You don't need to pay car tax on a car which is legally declared as being off the road, and the process of doing this is called a Statutory Off Road Notification – or SORN for short. If you declare your car as being SORN, you can get a refund for any full months of remaining t...
BIK stands for "Benefit in Kind." BIK tax is the tax that you have to pay on additional benefits you receive from your employer, which is in addition to your regular salary. Some examples of BIK benefits include: Company car Private health insurance ...
A car tax refund is calculated from the date DVLA gets your information. The amount is determined by how many months you have paid for in advance. It’s important to send your application as soon as you can, as delaying it may result in you paying more car tax than you should, especia...
When purchasing a vehicle within the state of Georgia, you do not actually pay the 4 percent retail sales tax. Instead, residents pay an ad velorum tax at the point of registration and must pay this tax annually for renewal, according to CarsDirect. Taxes vary based on the car's value. ...
Calculatedaccordingtothevalueofthehouse(ownproperty). Formula:taxpayable=a*afterthedeductionoftheoriginal valueofthepropertyafterthe10%-30%taxrate. Taxrate:1.2% Rent(rentalofownproperty). Formula:taxpayable=rentalincome*taxrate. Taxrate:12%. (4)landusetax. Calculationformula:taxableamount=taxableland...
To figure the effective rate on an auto loan, plug the information into the formula. Suppose you purchase a new car with the final invoice totaling $22,339. You pay a down payment of $2,339 along with the tax and license and finance the remaining $20,000 at 6 percent interest compound...
self-employed and freelance workers can be more complex due to fluctuating income streams, varied payment schedules, and the need to account for business expenses. However, understanding both your gross and net annual income is critical for budgeting, financial planning, and meeting your tax ...
Loan payments are calculated based on your interest rate and repayment period. The type of loan, whether its interest-only or amortizing, also plays a role in how interest is calculated. Understanding these factors and using an online loan calculator can help you develop a clear picture of the...
A Sales Tax is different from a Value-Added Tax in that the sales tax is only collected once. A VAT is collected throughout the production process. Value-Added Tax The U.S. is one of the few developed countries where conventional sales taxes are still used. Outside of the U.S., many...
An ad valorem tax is calculated based on the value of an item of property such as real estate or personal property. The Latin phrase ad valorem means "according to value." Ad valorem taxes are based on the assessed value of the item being taxed. The most common ad valorem taxes are ...