The UK taxation system includes personal income tax, national insurance contributions, value-added tax (VAT), and corporation tax. Income tax is based on earnings above a personal allowance, while national insurance is compulsory for residents earning over £162 a week. VAT has three rates - standard (20%), reduced (5%), and zero (0%), and corporation tax applies to profits from limited companies and other entities operating in the UK.

1. Taxation system in UK
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2. Introduction
UK government massive earning includes Personal income tax,
a substantial amount of national insurance contribution,
Limited company for contractors, value-added tax (VAT) and
from the corporation tax.

3. Income Tax
 Income tax figures determined on the earned
income above the personal allowance. The income
Tax year starts from 6 April and ends on 5 April of
the following year.

4. Taxation Firm in UK

5. National Insurance Contribution
 UK's national insurance is a privilege of fulfilling a necessary
condition taken from the earned income of workers and
employers in returns of certain benefit. It's compulsory for the
UK's resident to pay the national insurance who is over 16 and
earns more than £162 a week. It is a good approach who is
tax planning for small businesses.

6. Value Added Tax (VAT)
Value added tax (VAT) is a tax imposed by the UK's
government on the sales of goods and services. There
are three rates of VAT: standard rate (20%), reduced rate
(5%) and zero rates (0%).

7. Corporation Tax
A corporation tax return is placed on, a limited company , any
foreign company with a UK branch or office, a club, co-operative or
other unincorporated association on taxable profits which comprises
trading profits, investments and chargeable gains from selling assets.

8. Final thoughts!
Taxation firm is very resourceful way to pay income
tax online. There are so many free consultation firm
like BNW Accountants in London who offer taxation
and accountants firm.

9. BNWAccountants
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