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tax

A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national). A failure to pay in a timely manner, along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. The first known taxation took place in Ancient Egypt around 3000–2800 BC.
Most countries have a tax system in place, in order to pay for public, common, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but most scale taxes are progressive based on brackets of annual income amounts. Most countries charge a tax on an individual's income as well as on corporate income. Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, use taxes, payroll taxes, duties and/or tariffs.
In economic terms, taxation transfers wealth from households or businesses to the government. This has effects that can both increase and reduce economic growth and economic welfare. Consequently, taxation is a highly debated topic.

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  1. W

    **** Tax

    That's what I write in the column of my notes for quotes if the person is a ****. It reminds me to add on x amount to quote to recompense me for the ball-ache of suffering their antics. This morning I met a woman who responded to my suggestion she consider new taps as if I suggested she hand...
  2. Z

    Car tax

    My missus being the bright spark she is forgot to tax the car which runs out today. Post office shut tomorrow as its a bank holiday and can't do it online as we have just moved address. Anyone know how we can sort this?
  3. V

    Tax returns online

    As the end of the financial year is looming and all our accounts are due :-( I was just wondering if any of you boys do yours yourselves online? ive always used an accountant but he's passed away this year and thought if its easy enough I'd give it a go online. Is it as straight forward as...
  4. S

    Tax issues, please help!

    I realise this is more for an acountant to answer but I hope someone can make it a bit clearer. have recently become VAT registered and I employ 2 people. I am registered as a sole trader. If I were to charge £40 plus VAT I would charge the customer £48. the £8 VAT would then go quarterley to...
  5. P

    Behind the Government's rhetoric about getting tough on tax avoidance...

    While Cameron talks tough on tax avoidance, his Government is working with the companies who do it in designing tax avoidance schemes. This Radio 4 program is well worth a listen if you want to know more. BBC Radio 4 - File on 4, Taxing Questions The subject also had an airing in BBC TV Daily...
  6. P

    Tax dodging plumbers to be targeted in new crack down by prosecutors

    Here they go again attacking us hard working plumbers for grafting are arses off! Why are we always the ones to get it in the neck!! They think we are all millionaires with off shore bank accounts! We pay are taxes like everyone else and still they are not satisfied! All they are are money...
  7. SimonG

    Tax Return

    Well it's that time of year where my pile of rubbish, sorry, business critical documentation becomes my tax return. So It's all spread across the dining room table, wife comes in and asks what am I doing. My tax, 'oh' she says, 'with me selling my business I won't have to do one will I', and in...
  8. V

    Tax Relief and payable tax

    Evening all. I have spoken to a mortgage advisor today and have been told I have to earn 35k this year after expenses to obtain the mortgage I need. Ill get to the magic 35k figure, even if it means not putting all my spend through. To get my house I need 15% deposit, I have money saved...
  9. V

    HMRC tax return details

    Hi all. Ive just spoken to the mortgage lady and she's told me what I need to bring to her for mortgage advice etc etc. basically I need some sort of p46 like what you get when your employed to say how much I earnt last year and the year before. I have the year before lasts from the...
  10. P

    The Tax Haven Twins - Panorama 8.30 BBC 1 tonight (Mon 17.12.2012)

    Why has no corporation tax been paid re the Ritz Hotel over the past 17 years? The Tax Haven Twins - Panorama 8.30 BBC 1 tonight (Mon 17.12.2012) BBC One - Panorama, The Tax Haven Twins Let's hope the BBC have got their facts right this time, otherwise this could cost them - I mean: us, of...
  11. A

    Star Bucks, tax dodging scum??

    so they have said they are going to now pay £20m over the next 2 years in tax. so how do they decide how much tax they are going to pay in advance? surley it should be based on profit? or have they just decide'd what there next two years accounts and profit will look like?......... maybe they...
  12. S

    Damn this tax system

    I've got a couple of relatives that have come back into this country after spending the last 5 years in New Zealand, they've returned and within 2 weeks of moving into the new house they get a letter from the tax muppets for tax returns for the last 5 years! They've explained and had to prove...
  13. R

    new van tax deduction

    when you outlay cash for a new van/works vehicle, can you deduct all of the purchase price on that years tax return?. someone told me you cant!!.:whatchutalkingabout
  14. G

    Tax refunds

    I've had this link on my FB page for a few weeks: plumbers tax refunds & tax rebates | CIS and PAYE | construction worker tradesmen They claim that many of us are entitled to £2500. Thought it might be of interest.
  15. S

    Tax Question

    I know this is not really the correct forum to use but thought this the best place I know. This might a very stupid question but I will ask it anyways. I recently put a quote in for a guy I do quite a bit of work for. Never had no hassle been paid etc etc. I got the job I priced for but now...
  16. cr0ft

    Would you shop someone working at weekends and not declaring tax?

    Wondered what you guys would do. A local person I've heard of is working a Mon-Fri job and working in holidays etc at really cheap rates. I am 99% sure they are not declaring tax and undercutting local tradesmen for this reason. Obviously you can't be 100% sure but what would you guys do in...
  17. S

    tax issues, dont get it?

    Hopefully someone can explain this to me as I am unsure what I should be doing tax wise. I am employed and registered as self employed also. I have all my paperwork sorted into files etc but have not had to fill in a tax return yet. I am getting an acountant to sort this out. The thing I dont...
  18. M

    Someone didn't pay their tax!

    Plumber sentenced after £112k tax fraud probe (From Daily Echo)
  19. S

    Tax Vouchers

    hi , just need a bit of advice .Did a job for builder last year and now i am ringing him and sending text messages but he is not answering his phone ! I know for 100% he has not changed his number ! I am after my tax papers from him ! what should i do any suggestions anyone , anyone has had...
  20. J

    Paying tax for hiring an apprentice

    Hi all, Being self-employed, would you pay national insurance for hiring a level 3 apprentice? Does the gov offer any sort of relief to encourage people to hire apprentices? Cheers!
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