Summary

Taxation is the means by which the Government raises revenue by imposing compulsory levies. The main types of taxation that affect schools are value added tax, which is paid on sales; income tax, which is paid on taxable income such as employment income, and corporation tax, which is paid on an organisation’s profits or gains.

In Practice

Requirement to Register for VAT

Broadly speaking, those involved in education and childcare do not have to register for VAT as these services are exempt for VAT purposes.

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