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Tax types Flashcards

(7 cards)

1
Q

Definition of income tax

A

A tax you pay on your income. The more you earn, the more you pay.

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2
Q

Definition of National insurance

A

A tax on earnings and self-employed profits. It allows you to qualify for certain benefits including the State Pension.

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3
Q

Definition of corporation tax

A

A tax your company or association pays to HM Revenue and Customs (HMRC) on profits.

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4
Q

Definition of property tax

A

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

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5
Q

Definition of inheritance tax

A

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.

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6
Q

Definition of VAT

A

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

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7
Q

Definition of council tax

A

An annual tax you pay to your local council. The cost is set by your council and goes towards funding local services. A portion of the tax is also used to help fund the police and fire rescue services.

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