taxation

• Property tax is a tax imposed on the value of real estate or personal property.
• Corporation Tax is charged on profits made by limited companies.
• Income Tax is paid on the money earned from employment or self-employment, as well as other sources such as rental income, dividends, interest, pensions, and savings accounts.
• The main types of taxes are income tax, corporation tax, capital gains tax, inheritance tax, stamp duty land tax (SDLT), value added tax (VAT) and national insurance contributions.
• Practicality - The tax system should be simple and inexpensive to administer.
• Income tax is a tax imposed on individuals or entities that varies with respective income or profits.
• Equity - Taxpayers with equal ability to pay should bear equal tax burdens.
• Efficiency - The tax system should minimize compliance costs.
• Equity - Taxpayers with equal ability to pay should bear equal tax burdens.
• Sales tax is a tax imposed on the sale or purchase of goods and services.
• Income tax is a tax levied on income earned by individuals, corporations, partnerships, trusts, estates, and other entities.
• Sales tax is a consumption tax that applies to goods and services sold within a jurisdiction.
• Corporate taxes are paid by companies to the government based on their profits.
• Capital Gains Tax applies to gains made when selling an asset that has increased in value since it was purchased.
• VAT is a consumption tax added onto goods and services at every stage of production and distribution until they reach the final consumer.
• Value Added Tax (VAT) is an indirect tax levied at every stage of production and distribution of goods and services.
• Capital Gains Tax is payable when an asset is sold at a profit.
• Property tax is an ad valorem tax based on the value of real estate property.
• Excise taxes are specific taxes applied to certain products such as tobacco, alcoholic beverages, gasoline, and luxury items.
• Property taxes are collected from property owners as a percentage of the value of their properties.
• Property tax is an annual levy charged against real estate property owners based on the value of their properties.
• Property Taxes are collected by local governments as a source of revenue to fund public services such as schools, police departments, fire protection, parks, libraries, and more.