Simple interest and Taxable person: Difference between pages

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A method of calculating and quoting interest which takes no account of interest on interest.  
1. ''Tax''.
So the total interest for a given period is calculated simply by multiplying or dividing the simple annual interest rate by the relative length of the interest period.


Simple interest is the usual basis of quotation for periods up to and including one year.
A taxable person is anyone, or anything, subject to taxation under the relevant tax jurisdiction.
For example, when the daily rate of GBP interest is quoted as 5.11%, this means that the amount of interest per day is given by the quoted simple annual rate of 5.11% multiplied by 1/365 (to reflect one day in a 365 day year):


= 5.11% x 1/365
Depending on the tax jurisdiction and tax regime, taxable persons can include individuals, partnerships, companies, trusts, the estates of deceased individuals and other entities.
 
 
2.  ''UK VAT.''
 
For example, for UK VAT purposes, a taxable person is someone who is, or is required to be, registered for VAT.
 
A 'person' for these purposes is widely defined and may include individuals, partnerships, companies or another corporate bodies.


= 0.014% per day.


== See also ==
== See also ==
* [[Compound interest]]
* [[Company]]
* [[Interest]]
* [[Default surcharge]]
* [[LIBOR]]
* [[Direct tax]]
* [[Money market]]
* [[Estate]]
* [[Periodic rate of interest]]
* [[His Majesty's Revenue & Customs]]  (HMRC)
* [[Indirect tax]]
* [[Jurisdiction]]
* [[Legal person]]
* [[Partnership]]
* [[Regime]]
* [[Stealth tax]]
* [[Tax]]
* [[Tax avoidance]]
* [[Tax evasion]]
* [[Tax haven]]
* [[Tax point]]
* [[Tax written down value]]
* [[Taxable transaction]]
* [[Taxpayer]]
* [[Taxpayer’s Charter]]
* [[Trust]]
* [[Trustee]]
* [[Value Added Tax]]  (VAT)
 
[[Category:Accounting,_tax_and_regulation]]

Revision as of 00:09, 11 February 2024

1. Tax.

A taxable person is anyone, or anything, subject to taxation under the relevant tax jurisdiction.

Depending on the tax jurisdiction and tax regime, taxable persons can include individuals, partnerships, companies, trusts, the estates of deceased individuals and other entities.


2. UK VAT.

For example, for UK VAT purposes, a taxable person is someone who is, or is required to be, registered for VAT.

A 'person' for these purposes is widely defined and may include individuals, partnerships, companies or another corporate bodies.


See also

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