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gAGH -- a PROFESSIONAL QUESTION
- Thread starter Gonad
- Start date
DarthSikle
GFHH Moderator
How are capital gains taxed in the UK?
Conchaga
Let's fuck some shit up
eloisel
Forever Empress E
Here's a non-tax professional question. In the US, we file our individual income tax statements in April of every year - some of us get a refund from the federal government for an overpayment on taxes withheld from our salaries, some of us owe the government because not enough was withheld from our salaries or we had a windfall. How are taxes collected in England?
Gagh
Χριστόφορος
Through your pay for most people (PAYE - Pay as you earn). Companies, Self-employed persons are taxed separately. Self-employed hand their tax returns in during September (if they want us to calculate the tax) or January (if they have calculated the tax).
Payments are then sorted out from their, taking into consideration what is due. Most people are expected to meet two annual payments, but this area varies greatly from case to case.
Repayments are either paid in lump, with supplement calculated on current interest levels (i.e. - taking into consideration how much the moeny would have accrued in interest if in the bank).
For PAYE taxpayers, repayments can be issued at the end of any tax year a repayment has been due. This will again vary. Underpayments can also be collected through PAYE salaries by adjusting the coding.
Everybody is allocated a tax code. I can describe this, but you'll all fall asleep.
Payments are then sorted out from their, taking into consideration what is due. Most people are expected to meet two annual payments, but this area varies greatly from case to case.
Repayments are either paid in lump, with supplement calculated on current interest levels (i.e. - taking into consideration how much the moeny would have accrued in interest if in the bank).
For PAYE taxpayers, repayments can be issued at the end of any tax year a repayment has been due. This will again vary. Underpayments can also be collected through PAYE salaries by adjusting the coding.
Everybody is allocated a tax code. I can describe this, but you'll all fall asleep.
Gagh
Χριστόφορος
Here's one for you.
At the end of the tax year the Tax Office sent an inspector to Audit the books of a Synagogue. While he was checking the books he turned to the Rabbi and said,
"I notice you buy a lot of candles. What do you do with the candle drippings?"
"Good question" noted the Rabbi. "We save them up and send them back to the candle makers, and every now and then they send us a free box of candles.
"Oh" replied the auditor, somewhat disappointed that his usual question had a practical answer.
But on he went, in his obnoxious way. "What about the bread-wafer purchases? What do you do with the crumbs?"
"Ah, yes" replied the Rabbi, realising that the inspector was trying to trap him with an unanswerable question. "We collect them and send them back to the manufacturers, and every now and then they send us a free box of wafers"
"I see" replied the auditor, thinking hard about how he could fluster the know-it-all Rabbi.
"Well Rabbi" he went on, "what do you do with all the leftover foreskins from the circumcisions you perform?"
"Here too, we do not waste" answered the Rabbi. "What we do is save all the foreskins and send them to the Tax Office, and about once a Year they send us a complete prick".
At the end of the tax year the Tax Office sent an inspector to Audit the books of a Synagogue. While he was checking the books he turned to the Rabbi and said,
"I notice you buy a lot of candles. What do you do with the candle drippings?"
"Good question" noted the Rabbi. "We save them up and send them back to the candle makers, and every now and then they send us a free box of candles.
"Oh" replied the auditor, somewhat disappointed that his usual question had a practical answer.
But on he went, in his obnoxious way. "What about the bread-wafer purchases? What do you do with the crumbs?"
"Ah, yes" replied the Rabbi, realising that the inspector was trying to trap him with an unanswerable question. "We collect them and send them back to the manufacturers, and every now and then they send us a free box of wafers"
"I see" replied the auditor, thinking hard about how he could fluster the know-it-all Rabbi.
"Well Rabbi" he went on, "what do you do with all the leftover foreskins from the circumcisions you perform?"
"Here too, we do not waste" answered the Rabbi. "What we do is save all the foreskins and send them to the Tax Office, and about once a Year they send us a complete prick".
eloisel
Forever Empress E
There is lots of talk about going to a flat tax system here - doing away with the federal tax and just have a straight sales tax of 15% or 20%. I don't know how that could work very well but I'm willing to listen to a presentation. It would certainly cut out some of the tax loopholes the wealthier seem to find and even the poorest of us would have to pay. Of course, everything will cost a great deal more so people with less money are going to have to spend their money a bit more frugally. Plus, the nation as a whole will probably sink deeper into credit card debt. We might ought to address our debt issues first.
