Table of Contents
Who will pay excise taxes?
Excise taxes are primarily taxes that must be paid by businesses, usually increasing prices for consumers indirectly. Excise taxes can be ad valorem (paid by percentage) or specific (cost charged by unit).
Who is responsible for paying excise duty?
Explanation: The registered keeper of the vehicle is responsible for paying the vehicle excise duty or making a Statutory Off-Road Notification (SORN) if the vehicle is to be kept untaxed and off the road.
How direct and indirect taxes are complementary to each other?
Direct taxesinclude the taxes that cannot be transferred or shifted to anotherperson, for instance the income tax an individual pays directly to thegovernment. Indirect taxes are those paid by consumers when they buy goods and services.
What is loan default and how does it work?
Loan default occurs when a borrower fails to pay back a debt according to the initial arrangement. In the case of most consumer loans, this means that successive payments have been missed over the course of weeks or months.
What are the consequences of defaulting on a business loan?
For personal loans and business loans, the consequences of default vary depending on whether the loan is secured or unsecured. With business loans, defaulting can often times have a negative impact on the business owner’s credit score if the loan was backed by a personal guarantee.
What is the conceptual difference between income tax and capital gains tax?
The conceptual difference between income tax and capital gains tax is that income tax is the tax paid on income earned from interest, wages and rent, while capital gains tax is the tax paid on the sale or exchange of an asset such as a stock or property that is categorized as…
What are the tax implications of lending money to a friend?
If you plan on lending a friend or family member money — or have already lent money — there are some tax implications you should take into account. Remember that unless you draw up a full loan contract with the person you’re lending to, the person may not be legally obligated to pay you back.