Pay less tax! Now there is a phrase I am sure we would all love to hear and rather than we then wake up to realise it was all a dream, perhaps this time we hear it for real! Less tax to pay!

What do you most look for when seeking an accountant? Perhaps locality is the most important to you, price structure or friendly service? I am sure all of these things check the right boxes but one of the most common things an accountant does for us is work out how much we have to pay in tax each and every year.

There are some accountancy practices out there that genuinely do their best on our behalf not only to provide that friendly, affordable service we all wish we had but also to help and instruct us how we can pay less tax, all within the law of course.

It is important to stress the importance of what you are looking for when selecting an accountant. Most accountants’ services are now advertised online and there are many thousands of them so draw up a basic list of your requirements before taking the plunge. If you are looking to pay less tax then don’t forget to emphasise this to your prospective accountants company.

Tax issues can be a minefield of complexity and unless we are trained ourselves it is probably very wise to permit an accountant to deal with all our tax details and hopefully when tax deadline day comes along next time, our anguish can at least be a little less than last year. Pay less tax really is sounding good!

For more information on accountancy services that endeaver to help you to pay less tax, please feel free to visit Lesstax2pay.

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Personal income tax is a kind of tax system that is imposed on the personal earnings of an individual. A person pays his/her income tax on the basis of his annual payment he/she used to get as the salary or wage. In a general sense, an income tax is a tax imposed on the financial income of an individual, people or other legal entities. A personal or individual income tax is levied on gross annual income of the individual with some permitted deductions. Personal income tax usually collected on the end of every year with small or no amendments in tax structure.

Most income of an individual in UK is subject to income tax deduction under the PAYE scheme that’s an expedient personal income tax collection process for the Government. If you have interest received, your tax is usually deducted by the payer. PAYE method of tax payment allows your tax payments to be made automatically from your salary package if you are in job sector, thus dropping the hassle of excessive individual involvement in taxation process. However, in a case if you are self employed you need to fill out a self-assessment tax return at the end of each taxation period.

In case if your tax is overpaid you may get the benefits of huge tax rebates however you may also opt for other allowances which you may be entitled for, to save a considerable amount of money in income tax payments. Income taxes are paid by persons of UK on the basis of the annual income. Taxes money is spent in the development of the country in each and every field. Hence every person like as business man or employee pays their taxes to the government.

In UK, taxable personal income of an individual is not the same as his/her total income lies since all the taxpayers are permitted to enjoy a definite amount of tax-free income sometimes called a personal allowance and some are entitled to various additional allowances as well. The amount of personal income tax levied on an individual depends upon your earnings and your monetary status as well as the type of income he or she is receiving.

On the completion of your Personal Income Tax period, State income tax Office contacts your employer to arrange that you need to pay. In some cases tax could be deducted directly from your earned income after the completion of taxation period.

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Taxations first known systems were around 2800 BC – 3000 BC in Ancient Egypt (The first dynasty of the old kingdom). It is recorded in the time documents that Pharaoh would take a biennial tour of his kingdom; on his tour of the kingdom he would collect tax revenues from the people of the kingdom. Granary receipts on papyrus and limestone flakes are other records that were found. The bible also describes early taxation, (The new international version – Genesis, chapter 47, verse 24) these verses in Genesis states “But when the crop comes in, give a fifth of it to Pharaoh. The other four-fifths you may keep as seed for the fields and as food for yourselves and your households and your children.” This was Joseph telling all the people of Ancient Egypt how they should divide their crops, he states that a portion should be provided to the Pharaoh making a 20% share of the crop Tax.

Taxation and Its Forms

Prior to flat banking in Monetary Economics, “Seigniorage” was a critical form of taxation, this was tax on the creation of money.

There are many other forms of Taxation, some of the more obsolete ones include:

• Tax Farming – The principle of Tax Farming is to assign the responsibility of Tax revenue collection to groups or private citizens.
• Tithe – Is one tenth of a persons agricultural produce or earnings (this is a tax like payment). However this is paid to the church making it too specific in technical terms to be called Tax). This method is not to be confused Tithe of the modern era which tends to be voluntary, although at times some churches have sought it with force.
• Scutage – The military service pay this in lieu. In practice this functions as a Tax but rather than being a Tax as such it is strictly speaking the communication of an obligation of non-tax.
• Carucage – In England Danegold was replaced by Carucage Tax.
• Danegold – This was originally land tax from the medieval times, this tax was raised as a pay off to raiding Danes and also at a later date Danegold was used to fund military expenditures.
• Tallage – Tallage is a tax on feudal dependents.

Accountancy Taxation – Tax Rates and Economics

The Tax Rate is Taxes levied as a percentage. When talking about tax rates it is important to distinguish the difference between the effective (average) rate and the marginal rate. The marginal rate is the rate that you must pay on the next Pound (£) of income that you earn while the Effective rate is the division of the total tax paid by the amount the tax is paid on.

Taxation transfers wealth from businesses or households to the Government (this is in Economic Terms). Microeconomics notes the side effects of taxation and it states how best to Tax, it is a very important subject in Microeconomics. Taxation is a transfer of wealth, however this transfer of wealth is almost never a simple transfer.

Daniel Owen writes about Accountancy – Taxation. To know more about Accountancy – Taxation, visit http://www.businessmagnet.co.uk

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