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Tax is a compulsory amount of money that is paid to the government so that they can provide public goods and services like education and healthcare.
Tax is a compulsory charge imposed on an individual or business. The money from this Tax goes to the government so that they can provide public goods and services like law enforcement, public education etc.
The UK has a progressive taxation system. This means that individuals with higher incomes should pay a larger percentage of their money in taxes than individuals with lower incomes. This is seen as a fairer system of taxation.
In the UK, the tax system is overseen by HMRC. Their job is to collect taxes and enforce tax rules.
There are lots of different taxes in the UK. For example, Income Tax must be paid on all income above a given threshold. This Income Tax is automatically deducted from Employees through the PAYE system, but Self-employed individuals must submit a Self Assessment to pay their tax bill.
Another example of a Tax is VAT. VAT is a tax in the UK on the consumption of goods and services.
January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.
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We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!
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The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.
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