TAXES IN THE UK

Companies pay corporation taxes nine months after the end of the accounting period. Corporation taxes are charged for a financial year (also called fiscal year) which runs from 1 April to the following 31 March.

Income tax and capital gains tax are charged for a tax year, or year of assessment.

Individuals usually pay taxes in two equal installments on 1 January and 1 July. Usually taxpayers are given 30 days to pay from the date of issue of an assessment.

Employees pay taxes in a different way. When an employee takes a new job he has to give his new employer his P.45. This is a document which shows the employee's tax coding and the amount of tax he has paid so far in the tax year.

Employees are taxed under PAYE system which means Pay as You Earn. Every employee has the tax deducted weekly or monthly. The deductions are calculated by reference to the employee's tax coding. This information is supplied to the employer by the tax office.

1. Ответьте на вопросы по тексту:

1. What are direct and indirect taxes?

2. What is a fiscal year? How long is it?

3. What taxes are paid by corporations?

4. What taxes are paid by employees?

5. What is P.45?

2. Найдите в тексте эквиваленты слов и выражений профессионально-ориентированной лексики:

Налогообложение; оплачивать расход; налоги платятся с дохода, корпоративный налог, после окончания отчетного периода, налоги взимаются за финансовый год, налог на доход, работники, налоговый код, вычитаемый налог, вычеты рассчитываются, налоговый орган.

3. Расскажите, используя профессионально-орентированную лексику, что говорится в тексте о:

Taxation, direct taxes, indirect taxes, higher prices, income tax, P.45.