Search results
Results from the WOW.Com Content Network
The standard form in use is the SA100, complete with additional sheets for particular sources of income. A short tax return, form SA200, is available for those with incomes below £30,000. HMRC selects those who can complete a SA200. The tax year runs from 6 April to 5 April.
The Office for National Statistics report showed that in 2009/10 the poorest 20% spent 8.7% of their gross income on VAT, whereas the richest 20% spent only 4.0% of their gross income on VAT. [57] Similarly, the poorest 20% spent 9.7% of their disposable income on VAT, whereas the richest 20% spent only 5.2% of their disposable income on VAT. [57]
A commonly cited example is that luncheon vouchers are subject to an income tax concession of up to 15p per day under an extra statutory concession. Although they do not form part of either primary or subsidiary legislation , extra-statutory concessions are highly formalised, and are indirectly enforceable by means of judicial review .
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
For income tax, the quarterly updates will provide the totals of income and expenses, and an end-of-period statement must be submitted for each tax year. This statement must be submitted by the 31 January following the end of the tax year, and may include accounting adjustments and claims for reliefs or allowances.
VAT is paid on its purchases this is called input tax they also charge tax on sales this is called output tax; if a business gains more output tax from what it pays in input then it must pay the difference, if the business receives more input than output then HMRC will pay the difference.
Overseas property income and income of a wholly overseas trade are calculated in the same way as Schedule A and Case I of Schedule D income respectively. Overseas dividend income is usually accounted for and taxed on a receipts basis. Double tax relief (see below) may be available where the overseas income has suffered foreign tax.
For example, a book manufacturer in Ireland who purchases paper including VAT at the 23% rate [28] and sells books at the 0% rate [29] is entitled to reclaim the VAT on the purchase of paper, as the business is making taxable supplies. In countries like Sweden and Finland, non-profit organisations such as sports clubs are exempt from all VAT ...