ColinEssex
Old registered user
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- Today, 18:40
- Joined
- Feb 22, 2002
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The UK basic tax rate is 20% on income up to £50,000 P/A. The first £12,500 is tax free (called Personal Allowance). So I pay basic tax rate, deducted at source. The tax rate rises the more you earn.I've committed crimes too. I think everyone has.
What % of your income do you pay in taxes or did you in past years generally speaking after everything is said and done?
In the 1960's, The Beatles were paying 90% of their income in tax.
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If you are self employed you need to show audited accounts of income and tax due and submit tax returns by 31st January every year, you are also audited by HM Inspector of Taxes to show you are not on the fiddle. As well as income tax, you need to pay VAT (value added tax) if your business earnings are above the VAT threshold. Income tax is calculated on profit, VAT is calculated on business turnover.
Col