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Taxes

Personal allowances

This can reduce the taxable income and thus, the amount of tax owed.

As we delve into the realm of personal finance, it is crucial to understand the concept of personal allowances. These allowances serve as deductions from an individual's income when calculating their taxable income. Typically, one can claim allowances for themselves, their spouse, children, and other dependents. By reducing the taxable income, these allowances can ultimately lower the amount of tax that an individual owes.

Current assets

In the realm of finance, we often come across terms such as cash, accounts receivable, inventory, and other assets. These are assets that hold the potential to be converted ...

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Estate duty/tax

Death duties, also known as inheritance tax or estate tax, are taxes that are imposed on the transfer of assets after a person's death. This tax is calculated based on the ...

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Looking through

In the world of finance, we often come across complex terms that may seem daunting at first glance. One such term is "piercing the corporate veil", which refers to the act o...

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Gross profits tax

In the realm of finance, there exists a common term known as a "gross receipts tax." This tax is typically levied at a lower rate and is based on the total revenue of a bus...

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