The UK tax system consists of national and local taxes. National taxes: personal income tax, corporate income tax (corporate tax), capital gains tax, oil income tax, inheritance tax, value added tax (VAT), duties and excise taxes, and stamp duty . UK national taxes represent over 90% of tax revenues to the state budget. Local taxes include only property tax, part of which is about 10% of tax revenues. Any profit that was made in the UK is taxed regardless of the place of residence or formal residence of the person or country of incorporation. In the case of private individuals, this can be understood in this way. Persons who are not tax residents in the UK only pay income tax on UK income. Income received outside the country is not taxed. For persons who are tax residents with a domicile in the UK, any profit is taxable: both profits in the UK and abroad. For persons who are tax residents with domicile in any country other than the UK, profits made in England are taxed. Profits earned outside it are taxable only if it is imported into the UK. (In this case, the UK acts as a country with a preferential tax regime). Domicile also affects inheritance tax and capital gains tax. Calculation of taxation of companies in the UK is based on certified audited accounts, which are submitted to the Inland Revenue Office at the end of each financial year of the company.
The tax year (Tax Year or Fiscal Year) in England begins on April 6 and ends on April 5 of the following year. However, a company may, at its discretion, set deadlines for the end of a fiscal year.
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