|
THE CHARGE TO TAX
- Income tax shall be charged in accordance with the provisions of the Income Tax Acts in respect of all property, profits or gains respectively described or comprised in the Schedules, A, B, C, D, E and F, set out in sections 15 to 20 or which in accordance with the Income Tax Acts are to be brought into charge to tax under any of those Schedules or otherwise. Where any Act enacts that income tax shall be charged for any year, income tax shall be charged for that year- (a) in respect of any income which does not fall within paragraph (b) below, at such rate as Parliament may determine to be the basic rate for that year; (b) in respect of so much of an individual's total income as exceeds 17,900, at such higher rates respectively as Parliament may determine in relation to the first 2,500, the next 5,000, the next 7,900, the next 7,900 and the remainder; but this subsection has effect subject to any provision of the Income Tax Acts providing for income tax to be charged at a different rate in certain cases.
|
DATE FOR PAYMENT
- Subject to the provisions of the Income Tax Acts and in particular to subsection (2) below and section 203, income tax contained in an assessment for any year shall be payable on or before the 1st January in that year, or at the expiration of a period of 30 days beginning with the date of the issue of the notice of assessment, whichever is the later. (2) Subject to subsection (3) below, income tax under Schedule D charged for any year on any individual or firm in respect of the profits or gains of any trade, profession or vocation and contained in an assessment for that year shall, instead of being payable in accordance with subsection (1) above, be payable in two equal instalments, the first on or before the 1st January in that year or at the expiration of the period referred to in subsection (1) above, and the second on or before the following 1st July; and the provisions of the Income Tax Acts as to the recovery of income tax shall apply to each instalment of the tax in the same manner as they apply to the whole amount of the tax.
|
INCORPORATE IN THE UK:
- Looking for information & guidance regarding how to start your own company in the United Kingdom, how to get your company up and running, how to select the best business form, how to register a company and small business start-up advice? Need a company formations specialist with the prompt service and expert advice? Do you want to register your business in Edinburgh, London, Liverpool, Belfast or Dublin? Have an idea for a business and want to start now? Are you looking to set-up a business in the United Kingdom, Scotland or Ireland? Many small businesses choose to use the services of a formations agent to undertake all of these formalities on their behalf. Whether you are setting up a business or continuing to grow a company, we can help.
|
