The laws of taxation
Few words strike more fear into the heart of mankind than tax.
Essentially a citizen’s regular compulsory donation to the government, the penalties for not paying taxes are heavy and therefore you should be on top of tax law both in your commercial and private dealings. Making allowances for tax should also play a big part in the management of your finances, whether personal or business-related.
Tax is usually charged as percentage, thus more money is taken by the government from the wealthy. In the UK tax is levied on property, income and inheritance, for example.
Of course, with such a wide range of different taxes, all with their difference characteristics and nuances, handling tax can be something of a minefield. We have endeavoured to cover all the major types of tax in this section.
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Tax is a contribution to the state and incurs serious consequences for non-payment. However, it is possible to save on taxes legally.Find out more
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