government funding Flashcards
1
Q
What is income tax
A
A tax you pay on your income. the more you earn the more you pay.
2
Q
What is national insurance
A
A tax on earnings and self-employed profits. it allows you to qualify for certain benefits including the state pension
3
Q
What is corporation tax
A
A tax your company or association pays to HM revenue and customs on profits
4
Q
property tax
A
A tax that’s is based on the value of property. The more valuable a property is, the more tax the owner will have to pay
5
Q
inheritance tax
A
A tax on the estate of someone who died. you don’t have to pay this if the value of your estate is below 325,000
6
Q
VAT
A
A tax added to most products and services sold by businesses
7
Q
Council tax
A
