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Taxation - Essay Example

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The second largest source of government revenue is National Insurance Contributions. The third largest source of government revenues is value added tax (VAT),…
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Taxation
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Taxation

Hence the 2009-10 tax year ran from 6 April 2009 to 5 April 2010. The tax year is sometimes also called the Fiscal Year. The Financial Year, used mainly for corporation tax purposes, runs from 1 April to 31 March. Financial Year 2010 runs from 1 April 2010 to 31 March 2011, as Financial Years are named according to the calendar year in which they start.
Income tax liabilities of individuals: For individuals this means the UK income tax liability of one who is neither resident nor ordinarily resident in the UK is limited to any tax deducted at source on UK income, together with tax on income from a trade or profession carried on through a permanent establishment in the UK and tax on rental income from UK real estate. Individuals who are both resident and domiciled in the UK are additionally liable to taxation on their worldwide income and gains.
Each person has an income tax personal allowance, and income up to this amount in each tax year is free of tax for everyone. For 2010-11 the tax allowance for under 65s is £6,475 which was raised to £7,475 on 22 June 2010. There are three slabs for rate of taxes – basic rate for the slab £0-£37,400 is 20%, above £37,400 is 40% and above £150000 is 50%.
The taxpayers income is assessed for tax according to a prescribed order, with income from employment using up the personal allowance and being taxed first, followed by savings income (from interest or otherwise unearned) and then dividends.
On Employees: Employees pay National Insurance contributions to build up their entitlement to certain state benefits, including the State Pension. The contributions they pay depend on how much they earn and whether they are employed or self-employed. Employees stop paying National Insurance contributions when they reach State Pension age. They pay National Insurance contributions if they are an employee or self-employed and they are aged ... Read More
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