Income Tax:

• Applies to individuals based on their income.
• Different rates and thresholds apply to various income levels.

National Insurance Contributions (NICs):

• Contributions made by individuals and employers to fund the UK’s social security system.
• Separate contributions for employees and self-employed individuals.

Value Added Tax (VAT):

• A consumption tax on goods and services.
• Standard rate, reduced rate, and zero-rate categories.

Corporation Tax:

• Imposed on the profits of UK-resident companies and certain non-UK companies.
• The rate may vary depending on the size and nature of the business.

Capital Gains Tax:

• Applies to the profit made when selling or disposing of an asset that has increased in value.
• Different rates for individuals and trustees.

Inheritance Tax:

• Charged on the value of a person’s estate after their death.
• Exemptions and reliefs may apply.