Taxation law is a popular topic among law students in the UK. Some of you may avail of taxation law assignment help to get this paper done hassle-free. Whether you are a law student or you are planning to pursue your career in this field, it is important to know the basics of the UK tax system. You can take Assignment Help for understand the tax. The same information is required if you have come down to this country for pursuing higher education. So, let’s begin with a brief overview first.
The British Tax System – Overview
The British tax system applies all over the UK, including England, Scotland, Wales, Northern Ireland and other smaller islands around the British coast. It also covers the oil drilling platforms present in British territorial waters, excluding the Isle of Man and the Channel Islands. Sounds confusing? Well, no wonder students avail themselves of research paper service whenever they are asked to write about the British taxation system.
What are the types of taxes involved?
Most students seek mechanical assignment help at Oxford university because it is normal to be confused with multiple taxes involved in this system. Let's have a look at the common types of taxes in the UK taxation system.
- Federal taxes in the UK
Federal taxes are about paying to at least three levels of governments which include the central government or HMRC, devolved governments and local governments. The taxes administered by the federal taxes include income tax, corporation tax, capital gains tax, insurance premium tax, customs duty, excise duties, etc.
- Local taxes in the UK
These are the designed by the local governments for administering council tax in the UK. The governments also levy a limited number of charges and fees like street parking fees.
- Taxes on goods and services in the UK
These are also known as Value Added taxes or VAT. These are applied to almost all the goods and services in the UK. Taxes are also charged if you bring any goods to the UK from abroad. 20% is the standard commercial tax rate in the UK though some goods and Research paper service are eligible for lower UK commercial tax rates. If you need an essay writer then you can also take help here.
You may be often asked whether tourists or visitors can shop tax-free or not. Well, yes, they can during their course of stay. They can also claim a refund on VAT paid for any goods in the UK.