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Category "Taxation"

The punishments for business fraud in the UK

The punishments for business fraud in the UK

The Fraud Act of 2006, which came into force in January 2007, applies in England, Wales and Northern Ireland, and repeals all previous theft acts. It replaces them with the single offence of fraud, and denotes that this could be committed in one of three ways: false representation, failure to disclose information when there's a legal duty to do so, and abuse of position. This article will discuss the penalties for these offences.
What is the UK Capital gains tax rate

What is the UK Capital gains tax rate

The profit that a person makes when s/he ceases to own an asset is considered to be a taxable amount in the United Kingdom. This tax is known as the Capital Gains Tax. However, it is not as simple as merely selling an asset. The gain can also be taxed if the asset is given away as a gift, is transferred to someone else, is exchanged for something else or even if compensation for the asset is received.
How to report tax fraud

How to report tax fraud

People don't like paying their taxes but tax is compulsory to maintain public services. That is what the government advises the general public. Tax collection is for the greater public interest. In this article, we will be discussing all about tax fraud and how to report it.
What is the Costco return policy?

What is the Costco return policy?

Costco is a warehouse wholesale club which offers memberships and membership pricing. Costco membership is available for an annual fee. Costco products are then offered at a discount. Members can shop with a Costco card or shop at Costco online via the Costco website. Costco stores locations can be found in most major cities in the United States, in the United Kingdom, and worldwide.
Gift Aid: The facts

Gift Aid: The facts

Gift Aid is a government program that allows certain taxpayers to enjoy increased value from their donations to eligible UK charities. Depending on how much their annual taxes are, they may enjoy certain tax incentives as well. However, if you are using tax software to file your taxes, make sure that it has been updated recently to be able to file Gift Aid donations as well.
Lump-sum tax: The facts

Lump-sum tax: The facts

Lump-sum tax is a fixed amount of tax payable by everyone without considering their income levels. This tax deduction is not influenced by the different income levels of individuals, ownership of property, lifestyle or how they spend. This article gives you a detailed account of lump-sum tax.
What are AIM funds?

What are AIM funds?

AIM, or Alternative Investment Market, represents a sub-market of the London stock market and global investment market. The Invesco AIM investment market is designed for small fund families and small businesses to make investments with better flexibility. For those who want to know in detail what are AIM funds, read this article for more information.
How to use a UK income tax calculator

How to use a UK income tax calculator

This article will be discussing how to use an income tax calculator in the United Kingdom. İt is important to understand what tax code you are on and how your salary is calculated. This article will provide a guide to using a UK income tax calculator.
How long should I keep records? (copies of tax returns)

How long should I keep records? (copies of tax returns)

Each country has its own system and rules for personal and business tax. However, most seem to follow a pattern set by the UK and USA when it comes to tax record retention requirements. It is best to check with the IRS services in your own country.
An introduction to campaign finance law in the UK

An introduction to campaign finance law in the UK

This article will provide an account of the campaign financing laws of the United Kingdom. Laws have been in place to prevent politicians from engaging in excessive spending since the introduction of the Illegal Practices Prevention Act in 1883. The regulation for campaign financing exists to limit the extent to which candidates and political parties can spend during their campaigns.
The reasons for different income tax brackets

The reasons for different income tax brackets

Different income tax brackets are used to ensure that higher income earners make a fair contribution to society. However, higher tax rates reduce the amount of tax that is collected because they take away the incentive to work harder. This article describes the reasons for different income tax brackets.
Benefits of setting up a trust fund

Benefits of setting up a trust fund

Setting up a trust fund is beneficial to both the recipient of the trust or the beneficiary, as well as the creator of the trust or the trustor. For beneficiaries, a trust fund account ensures that there is money put aside for their current needs or for future use. For trustors, establishing a trust fund is like putting up a tax-free gift which thus allows them to enjoy certain tax benefits. This article provides an interesting insight into the benefits of setting up a trust fund.
A guide to UK capital gains tax rates

A guide to UK capital gains tax rates

A liability to UK capital gains tax may arise when an individual sells an asset that is not exempt. The tax liability may be reduced by taking into account all costs associated with acquisition and disposal, and available reliefs and allowances.
A guide to trust deeds

A guide to trust deeds

A trust deed is a formal document. If you have never read a deed of trust, you might have questions about it. Trust deeds provide the security for your loan. It is the document that is recorded in the public records. This article will be discussing trust deeds and will provide you with a better insight into how they work.
How to calculate taxable income

How to calculate taxable income

Knowing how to calculate taxable income and tax payable are necessary skills that everyone should master. Having knowledge when it comes to taxation not only saves you accounting fees attached to filing tax papers, but also gives you a better appreciation of taxes and its utilitarian purpose. In this article, learn how to calculate taxable income.