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Tax Liability Scenarios
Some taxable events are more common or apparent than others. You may be liable to tax in the following forms:
- Income Tax: The majority of individuals are required to pay Income Tax, which is usually automatically deducted from a salary if you are employed. If you are self-employed you need to account to HMRC directly in January and July (normally).
- Capital Gains Tax: This is normally triggered when a person realises a capital asset by selling it for a price that is higher than the initial purchase price.
- Corporation Tax: Working in a similar way to income tax but for companies, Corporation Tax monitors the profitable income of a company, deducting a certain amount of the profits periodically.
- Value Added Tax: VAT is a consumption tax placed on many products when value is added during the production stage.
- Pay As You Earn (PAYE) Tax: Employers are required to deduct Income Tax, and sometimes even social benefit taxes, in the form of PAYE as part of the payroll.
- Inheritance Tax: If you inherit assets the estate may be liable to Inheritance Tax. The amount of tax depends on the value of the estate and your relationship to the deceased.
Apply for a Bridging Loan with Affirmative
Whether you need to borrow a large or small amount, Affirmative can help you. Our bridging loans are suitable for individuals as well as businesses, allowing you to cover a tax bill payment smoothly.
Unlike regular lenders who may delay, our bridging loans can be ready within a matter of days or even hours.
Find out more about bridging loans by reading our guide, or give us a call at our Manchester office on 08000 44 84 84. If you are ready, apply for your bridging loan online now.
