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: O
Ordinary Rate of Tax: The rates available for dividends for the 2009-10 tax year are the 10% ordinary rate and the 32.5% Dividend Upper Rate. From the 2010-11 tax year, as well as these rates there is a new Dividend Additional Rate of 42.5 per cent.
Ordinary Residence: This is the place where an individual is resident year after year - the place where one normally lives. Ordinary residence determines individual liability to income tax and capital gains tax in the UK.
Overlap Period: In most cases, accounts are prepared up to a certain date. Tax is then paid on the bottom line amount. However, when a business starts or an accounting period changes, complex rules apply. The same accounting period may become taxable in two different tax years. Effectively, tax is paid on the same income twice. That period is called the Overlap Period. Overlap Relief can be claimed to prevent income being taxed twice.
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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.
