Government funding/tax Flashcards
what % is capital taxes in government funding
4%
what % is other taxes/royalties in government funding
5%
what % is company taxes in government funding
6%
what % is business rate/council tax in government funding
9%
what % is other indirect taxes in government funding
11%
what % is VAT in government funding
17%
what % is national insurance contributions in government funding
20%
what % is income tax in government funding
27%
Income tax
A tax you pay on your income. The more your earn the more you pay.
National insurance
A tax on earnings and self-employed profits. It allows you to qualify for certain benefits including the 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 has to pay
inheritance tax
A tax on the estate (the property, money and possessions) of someone who’s 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 businesses. Businesses have to register for this of their taxable turnover is more that £90,000
Council tax
An annual tax you pay to your local council. The cost is set by you r council and goes towards funding local services. A portion of the tax is also used to help fund the police and fire and rescue services.
