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Institute Of Indirect Taxation
The Institute of Indirect Taxation (IIT) was a distinct professional body in the United Kingdom prior to its merger with the Chartered Institute of Taxation in August 2012. Members of the IIT specialised in the study and practice of indirect taxes. The body was formed in July 1991 and formally launched in October 1991. It gained permission to call itself an institute in December of the same year. It operated as a company limited by guarantee. Entry to the Institute was normally gained by taking up to four professional examinations in indirect taxation. There were two routes through the exams, the Value Added Tax route and the customs route, which reflect two of the most major areas that indirect taxation is applied to in the United Kingdom. It was possible to gain exemptions from some of the exams through possessing other suitable qualifications which include those from various British accountancy professional bodies, the Chartered Institute of Taxation and HM Revenue and Custom ...
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United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many List of islands of the United Kingdom, smaller islands within the British Isles. Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between ...
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Chartered Institute Of Taxation
The Chartered Institute of Taxation (CIOT) is a registered charity (number 1037771) and the leading professional body in the United Kingdom concerned solely with taxation. The CIOT deals with all aspects of direct and indirect taxation. Activities and membership The primary purpose of the CIOT is to promote education in and the study of the administration and practice of taxation. One of its key aims is to achieve a better, more efficient, tax system for all affected by it – taxpayers, advisers and the authorities. The CIOT's comments and recommendations on tax issues are made solely in order to achieve its aims: it is entirely apolitical in its work. The CIOT administers and awards two qualifications: the CTA (Chartered Tax Adviser) qualification for domestic tax practitioners in the United Kingdom, and ADIT (the Advanced Diploma in International Taxation) for international tax professionals around the world. Membership is awarded on passing the Institute's CTA examinations ...
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Indirect Tax
An indirect tax (such as sales tax, per unit tax, value added tax A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the en ... (VAT), or goods and services tax (GST), excise, consumption tax, tariff) is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased. Alternatively, if the entity who pays taxes to the tax collecting authority does not suffer a corresponding reduction in income, i.e., impact and tax incidence are not on the same entity meaning that tax can be shifted or passed on, then the tax is indirect. An indirect tax is collected by an intermediary (such as a retail store) from the person (such as the consumer) who pays the tax included in the price of a purchased ...
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Company Limited By Guarantee
In British, Australian, Bermudian, Hong Kong and Irish company law (and previously New Zealand), a company limited by guarantee (CLG) is a type of corporation used primarily (but not exclusively) for non-profit organisations that require legal personality. A company limited by guarantee does not usually have a share capital or shareholders, but instead has members who act as guarantors of the company's liabilities: each member undertakes to contribute an amount specified in the articles (typically very small) in the event of insolvency or of the winding up of the company. A company limited by guarantee can distribute its profits to its members, if allowed to by its articles of association, but then it would not be eligible for charitable status. Like a private company limited by shares, a company limited by guarantee must include the suffix "Limited" in its name, except in circumstances specifically excluded by law. One condition of this exclusion is that the company does ...
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Value Added Tax
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues ...
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Accountancy
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement ...
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HM Revenue And Customs
HM Revenue and Customs (His Majesty's Revenue and Customs, or HMRC) is a non-ministerial government department, non-ministerial Departments of the United Kingdom Government, department of the His Majesty's Government, UK Government responsible for the tax collection, collection of Taxation in the United Kingdom, taxes, the payment of some forms of Welfare state in the United Kingdom, state support, the administration of other regulatory Regime#Politics, regimes including the national minimum wage and the issuance of national insurance numbers. HMRC was formed by the merger of the Inland Revenue and HM Customs and Excise, which took effect on 18 April 2005. The department's logo is the St Edward's Crown enclosed within a circle. Prior to the Elizabeth II, Queen's death on 8 September 2022, the department was known as ''Her'' Majesty's Revenue and Customs and has since been amended to reflect the change of monarch. Departmental responsibilities The department is responsible for the ...
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Taxation In The United Kingdom
Taxation in the United Kingdom may involve payments to at least three different levels of government: central government (HM Revenue & Customs), devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion. History A uniform Land tax, originally was introduced in England during the late 17th century, formed the main source of government revenue throughout the 18th century and the early 19th century. Stephen Dowell, ''History of Taxation and Taxes in England'' (Rou ...
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