The UK income tax liability is calculated on the income received in the tax year to 5 April after deduction of relevant expenses and allowances. Income from employment, self-employment, property and savings must be taken into account.
A person may make a legal agreement to give other people a power of attorney to deal with business or personal matters on their behalf. This may be a general power of attorney covering a wide range of matters or a limited power of attorney for specific transactions. The article below explains how and in which situations a General Power of Attorney can be appointed in the UK.
Tax fraud may involve simple non-declaration of income or it may take place on an international scale involving a complex web of legal entities and cross-border transfers. International tax fraud can only be prevented by international cooperation between tax authorities.
The expression “in lieu of” means “in place of” or “instead of”, and is encountered in some common legal terms in the UK and the US. Understanding the term can help to clarify the meaning of the relevant law. Learn more in this article.
Stamp Duty Land Tax is a tax levied on the transfer of property in the United Kingdom and is usually paid by the purchaser. The collection of stamp duty is administered by H.M. Revenue and Customs. Stamp Duty Land Tax is calculated as a percentage of the value of the property that is transferred.
Customs and excise duties are computed in different ways. Customs duties are generally based on the transaction value of the goods, but excise duties are often based on the quantity of goods.
This article will detail out how to apply for financial aid in the United Kingdom. If you are stuck for money and need help, this article should help you. Read on and learn more.
Every year, many people find that they have paid too much tax. This cannot always be fixed during the period of work, so it leads to getting a tax rebate at the end of the year. You have four years to make a claim if you think you are entitled to a repayment on your tax and HMRC has not spotted it first.