Know about Payroll and CIS

Payroll is related to salary and benefits and mostly employer’s business. Due to the introduction of Real Time Information (RTI), it has become a weekly or monthly affair. It is, primarily, employer’s responsibility to deduct correct amount of tax and national insurance from the salary and benefits. Employer has to pay the withheld tax and […]

Know about Vat

Value-Added Tax (VAT) is a tax on consumer spending. It is collected by VAT-registered businesses on their supplies of goods and services for consideration from their customers. Generally, each such businesses in the chain of supply from manufacturer through to retailer charges VAT on sales and is entitled to deduct from this amount the VAT […]

Know about income tax

Income could be non-savings i.e. salary, trading profit, rental income etc, or savings i.e. interest income from bank and financial institutions or dividend i.e. dividend from UK or foreign companies. If you, as an individual, have salary or interest income, employer or the bank and financial institution deduct tax at source. If you have trading […]