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Tax Corner

 

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HMRC

Calculators & Tools

Income Tax Allowances & Relief

Rates & Allowances

Paying HMRC

 

Taxes explained 

 

AL

Aggregates Levy

Aggregates Levy is a tax on the commercial exploitation in the UK of rock, sand and gravel

 

APD

Air Passenger Duty

APD is an excise duty which is due on chargeable passengers being carried from a UK airport on chargeable aircraft

 

ATED

Annual Tax on Enveloped Dwellings

Previously Annual Residential Property Tax, ATED is a tax payable by companies that own high value residential property

 

CCL 

Climate Change Levy

CCL is a tax on the taxable supply of specified energy products (taxable commodities) for use as fuels that is for lighting, heating and power, by business consumers in industr,y commerce, agriculture, public administration and other services. CCL does not apply to taxable commodities supplied for use by domestic consumers or to charities for non-business use

 

CGT

Capital Gains Tax

Capital Gains Tax is a tax on the profit or gain you make when you sell or ‘dispose of’ an asset

 

Council Tax

A tax levied on households by local authorities, based on the estimated value of the property and the number of people living in it

 

CT

Corporation Tax

Corporation Tax is a tax on the taxable profits of limited companies and  other organisations including clubs, societies, associations and other unincorporated bodies

 

ED

Excise & Other Duties

Excise Duty is a tax on certain goods such as alcohol, tobacco, oil and betting

 

IHT

Inheritance Tax

Inheritance Tax is usually paid on an estate when somebody dies. It is also sometimes
payable on trusts or gifts made during someone's lifetime

 

IPT

Insurance Premium Tax

Insurance Premium Tax is a tax on general insurance premiums

 

IT

Income Tax

Income Tax is a tax on income. Not all income is taxable and you are only taxed on 'taxable income' above a certain level

 

LT

Landfill Tax

Landfill Tax is a tax on the disposal of waste. It aims to encourage waste producers to produce less waste and recover more value from waste, for example through recycling or composting, and to use more environmentally - friendly methods of waste disposal

 

NI

National Insurance

You pay National Insurance contributions to build up your entitlement to certain state benefits, including the State Pension. The contributions you pay depend on how much you earn and whether you're employed or self-employed. You stop paying National Insurance contributions when you reach State Pension age

 

SD

Stamp Duty

You pay Stamp Duty when you buy shares using a stock transfer form, on some transfers of interest in partnerships, and on land or property transactions entered into before 1 December 2003

     

SDLT

Stamp Duty Land Tax

Stamp Duty Land Tax is usually payable when you buy or lease land or property. It is also sometimes payable on transfers of ownership of property or land

 

SDRT

Stamp Duty Reserve Tax

Stamp Duty Reserve Tax is a tax on shares and securities when you buy through the stock market or a stock broker

 

VAT

Value Added Tax

VAT is a tax that is charged on most goods and services that VAT-registered businesses provide in the UK. It is also charged on goods and some services that are imported from countries outside the European Union (EU), and brought into the UK from other EU countries. VAT is charged when a VAT-registered business sells to either another business or to a non-business customer

 

VED.....Vehicle Excise Duty

 

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