Taxation Questions

Master taxation basics! Quiz on direct/indirect taxes, avoidance, evasion, VAT & more.

Taxation Direct Taxation taxes on income Indirect Taxes Taxes on spending. Progressive as income increases, pay more Regressive lower the income, the higher the % of a persons income Tax avoidance arranging ones affairs within the law as to minimise tax liabilities. (LEGAL) Tax evasion Reducing tax liabilities by making false returns or no returns. (ILLEGAL) Tax credits reduce the amount of PAYE a person has to pay Self Assessment Income Tax Tax self employed business people pay on their business profits TAX Audits Undertaken by the government to ensure no one evades paying tax.. and if found out.. The person can be fined VAT An Indirect Tax that households pay when they buy G Customs Duties Tax on imported goods from outside the EU Motor Tax Every car on the road has to pay car tax every year. DIRT Tax paid on interest earned on savings in a bank union. Capital Acquisitions Tax Tax paid on the value of a gift or inheritance that you have received.