BNW - Accountants & Tax Consultants

BNW - Accountants & Tax Consultants

Category: Content
Type: Blog Article

Generated 3 weeks ago

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  • A Brief Introduction of UK Taxation System

    UK government collects revenues mainly from: Income tax, National Insurance contributions, Value added tax (VAT), and Corporation tax. Income Tax An income tax is a tax that governments impose on income generated by individuals or entities i.e. wages, salaries, commissions, dividends, interests, rents etc. Income Tax year starts from 6 April and ends on 5 April of the following year. Each person...

  • VAT margin schemes

    VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather than the full selling price. You pay VAT at 16.67% (one-sixth) on the difference. You can choose to use a margin scheme when you sell: ● Second-hand goods ● Works of art ● Antiques ● Collectors’ items You can’t use a margin scheme for:                       ● Any item you bought for which yo...

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