The government

Question 1

what is income tax?

Answer 1

a tax you pay on your income, the more you earn, the more you pay

Question 2

what is national insurance?

Answer 2

a taxon earnings and self employed profits. it allows you to qualify for certain benefits including the state pension

Question 3

what is property tax?

Answer 3

a tax that is based on the value of property. the more valuable the property is, the more tax the owner will have to pay

Question 4

what is corporation tax?

Answer 4

a tax your company or association pays to HM revenue and customs (HMRC) on profits

Question 5

what is inheritance tax?

Answer 5

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

Question 6

what is VAT?

Answer 6

a tax added to most products and services sold by businesses. Businesses have to register for this if their taxable turnover is more than £90,000