UK TAX SYSTEM
The HMRC is responsible for collection and administering of taxes.
Some taxes in UK
- Income taxes-Personal and Corporate taxes
- Property taxes
- Inheritance taxes(uk)
- National insurance.
- Gift taxes
- Capital gain taxes
- VAT
- Business rate
- Council tax
- Excise duty
- Motoring duty
- Stamp duty
- Others (yet to be updated)
1.a.PERSONAL INCOME TAXES are paid by individuals. There are personal income tax relieve of 12,570GBP as at 2022. Income above some bands are exempted from personal income tax relieve
RATE ARE AS FOLLOWS (AS AT 2022)
0 TO 12,570GBP 0%
12,571 TO 50,270GBP 20%
50,271 TO 150,000 GBP 40%
OVER 150,000 GBP 45%
1.b.CORPORATE TAXES – These are taxes charged on the profit of taxes of a corporation. The taxes rate vary from year to year.
A. INTERNATIONAL TAX SYSTEM B.TAX SOFTWARE
C.BUSINESS AND INFORMATION TECHNOLOGY BOOKS
D.ACCOUNTING TEMPLATE AND SOFTWARE
Disclaimer: Obi Azubuike is not by this publication(or post) acting as a professional advisers and therefore not liable for any damage whatsoever for your acting or refraining to act based on this publication(post). Consult your professional for advice.