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United Kingdom

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About

United Kingdom

Capital
Official languages
Population 
Currency

ISO 4217

London

English

66,796,807 (as of 2019)

Pound Sterling

GBP

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Economy

The United Kingdom has a strong and diverse economy, with a GDP of $2.83 trillion in 2020. It is the fifth-largest economy in the world, and the second-largest in Europe. The UK has a highly developed services sector, which accounts for 79% of its GDP. The manufacturing sector contributes 11%, while the agricultural sector contributes just 1%. The UK is a major exporter of goods and services, with exports totaling $621 billion in 2020. The UK is also a major importer, with imports totaling $717 billion in 2020. The UK has a strong and stable currency, with the British pound being one of the most traded currencies in the world. The UK also has a strong financial sector, with London being one of the world's leading financial centers. The UK has a highly educated workforce, with a literacy rate of 99%. The UK also has a strong infrastructure, with a well-developed transportation network and a reliable energy supply. Overall, the UK has a strong and diverse economy, with a GDP per capita of $44,890 in 2020.

Taxation

Taxation in the United Kingdom:


Corporate Tax:

- The corporate income tax rate in the UK is currently 19% for all companies. 

- Companies are required to file annual tax returns and make payments based on their profits.


Personal Income Tax:

- The UK operates a progressive income tax system with varying tax rates depending on the level of income earned.

- The current tax rates range from 20% for basic rate taxpayers to 45% for additional rate taxpayers.

- There is also a tax-free personal allowance available to all taxpayers, which is currently £12,570 per year (2021/2022 tax year).


Value-Added Tax:

- The value-added tax (VAT) rate in the UK is 20%, with certain goods and services being exempt or subject to a reduced rate of 5% or 0%.


Tax Payment and Calendar:

- The UK tax year runs from April 6 to April 5 of the following year.

- Companies are required to file tax returns and make payments based on their profits within 9 months and 1 day of the end of their accounting period.

- Individual taxpayers who are employed or receive a pension through the PAYE (Pay As You Earn) system have their taxes automatically deducted from their paychecks.

- Self-employed individuals and other taxpayers who are not subject to PAYE are required to file a self-assessment tax return by January 31 following the end of the tax year and make payments based on their income and other sources of taxable income.


The UK tax system is complex and subject to frequent changes. It is recommended to consult with a tax professional familiar with the specific circumstances in the UK for personalized advice on tax matters.

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