What everyone needs to know about tax : an introduction to the UK tax system / James Hannam.

Format:

Book

Author/Creator:

Hannam, James, author.

Series:

THEi Wiley ebooks.

THEi Wiley ebooks

Language:

English

Subjects (All):

Taxation--Great Britain.

Taxation.

Taxation--Law and legislation--Great Britain.

Physical Description:

1 online resource (169 pages)

Edition:

1st ed.

Place of Publication:

Chichester, West Sussex, England : Wiley, 2017.

System Details:

Access using campus network via VPN at home (THEi Users Only).

Summary:

You are paying much more in tax than you think you are What Everyone Needs to Know About Tax takes an entertaining and informative look at the UK tax system in all its glory to show you just how much you pay, how the money is collected and how it affects ordinary people every day. Giving context to recent controversies including the Panama Papers, tax avoidance by multinationals, Brexit and more, this book provides a straightforward explanation of tax and the policy behind it for non-specialists - no accounting or legal knowledge is required. The system's underlying logic is illustrated through three 'golden rules' that explain many of the UK tax regime's oddities, and the discussion focuses on the way things are rather than utopian ideas about how they might be. Case studies show how the VAT on a plumber's bill all adds up; why fraudsters made a movie to throw HMRC off their scent; how a wealthy couple can pay so little tax on a six-figure income; and the way tracing the money you paid for your iPad sheds light why the EU is demanding Apple pay billions extra in tax. Ever the political battlefield, tax is too important for you to rely on media hype for information. It affects everyone, every day, and it pays for voters and taxpayers to know more. This book leaves aside technical detail and the arcana of the tax code to give you a real-world look at how tax works. * Learn about the many ways that the tax system separates us from our money * Discover how Brexit could change the way we pay taxes * Understand how changing tax policy affects people's everyday lives * See through the rhetoric surrounding controversies in the media With tax, we have to admit that there are no easy answers. No one enjoys paying them, but without them, the Government would shut down. Seeing through politicians' cant and superficial press coverage is critical for your ability to make the decisions that benefit you; What Everyone Needs to Know About Tax gives you the background and foundational knowledge you need to be a well-informed taxpayer.

Contents:

Cover

Title Page

Copyright

Contents

About the author

Introduction

Why you should read this book

Income taxes

Taxes on spending

And yet more taxes

Taxes on businesses

Avoiding taxes

Chapter 1: Taxes on your income and earnings

Income tax and national insurance

National insurance contributions

Paying tax

Taxes on high earners

The Laffer curve

Sports, prizes and betting

With betting, the tax inspector always wins

The poverty trap

Chapter 2: Taxes on what you spend

Value added tax

How VAT works

Zero rated and exempt from VAT

Europe, Brexit and VAT

Customs and excise

Excise duties

Fuel duty and green taxes

Oil and gas extraction

Green taxes

Global warming

Chapter 3: Taxes on what you own

Capital gains tax

Paying capital gains tax

Taxes on homes and property

Inheritance tax

Stamp duty land tax

Council tax

Buy to let

The mansion tax and wealth taxes

Taxes on pensions and saving

Other ways to save

How to live comfortably while paying almost no tax at all

Chapter 4: Taxes on business

Taxing business

Tax on the self‐employed and small businesses

Tax on companies

Personal service companies

The tradesman's entrance

Multinationals and international tax

Territorial taxes

Tax havens

A bit of BEPS

Where does big business make its profits?

Tax competition

Taxing what you can't touch

Taxes on financial transactions

Chapter 5: Taxes evaded, avoided and reformed

Film finance: how governments encourage planning, avoidance and evasion

Tax evasion

Tax avoidance and the general anti‐abuse rule

A changing climate

Avoiding income tax

The new fight against aggressive avoidance

Tax planning

Tax reform

1. Stop cutting income tax and start cutting national insurance.

2. Start the 45% tax rate at £100,000 instead of £150,000

3. Tax companies according to their accounting profits

4. Expand the scope of VAT

5. Introduce a minimum income tax rate for the wealthy while abolishing most income tax anti‐avoidance rules and incentives

Conclusion: the Three Golden Rules of tax

The First Golden Rule: Lots of small taxes together add up to make big tax bills

The Second Golden Rule: No matter what name is on the bill, all taxes are ultimately suffered by human beings

The Third Golden Rule: Taxes are kept as invisible as possible

Index

EULA.

Notes:

Includes index.

Description based on online resource; title from PDF title page (ebrary, viewed March 16, 2017).

ISBN:

9781119375814

1119375819

9781119375784

1119375789

OCLC:

975224597