Austerity Flashcards
Income tax
A tex you pay on your income. The more you earn. the more you pay.
National insurance
A tax on earing’s and self -employed profits. it allows you to qualify for certain benefits including state pension
corporation tax
A tax your company or association pays to HM revenue and customs (HMRC) on profits.
Property tax
A tax that is based on the value of a property. The more valuable a property is, the more tax the owner will have to pay
Inheritance tax
a tax on the estate (The property, money and possessions) of someone who died. You don’t have to pay this if the value of your estate is below £325,000
VAT
A tax added to most products and services sold by business. Businesses have to register for this if their taxable turnover is more than £90,000
Council tax
An annual tax you pay to your local council. The cost is set by your council and goes towards funding local services. A portion of the tax is also used to help fund the police and firer and rescue services.
