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: W
Wear & Tear Allowance: A deduction of 10% of the "net rents" from the furnished lettings to cover depreciation of furniture, fridges etc. supplied with the accommodation. If the accommodation isn't furnished, or only partly furnished, the 10% wear & tear allowance isn't due.
Withholding tax: Tax on income that is deducted at source, thus diverted to the government before the recipient of the income ever sees it. Used in international tax treaties to assist tax collection.
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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.
