Business Flashcards
What is direct tax
It is a tax that is packed on income as it earns E.g. PAYE
What is indirect tax
Is tax spent on goods and services e.g VAT
What is income tax
Income tax is a deducted at source,it is a tax that is calculated and submitted by the employer to revenue
What is self assessment income tax
People that are self employed can not be taxed under the PAYE system. They do the tax calculation and submission themself and these are regularly checked by revenue which are called tax audits
USC
Universal social charge
VAT
Value added to goods it is tax on goods on services the current rate is 23%
Customs duties
A tax that you pay for goods being imported to Ireland
Exercise duties
It is a tax added on certain goods eg alcohol tobacco moter oil natural heating oil solid fuel (coal)
CAT
capital acquisitions tax. It is a tax payed with inheritance and gifts
LPT
local property tax, a tax payed when you own residential property
Moter tax
A tax you pay when you own a car
VRT
Vechicale registered tax it is a once of tax you pay when you buying and registering a car or moter cycle in the state
DIRT
deposit interest retention tax. A tax interest and earned savings
CGT
capital gains tax, profits earned from sales of assets such as property
