What Are the Key Features of the UK Tax System?
The UK tax system is characterized by a progressive structure, with income tax rates increasing as earnings rise. Key features include the Pay As You Earn (PAYE) system for employees, VAT (Value Added Tax) on goods and services, and National Insurance contributions for social benefits. Corporation tax applies to businesses, while capital gains tax targets profits from asset sales. The UK also offers various allowances, including personal allowance, and reliefs such as tax-free savings options. For a comprehensive understanding of the complexities of the UK tax system, students can seek expert assistance with UK Taxation Assignment Help from BookMyEssay.
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