Personal & Business Taxation PowerPoint Presentation

Personal & Business Taxation - PowerPoint Presentation ExampleBasically, there are domains for the revenue in UK, they are personal evaluateation and comp whatever taxation. Personal taxation is required for a UK resident who pass 183 days in UK during a tax year and he earned a net income which is dutiable according to the law in place in the taxable year. Company or business taxation is applicable if the company situates in the UK and it is payable as given belowThough this is the general tax commit for a company, UK tax law has given a tax-rate relief for niggling businesses in localize to encourage entrepreneurship and enhance job creation as well as small-business innovation. Removing tax barriers and thus to tell small business growth was one of the main aims for this tax relief (Freedman, 2003, p. 22). But this has been widely questioned whether this tax relief make any contribution to economic growth or whether this targeting is achieved.In UK, the small business ra te relief is normally administered by the concerned local authority. A business man, no issuing whether it is sole proprietorship or partnership or other form of business, will be pensionable for tax relief if his taxable value is below 18,000 (but 25,500 in London). If the rateable value of a small business is just 6,000 or lower, the small business rate multiplier will be apply along with a 50 percent relief. If the rateable value is between 6,001 to 11,999, the small business rate multiplier will be used and the rate relief will be between 0 to 50 percent. If the rateable amount is above 12,000 and less than 18,000, there wont be any relief, but only small business rate multiplier will be used (Business Link,