Taxes Things Flashcards
(7 cards)
1
Q
Financial acumen
A
Understand how finances work
2
Q
Income tax
A
Tax paid on income
3
Q
How much do you need to earn to pay income tax
A
£12,570 yearly
4
Q
Basic rate
A
20%
Earn 12,570-50,270
5
Q
High rate
A
40%
50,270-125,140
6
Q
Additional rate
A
45%
125,140+
7
Q
VAT rates
(Not 100% required)
A
20% standard- basic services
5% reduced- energy saving and child car seat
0% basic food
