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British Law >> Citizen Area >> Tax and Pension

Tax and Pension

In the UK there is a complex system of taxation which is subject to frequent change. A number of different agencies offer advice and information on taxation topics and update the information in accordance with the latest government budgets. The main areas of taxation of interest to the individual are:

  • PAYE - Pay as you earn - tax deducted from income at source.
  • Self Assessment - submitting earnings information for self-employed individuals, freelancers and directors.
  • Tax codes - the rate at which you are taxed.
  • Tax allowances - the amount which you can earn without being subject to tax and items which can be offset against your tax liability.
  • Tax credits - amounts given to parents, people on lower incomes and the disabled to enhance their earnings.
  • Child benefit - a non-means tested allowance given to parents.
  • Capital Gains Tax - the tax due on net gains.
  • Inheritance Tax - the tax due on assets passed on when someone dies.
  • Stamp Duty - tax payable on house purchase.
  • Council Tax - tax payable to local authorities for locally administered services.
  • VAT - Value Added Tax - tax payable on non-essential purchases.

The following sites offer general advice concerning a broad range of topics:

Direct Gov is a comprehensive site covering a wide range of topics relating to government in the UK. The Money section covers a range of taxation and pension topics.

Dyer provide good coverage of the main aspects of the UK taxation systems and information about pensions.

Taxation

Inland Revenue provides a wealth of information about taxation topics such as rates of tax, child benefit, tax codes, tax credits, inheritance, letting property etc. There are also opportunities to file returns and apply for services online.

Citizen Advice Bureau has comprehensive cover of taxation topics including self-assessment, rates and allowances, advice for the over 65s, council tax and rebates.

Law Web offers advice on capital gains tax, inheritance tax, trusts, company cars, self-assessment and starting in business.

TAXAID is a UK charity providing free tax advice to people who cannot afford to pay a professional adviser. The service is independent and confidential. <

TAX BUDDIES offer comprehensive advice about taxation matters with a set of on-line calculators to help you assess your tax liability.

TAX CAFE offers plain English tax guides which aim to help you save tax in a number of areas such as property investment; stock market investment; capital gains and inheritance tax. All the guides are available for purchase from the site

Valuation Office provides information about council tax in the UK.

Pensions

The Pension Service has been set up by the department of Work and Pensions to offer impartial advice to those who are retired or those planning for their retirement.

The Pension Advisory Service offers information and advice about all different types of pensions (stakeholder, occupational schemes, the state pension and personal pensions) as well as being able to help individuals who have a problem or complaint about their pension.

Pension Calculator enables you to work out how much you will need to save to provide an adequate level of pension cover.

Citizen Advice Bureau has basic advice about different types of pensions and pension related matters.