UK tax law

UK tax law requires individuals and businesses to pay taxes on income, profits, and goods or services they acquire or produce. Key taxes include Income Tax, which applies to earnings; National Insurance, supporting social security; VAT, a sales tax on goods and services; and Corporation Tax for company profits. The system is governed by laws set by Parliament, with allowances, reliefs, and thresholds that can reduce the amount owed. Tax law aims to fund public services and infrastructure fairly, with compliance enforced by HM Revenue & Customs (HMRC). Individuals and businesses are responsible for understanding and adhering to these regulations.