Learn the UK Tax Language

A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z  

UK Tax Glossary

Welcome to our Tax Glossary. Here you will find clear and comprehensible definitions of most of the tax terms you will face when dealing with UK income tax. This Glossary will help you understand the tax language, however it will not offer direct solutions to your tax issues. If you need further advice on any of those tax terms - just ask a tax adviser and get a free consultation right now!

Letter: O

Ordinary Rate of Tax: The rates available for dividends for the 2009-10 tax year are the 10% ordinary rate and the 32.5% Dividend Upper Rate. From the 2010-11 tax year, as well as these rates there is a new Dividend Additional Rate of 42.5 per cent.

Ordinary Residence: This is the place where an individual is resident year after year - the place where one normally lives. Ordinary residence determines individual liability to income tax and capital gains tax in the UK.

Overlap Period: In most cases, accounts are prepared up to a certain date. Tax is then paid on the bottom line amount. However, when a business starts or an accounting period changes, complex rules apply. The same accounting period may become taxable in two different tax years. Effectively, tax is paid on the same income twice. That period is called the Overlap Period. Overlap Relief can be claimed to prevent income being taxed twice.

Live Tax Aid

Live Tax Aid
Talk to a tax adviser

Call for UK Tax Rebate
Online UK Tax Refund tool

Refund Query
Online refund tool

Order Tax Rebate
Tax Calculator

Tax Calculator
Online calculation tool

Calculate Tax

TaxUndo -The Legitimate Agency

Tax Agency Data Protection Act Registration

Data Protection Act Registration

UK Tax HMRC Registered Agent

Registered for HMRC Online Services

UK Tax Money Laundering

Money Laundering Certificate

UK Tax News
UK Tax Date

New tax forms, online calculator and NIC Sections

We are glad to announce that TaxUndo Ltd has now opened a new section on the website in line with our expanded service range in the field of National Insurance and State benefits: http://taxundo.com/L...

Read Now Tax News
UK Tax Calendar
UK Tax Date

Impending Deadlines

Company CT61 return due for quarter to 30th June.

Key UK Tax Dates