F6 - Taxation Flashcards
1
Q
What is income tax?
A
The tax you pay on the money you earn.
2
Q
What is the value of personal allowance?
A
£10,600
3
Q
Tax bracket between £0-£31,785 (ignore the concept of personal allowance)
A
20%
4
Q
Tax bracket between £31,786-£150,000
A
40%
5
Q
Tax bracket for over £150,000
A
45%
6
Q
What is national insurance?
A
A contribution you pay for certain state benefits
7
Q
What does VAT stand for?
A
Value Added Tax
8
Q
What is VAT?
A
A tax on most goods and services
