me at source. My question is, can I check on the Direct.Gov website if this is actually being paid on my behalf?
  10. P

    10 grand tax bill, is this normal

    Evening gents, as a one man band is paying around 10 grand tax every year normal? Am I too honest? I had this to pay last year and I know it will be more this year, its like everything I earn from now to Dec will just be for tax for the dole dossers to go on holiday with. Cant be right? Yes I...
  11. M

    Woop! Woop! I've got a tax refund!

    Legit Tax Letter Of The Day | The Poke
  12. L

    Council Tax!!!!!!!!!!!!!!!!!!!!!!!!!

    I have a flat with damp problems, the tenants after 5 years have poked off so I decided to cure this damp once and for all, being as the tenants had hidden it behind book shelves etc and not told me about it. So investigating away discovered an old flue liner still in the chimney, despite...
  13. W

    Is your standard accountant bill 100% tax deductable?

    As in few hundred, you give them all your nicely ordered paperwork and spreadsheets, they fill in the return type thing?
  14. P

    Will a new van this year wipe out my tax bill for 2016?

    No good ever came of opening a brown envelope, I have tax bill that's about as much as a new van and my ten year old Combo is on its last legs.
  15. W

    Why do companies pay tax?

    Why don't they calculate in advance what is due and spend it all on training/expansion/equipment? Is there a law against this?
  16. M

    Tax refund!!!!

    Whoop whoop!!! :)
  17. hammers4spanner

    tax

    Does anyone know if the govt have increased what we are getting taxed in our wages since the last financial year?Heard a few people suddenly moaning saying they are getting taxed more in the weekly wage since april , can't say have read or heard anything myself.
  18. R

    Tax returns

    So Friends it's that time of year again. I can't remember if HMRC sends email reminders about this? I do mine online & have already done my books, all simple for me as no vat etc. I'd rather get them submitted & sorted. Happy Easter all
  19. AlexGas

    Real-time online accounts to replace annual tax returns...

    From BBC news: End-of-year paper tax returns will be scrapped in favour of "real-time" online accounts by 2020, Chancellor George Osborne announced. The Budget confirmed plans to switch to "digital tax accounts" by 2020, ending the annual rush to file a tax return. Instead, individuals and...
  20. D

    Tenner this when doing your tax returns

    Came across this on Facebook made me smile and absolutely bang on
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