Tax Glossary UK - Glossario Tasse Imposte Fiscale UK



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Farmers' Averaging

A relief that enables farmers to even out fluctuations in income.

Pairs of years are viewed together.

Filing Date

The date by which you must file your Tax Return.

The normal filing date is the 31 January following the tax year, but this is revised to 3 months after the issue of the Tax Return if later.

If you wish the Inland Revenue to complete your selfassessment, you should file your Tax Return by the earlier date of the 30 September, or two months after the issue of the Tax Return if later.

Final Version

The definitive end product which is produced after an initial drafting stage.

You can print a draft version of your Tax Return from the program before asking for a final version.

FIRST Option Bonds

These Bonds are bought from the Post Office or direct from National Savings.

Interest is paid to you annually, net of tax (tax deducted).

First Year Allowances

Capital allowances that you can claim on items of plant and machinery in the year that you acquire them.

First year allowances are not available to large businesses, nor are they available on cars (except in a car hire business).

Fixed Deduction

If you buy and maintain special clothing and tools that you have to use in your employment the expense is tax deductible.

Instead of claiming a deduction for the actual amount you spend, you can claim a fixed deduction.

The amount of the fixed deduction depends on the nature of your employment and is agreed between the Inland Revenue and your trade union or association.

Fixed Profit Car Scheme

The Inland Revenue's scheme which sets out the maximum rates at which a mileage allowance can be paid tax free to employees. 

There are reduced reporting requirements for employers who apply to use the Fixed Profit Car Scheme.

Employees may use the Fixed Profit Car Scheme rates to claim a deduction for motoring costs (the simpler basis), rather than calculating the exact cost.

Foreign Companies

Companies which are not resident in the UK.

Foreign Dividend

A dividend paid by an overseas company, unit trust or other investment fund.

Foreign Earnings Deduction

A deduction from your earnings that you could make if you worked abroad and were outside the UK for a continuous period of at least 365 days.

Foreign Earnings Paid

Income from an employment where the work was done outside the UK.

Foreign Earnings Remitted

The amount of income that you have brought into the UK out of your earnings from employment which was done outside the UK.

This term is used for people who are not UK Domiciled, and certain people who are not ordinarily resident in the UK, who are taxed on the foreign earnings only when the income is brought into the UK.

Foreign Income Arising

Means that you are taxed on foreign income when it is due to you even if you have not received it in the UK.

You are, for example, taxable on interest credited to your foreign bank account even if you do not withdraw the interest from the account.

Applies to people who are UK Domiciled, apart from certain people who are not ordinarily resident in the UK.

Foreign Income Remittance Basis

You are taxed on foreign income only when you bring it into the UK, directly or indirectly.

Applies to people who are not UK Domiciled and certain people who are not ordinarily resident in the UK.

Foreign Income Dividend Distributions

Some multinational companies include a foreign income dividend element in the dividend they pay.

This is because they pay foreign taxes on the foreign profits. Unit Trusts and open ended investment companies (OEICs) pass the foreign income dividends they receive on to unit holders and shareholders as foreign income dividend distributions.

The tax credit on these is not repayable.

Foreign Income Dividends

Some multinational companies include a foreign income dividend element in the dividend they pay.

This is because they pay foreign taxes on the foreign profits.

The tax credit is not repayable.

Foreign Life Insurance Policies

Life insurance which is with an insurance company which does not have any presence in the UK.

Foreign Tax Paid

Tax paid in a foreign country on income (or gains arising in that country).

You may claim tax credit relief for foreign tax paid.

If you do not claim tax credit relief you may deduct the foreign tax paid from the foreign income (or gains), so that your taxable income (or gains) is the net amount (the foreign income (or gains) less the foreign tax paid).

Forms

There are many types of forms which are issued by the Inland Revenue for completion in certain circumstances.

These include Tax Returns, P60's, P45's and so on.

Forms Mode

The Forms mode enables you to type information directly into electronic versions of Inland Revenue forms.

Unless you are extremely comfortable completing Inland Revenue forms, it is best to use the Step by Step Interview to complete your return.

Free Standing Additional Voluntary Contributions

If you are in an employer's pension scheme you can make extra pension contributions, called additional voluntary contributions. 

These may be made into your employer's scheme, or into a separate pension scheme of your choice.

Contributions to your own scheme are called freestanding additional voluntary contributions. Sometimes referred to using the acronym (FSAVC).

Freelance

In business on your own, selling your own services. A freelance writer, artist, plumber and so on.

Friendly Society

An organisation set up to accept savings from individuals.

The policies offered by the friendly society are generally tax free, but there is a limit on the amount you may invest.

You may be able to claim limited tax relief for contributions to certain older policies providing a combination of sickness and death benefits.

Fringe Benefits

Benefits provided to you by an employer in addition to your salary.

FSAVC's

Acronym for Free Standing Additional Voluntary Contributions.

FTSE 100 Share Index

An index run by the London Stock Exchange which monitors the performance of the top 100 UK quoted companies on the London stock exchange.

Furnished Holiday Lettings

The letting of holiday accommodation which is taxed as if it were a trade.

The property must be furnished, available for commercial letting for at least 140 days per year, let commercially as holiday accommodation for at least 70 days per year and not be occupied for a continuous period of more than 31 days by the same person for at least 7 months of the year.


AVVERTENZE D'UTILIZZO: Il presente glossario contiene una definizione dei termini più utilizzati in ambito fiscale e d'imposte nel Regno Unito.
La spiegazione di ciascuno dei termini indicati in questo glossario è di carattere meramente orientativo e priva di valore legale; si raccomanda, quindi, di tenere conto del contesto e dell'evento in cui essi vanno applicati, in quanto il significato loro attribuito potrebbe differire rispetto a quello qui rappresentato.

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