Welcome to our Tax Glossary. Here you will find clear and comprehensible definitions of most of the tax terms you will face when dealing with UK income tax. This Glossary will help you understand the tax language, however it will not offer direct solutions to your tax issues. If you need further advice on any of those tax terms - just ask a tax adviser and get a free consultation right now!
Letter: L
Liability: The amount of tax that is due from one's income, gains or profits.
Lower Rate Tax: That was the rate of tax which applied to bank and building society interest. The lower rate of tax was 20%. It has now been replaced by the Starting rate for savings: 10%. If your non-savings income is above this limit then the 10 per cent starting rate for savings will not apply, and interest will be taxed at the basic rate of 20%.
Loss: A loss is made when income is less than outgoings. This can sometimes be used to reduce other income or subsequent income from the same source.
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2010/11 Tax repayments – check your cheque
HMRC have announced that from mid-July they will start sending out PAYE tax calculations for the 2010/11 tax year, starting with repayments where HMRC think too much tax has been paid Will you...
Impending Deadlines
Monthly PAYE/NIC/CIS tax to 5th February due.
