Lets be honest, Tax is a word the most of us really aren’t too keen hearing, and yet despite this quite often it seems to be common topic of discussion and Tax Planning can cause some sleepless nights.

Tax Guidance

Here at Prudent Minds we have decided to dedicate an entire section to Tax advice and hopefully we will manage to address as many of the most frequently asked questions to do with Taxes, such as "What is the Tax we pay used for", "What are the Tax Thresholds and Tax Rate Bands", "Do I need to complete a Tax Return" and "Are there any exceptions to the rules"?

All of us are aware of the recent changes following the Budget in November resulting in VAT being reduced to 15% for 13 months, ending 1st January 2010. Although Tax was increased on Alcohol, Petrol and Cigarettes meaning that although we have seen a slight reduction in costs of Clothes and Shoes, Petrol, Alcohol and Cigarettes have stayed much the same.

Tax Categories Included

VAT (Value Added Tax)

Road Tax or Car Tax

Income Tax or Earnings Tax

Petrol Tax or Fuel Tax

Council Tax, previously Poll Tax

Inheritance Tax or Death Tax

Capital Gains Tax

Corporation Tax or Business Tax

National Insurance

Tax is always a talking point whether it be Car Tax, Tax Credits, Council Tax or Income Tax.

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Updated on 18th March, 2009

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