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What Everyone Needs to Know about Tax: An Introduction to the UK Tax System

What Everyone Needs to Know about Tax: An Introduction to the UK Tax System

  • 作者:
  • 出版商: John Wiley & Sons
  • ISBN: 9781119375784
  • 出版时间 February 2017
  • 规格: Paperback , 168 pages
  • 适应领域: U.S. ? 免责申明:
    Countri(es) stated herein are used as reference only

List Price: ¥332.50

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  • 描述 
  • 大纲 
  • 作者 
  • 详细

    You are paying much more in tax than you think you are

    What Everyone Needs to Know About Tax takes an entertaining and informative look at the UK tax system in all its glory to show you just how much you pay, how the money is collected and how it affects ordinary people every day. Giving context to recent controversies including the Panama Papers, tax avoidance by multinationals, Brexit and more, this book provides a straightforward explanation of tax and the policy behind it for non-specialists — no accounting or legal knowledge is required. The system's underlying logic is illustrated through three 'golden rules' that explain many of the UK tax regime's oddities, and the discussion focuses on the way things are rather than utopian ideas about how they might be. Case studies show how the VAT on a plumber's bill all adds up; why fraudsters made a movie to throw HMRC off their scent; how a wealthy couple can pay so little tax on a six-figure income; and the way tracing the money you paid for your iPad sheds light why the EU is demanding Apple pay billions extra in tax.

    Ever the political battlefield, tax is too important for you to rely on media hype for information. It affects everyone, every day, and it pays for voters and taxpayers to know more. This book leaves aside technical detail and the arcana of the tax code to give you a real-world look at how tax works.

    • Learn about the many ways that the tax system separates us from our money
    • Discover how Brexit could change the way we pay taxes
    • Understand how changing tax policy affects people's everyday lives
    • See through the rhetoric surrounding controversies in the media

    With tax, we have to admit that there are no easy answers. No one enjoys paying them, but without them, the Government would shut down. Seeing through politicians' cant and superficial press coverage is critical for your ability to make the decisions that benefit you; What Everyone Needs to Know About Tax gives you the background and foundational knowledge you need to be a well-informed taxpayer.

  • About the author xi

    Introduction xiii

    1 Taxes on your income and earnings 1

    Income tax and national insurance 1

    National insurance contributions 3

    Paying tax 7

    Taxes on high earners 10

    The Laffer curve 13

    Sports, prizes and betting 16

    With betting, the tax inspector always wins 18

    The poverty trap 20

    2 Taxes on what you spend 23

    Value added tax 23

    How VAT works 27

    Zero rated and exempt from VAT 30

    Europe, Brexit and VAT 32

    Customs and excise 34

    Excise duties 36

    Fuel duty and green taxes 41

    Oil and gas extraction 44

    Green taxes 45

    Global warming 47

    3 Taxes on what you own 51

    Capital gains tax 51

    Paying capital gains tax 54

    Taxes on homes and property 56

    Inheritance tax 57

    Stamp duty land tax 59

    Council tax 62

    Buy to let 63

    The mansion tax and wealth taxes 65

    Taxes on pensions and saving 67

    Other ways to save 71

    How to live comfortably while paying almost no tax at all 72

    4 Taxes on business 77

    Taxing business 77

    Tax on the self]employed and small businesses 78

    Tax on companies 79

    Personal service companies 81

    The tradesman’s entrance 84

    Multinationals and international tax 86

    Territorial taxes 88

    Tax havens 90

    A bit of BEPS 91

    Where does big business make its profits? 93

    Tax competition 97

    Taxing what you can’t touch 99

    Taxes on financial transactions 103

    5 Taxes evaded, avoided and reformed 107

    Film finance: how governments encourage planning, avoidance and evasion 107

    Tax evasion 113

    Tax avoidance and the general anti]abuse rule 117

    A changing climate 119

    Avoiding income tax 122

    The new fight against aggressive avoidance 124

    Tax planning 126

    Tax reform 128

    1. Stop cutting income tax and start cutting national insurance 130

    2. Start the 45% tax rate at £100,000 instead of £150,000 130

    3. Tax companies according to their accounting profits 130

    4. Expand the scope of VAT 131

    5. Introduce a minimum income tax rate for the wealthy while abolishing most income tax anti-avoidance rules and incentives 131

    Conclusion: the Three Golden Rules of tax 133

    The First Golden Rule: Lots of small taxes together add up to make big tax bills 133

    The Second Golden Rule: No matter what name is on the bill, all taxes are ultimately suffered by human beings 134

    The Third Golden Rule: Taxes are kept as invisible as possible 135

    Index 139

  • JAMES HANNAM, PHD, has spent twenty years advising clients on every aspect of the UK tax regime while working for firms including EY, Freshfields, and KPMG.

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