Taxes on spending are indirect taxes.
Key Indirect taxes include:
VAT (Value Added Tax) – Tax on amount y which value of a product has increased in each stage of production/distribution. Firms will small turnovers aren’t required to pay a VAT.
Duties – Heavy taxes on goods such as alcohol, tobacco, petrol, etc.
Vehicle Excise Duty – Taxes imposed on vehicle owners. Tax depends on size of engine as larger engine = more carbon emissions
Customs Duties – Taxation on imports imposed by government.
Council Tax – Taxation on households of local authorities based on an estimated value of property and number of occupants. This goes to helping pay for local services such as refuse collection.
Business Rates – Collected by local authorities and contribute to provisions of local community services. They are paid by businesses and are based on value of business property.
Stamp Duties – Paid when assets such as houses and shares are bought.
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