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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. Meady

    End of year tax books

    I do my end of year books myself and don't use an accountant, and I was just wondering today that when you do your ccn1 +appliances you can take the cost of the course off of your earnings, but can you also book down the loss of earnings from not being at work for the time you are there? Cheers
  2. V

    Tax Return, The Pressure is ON

    Have been meaning to submit my Tax Returns but just kept postponding it. So yesterday when I got back home, I decided to go through with the submission and payment. BUT I CANNOT FIND MY GATEWAY ID & PASSWORD???? I know exactly where I always leave it, but now there is no trace of it? There...
  3. A

    Sold my motorbike, am i ok to put the cash in the bank (tax)

    Ok I sold my motorbike this weekend and these questions might seem stupid but I don't know The lad gave me cash. Do I have to pay tax on this? I want to put the money in the bank but don't want it to look like I'm getting cash from jobs and not paying tax. I'm thinking that it should be...
  4. W

    Road tax changes: how DVLA's new system will work without tax discs

    Road tax changes: how the new system will work without tax discs | News | The Week UK
  5. W

    Is some part of the cost of a second van tax deductible?

    * EDIT: (thread title should read) Is some part of the cost of outright buying a second hand van tax deductible? I've heard you can claim for all or some of hire purchase but if you just buy a van for a couple of grand in one go, second hand, can you claim some back? If so I guess it'd be best...
  6. R

    Tax advice please

    Hi Friends So I'm looking at getting a new van/pick up - maybe. Ads keep saying things like flat rate tax for company users? What does it mean please? Thanks Rct
  7. R

    tax rebate

    friend as mentioned i did my self assessment tax return last week. received my tax rebate today, not a great deal but better in my bank than theirs. they said 6 day to get to me and i think its on the button. Rct
  8. jtsplumbing

    Tax refund scam warning

    Hi guys, just received a second email claiming to be from HMRC, saying that I am due a Tax refund ! Please fill in the attached form, when you open it up it is a form requesting all your Credit Card information, Never known HMRC to do this , I think this could be a Massive scam ! Give them the...
  9. A

    Tax return due, some advice please

    Hi Got a letter through from HMRC today saying I need to complete a tax return for April 2013 - April 2014. I have until October 31st for paper copy or jan 31st if doing online. Plenty of time. I wanted to get some advice as I have never done one before, most lads I know who work on a self...
  10. R

    Tax returns

    Friends Does HMRC contact you when they want you to do your yearly returns? Cheers Rct
  11. R

    Tax on a tax on a tax!

    This one grinds my corn. As referred to in another thread, we signed a lease on some buildings last week. For the privilege of signing that lease, we have to pay HMRC a tax - Stamp Duty Land Tax (SDLT) The amount of SDLT depends on the value of the lease. Now, commercial leases sometimes...
  12. plumb_know

    Allowing for tax, national insurance etc

    Hi everyone, as as you may have seen from previous posts I have recently gone self employed and I am just trying to get my pricing right. I have got my day rate and hourly rate but am not sure what I should be allowing for in the way of tax, national insurance contributions etc? Should I be...
  13. K

    Tax rebate

    Did I mention to you boys and girls that I got a tax rebate cheque in the other week for just under £1600? Just to add that this week I got another rebate for just over £1400, so I'm well chuffed haha
  14. hammers4spanner

    tax evasion

    just found out a friend of mine a plumber as well has been done for tax evasion , Apparently they had been watching him for last few months how he operates his business and have back dated unpaid tax for the last few years and also fined him as well as a penalty tax. He has always declared a...
  15. R

    Tax questions

    Friends I have some tax questions that you may or may not know! Here goes:- 1). I believe you can carry a loss forward to the next year. Any comments? 2). After being employed and now self employed, if someone makes a loss can they claim against their previous years income tax for a rebate...
  16. B

    tax rtn

    I normaly do my own books and then just take them to local city tax shop to do the rtn part on line for me normaly £100 but saves me the hassel.but this time they say the tax office has changed the rules and they have to confirm every receipt - there is no way for the £100 they will check every...
  17. L

    tax free child care scheme

    why the hell does some one earning £150000 deserve free child care and why doesnt a single working parent qualify for it. MPs why cant we bin the lot in the north sea and start again!!!
  18. L

    cis tax scheme

    I'm not trying to flog anything but just wondering how many peeps out there get paid under the cis scheme most of the time and do they complete any tax returns each year. Theres an awful lot of brickies and plumbers who are paid as subbies but dont claim back any tax at the end of the year and...
  19. B

    van tax

    can anyone explain the tax on vans - is it better to run an old van or a new van or lease ? currently running an old combo
  20. C

    Bedroom Tax

    Just a wee ditty which rings true... Older guys will recognise the tune. https://www.************/video/embed?video_id=10151820971215830
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