What are the Different Types of Taxes?

April 19, 2021 2:40 pm

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The answer to this is that there are so many different types of taxes, and they all have different names. For instance value added tax is a term used by retailers and businesses for the purchase of goods or services and property tax is a taxation usually levied on the owner of a property. These taxes are collected from individuals and businesses alike for the revenue they generate for that region or nation.

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Property taxes are a type of tax that falls on personal property that you own. The value of the property will determine what your tax rate is. Governments issue these taxes as a way to raise money for public services like roads, education, and safety improvements. Many of these taxes are separate from income tax which is a percentage of your earnings paid to the government for the benefit of society. For advice in the confusing world of taxation, a good idea to hire Cheltenham Accountants like https://www.randall-payne.co.uk/services/accountancy/cheltenham-accountants/

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Taxes can also fall under what are called general tax categories, which are imposed on many businesses and individuals. Examples of these tax categories are the Vehicle Excise Tax, Corporate Tax and Stamp Duty. These taxes are imposed to fund the government budgets. When it comes to what are the different types of taxes, there are many different types that you may encounter. They may surprise you as you least expect.