Written By: Jason Bright
The rate of council tax a property has to pay is decided by which council tax banding it is in. This means that a number of properties on a street can all be in a different council tax banding depending on the value of the property. The council tax band is sometimes referred to as the “valuation band.”
Written By: Jason Bright
Calculating tax can sometimes be complicated and an expensive process if the calculation is wrong. If tax is calculated wrong it could mean paying too much or too little tax. If too little tax is paid there can be subsequent fines and even imprisonment for serious offences.
Written By: Jason Bright
Council tax helps pay for local services such as police, education and rubbish collection. Council tax is payable for all domestic properties, whether owned or rented.
Written By: Jason Bright
Under UK law almost every car that is on the road must pay car tax which is sometimes called road tax or Vehicle Excise Duty (VED. There have been numerous of changes to the car tax system and there are further changes that will be implemented.
Written By: Jason Bright
Tax credits are payments from the government and are designed to help people who are on a low income, meaning that some people not only pay no tax but also get payments from the government to help them.
Written By: Jason Bright
Inheritance tax (IHT) applies when someone receives money which was passed on by someone who has died. Inheritance tax is a form of transfer tax. When someone dies their belongings, often referred to as the estate is usually left to someone by a will or passes automatically to a family or spouse if there is no will. The estate can include property and the contents as well as any money that was owned.
Written By: Jason Bright
Stamp duty is a form of tax that used to apply to all purchases of property or shares. It is now the case that there are 2 different types of stamp duty. The official title for stamp duty in land transactions is Stamp Duty Land Tax (SDLT). This is almost always paid when a property is purchased.
Written By: Jason Bright
Tax is a compulsory contribution to the state. If not paid correctly there can be serious consequences. However, it is a recognised profession for people and businesses to find ways to avoid paying tax. There are solicitors and accountants who can give advice on the best way to save on taxes through legal ways.
Written By: Jason Bright
Being a tax solicitor is a profession in itself. Not only do tax solicitors need to be up to date with the law but also good with numbers and forms. A tax solicitors job involves interpreting tax law and then applying it to tax situations such as buying property.
Written By: Jason Bright
The Inland Revenue in the UK is responsible for collecting direct and indirect taxation. This can include Income Tax, National Insurance, Capital Gains Tax, Stamp Duty Land Tax and Corporation Tax.