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Money and Tax Laws UK Guide

Taxation is a financial charge or demand imposed upon a taxpayer by a tax authority. An example is the way that HMRC collect money and taxes in the United Kingdom. There are several different types of taxes collected by authorities in the UK. But, National Insurance contributions and Income Tax are the most common forms of taxation.

HMRC Taxation and Money Laws

In fact, resisting income tax collection is a punishable offence and dealt with according to UK tax laws and rules.

So, let’s take a closer look:

As a rule, we use monetary payments to settle direct and indirect taxes. Even so, labour (the act of working) can be an equivalent settlement for some administrative divisions.

UK taxation collections involves two primary levels of government. Central government is officially known as Her Majesty’s Revenue and Customs, HM Revenue and Customs, or HMRC.

HMRC collect revenues from National Insurance (NI) contributions, personal Income Tax, Corporation taxes, Fuel Duty, and Value Added Tax (VAT).

Note: There are severe penalties for failing to meet, or evading, tax demands and other debt levies bestowed on the citizens living in Great Britain.

‘Taxation Laws and Regulations’ – UK Tax shouldn’t be so Taxing!

This guide to money and taxes lists the most important categories of taxation in United Kingdom. Each category has further links to the relevant section overview with further lists of topics about money and tax.

Capital Gains Tax (CGT)

The section explains the amount of gains and allowances (tax rates) you can make each year. Check how you become liable for Capital Gains Tax – even though some capital gain is tax-free.

Information in this CGT section also explains:

  • Business Asset Rollover Relief
  • Capital Gains Tax for Business
  • Business Asset Disposal Relief
  • Working Out Capital Gains Tax
Court Claims and Debts

Categories in this particular section focus on making court claims and debt recovery processes. You will find important advice on how to register for insolvency or bankruptcy in the United Kingdom.

Reading the other guides will help you understand:

  • Bailiffs powers and your rights
  • How to make someone bankrupt
  • How to respond to a claim for money
  • Legal options if someone owes you money

LABOUR LAWS: We have produced a list of employment rules and regulations as a human resource guide. The information is useful for employers and employees with extra details on benefits, pensions, and workers’ rights.

Dealing with HM Revenue and Customs

There are many reasons to deal with HM Revenue and Customs service helpdesk. You can report changes to HMRC, get help with tax, and make a complaint.

Browse through a section that focuses on providing help and support with:

  • Appealing against a tax decision
  • Appointing a tax agent
  • Declaring unpaid taxes
  • HMRC enforcement action
  • Making an appeal to the tax tribunal

Income Tax

This special section has vital information on all matters of Income Tax laws and personal taxation. It also includes expert guidance on tax rates, refunds, allowances, and tax codes.

There are numerous topics covered in this comprehensive and in depth guide, including:

  • Blind persons tax allowance rates
  • Claiming the married couple’s allowance
  • How to claim a tax refund online
  • Tax codes explained
  • Tax on UK income while living abroad
  • Tax relief on private pension contributions
  • The rules for tax on foreign income
Value Added Tax

Value Added Tax (VAT) is a levy charged on almost all goods and services. Browse through a simplified VAT guide for beginners and learn how it affects business.

Further topics in the section include:

  • A guide to tax on shopping and services
  • Calculating VAT taxable turnover
  • How to change VAT registration details
  • VAT Cash Accounting scheme
  • VAT Flat Rate scheme
  • VAT refunds on new building projects
  • VAT record keeping explained
  • The current VAT registration threshold

Inheritance Tax Planning

The topic of death duties is a complex one. But, a few simple Inheritance Tax planning ideas can save a lot of money for your loved ones in the event of your death.

Note: One of the other master sections deals with the will, probate, and inheritance of a deceased person. It can be a complex topic, but it will help you sort through the affairs of wills and probate.

National Insurance (NIC)

UK NI is a system of compulsory payments paid by employers and workers. Browse through a section that focuses on National Insurance for information and the helpline telephone number.

Browsing even further will give you access to help and advice on other important matters, such as:

  • Applying for a National Insurance number
  • How National Insurance Credits work
  • How to check your National Insurance record
  • National Insurance when working overseas
  • Paying voluntary National Insurance contributions
Self Assessment Tax Returns

The Self Assessment helpline section is for anyone who needs some extra guidance. It explains the new Self Assessment tax return rules for 2019.

This informative section is still growing, but you will find current guidance notes on:

  • Bookkeeping for the self-employed
  • Filing a tax return for someone who died
  • How to make corrections on Self Assessment
  • Making HMRC summary request
  • Self Assessment deadlines
  • Self Assessment tax bill explained

Money and Taxation Explained: HMRC Tax Guide for United Kingdom