Personal & Business Taxation PowerPoint Presentation

private & Business Taxation - PowerPoint Presentation ExampleBasically, there are do importants for the taxation in UK, they are personal taxation and company taxation. Personal taxation is required for a UK resident who spent 183 days in UK during a tax year and he earned a net income which is taxable according to the law in place in the taxable year. Company or backing taxation is applicable if the company situates in the UK and it is payable as given belowThough this is the general tax identify for a company, UK tax law has given a tax-rate relief for smallish businesses in locate to encourage entrepreneurship and enhance job creation as well as small-business innovation. Removing tax barriers and thus to ensure 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 rate relief is normally administered by the concerned local authority. A business man, no matter whether it is sole proprietorship or partnership or other form of business, will be eligible for tax relief if his taxable value is below 18,000 (but 25,500 in London). If the nonexempt value of a small business is just 6,000 or lower, the small business rate multiplier will be used 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,