It has been said that tax and death are the only two certainties in life! This may be a somewhat depressing thought, but in reality it is a true statement. We are all painfully aware that tax is deducted from our hard earned wages, but of course it is always applied to practically every item that you purchase. From a carton of orange juice to the essential family saloon, the price you pay includes a percentage of VAT (Value Added Tax), which is variable and currently equates to 17.5%. Even when we are looking to escape on our holidays, we are still subjected to tax. It is therefore important to remember that even your two week package holiday, to include accommodation in Puerto Banus in sunny Spain, is still subject to tax. Of course, tax is not always automatically deducted. For example, those who are self employed must declare their earnings and either self assess their payments online or instruct an accountant. Failure to do so could result in a heavy fine, as well as having to backdate and pay all the tax that is owed. So, there you have it, there is no escaping from tax, even when you are on holiday!
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