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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.

Value added tax (vat)

Value-added tax, or VAT, is a type of turnover tax that is applied at every stage of production and distribution. While the end consumer is ultimately responsible for paying...

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Abuse of law

is called the Substance Over Form Principle. The Substance Over Form Principle is a fundamental concept in finance that allows tax authorities to disregard a taxpayer's use ...

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Safe harbour

Tax authorities often provide broad guidelines for interpreting tax laws. These guidelines may specify that transactions falling within a particular range will be deemed acc...

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Accounting records

"Let's take a look at the various documents and books that play a crucial role in preparing a tax return and financial statements. These include the general ledger, which re...

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