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Relating to tax and taxation

1040 form

noun

a form used by people in the U.S. when they are calculating how much tax they have to pay on the money that they have earned

1099

noun

in the U.S., a document you send to the IRS (=the U.S. tax department) that gives details of money that you have earned during the year other than your salary

allowance

noun

a tax exemption

audit

noun

an official examination of the financial or tax records of a company, organization, or person to see that they are accurate

audit

verb

to officially examine the financial or tax records of a company, organization, or person to see that they are accurate

the Boston Tea Party

a protest held in Boston, Massachusetts in 1773. Americans threw boxes of tea from British ships into the sea to show the British government that they did not want to pay tax on the tea. The protest was one of the events that led to the American Revolutionary War.

Chancellor of the Exchequer

noun

the member of the British government who is responsible for taxes and for deciding how the government spends its money

chargeable

adjective

if income or property is chargeable, you must pay tax on it

claw back

if a government or company claws back money after losing it, it gets it again, for example by making people pay higher taxes or charging higher prices

corporate welfare

noun

the use of government money or tax policy to support corporations instead of poor people

customs

noun

a government department that collects taxes on goods that people bring into a country

declare

verb

to state officially how much you have earned or how much property you own so that you can pay the correct amount of tax

declare

verb

to state officially that you have brought goods into a country so that you can pay the correct amount of tax

deductible

adjective

taken away from the total amount of money on which you pay tax

delinquent

adjective

a delinquent account or tax bill has not been paid on time

dutiable

adjective

dutiable goods must have tax paid on them, especially when they are brought into a country

duty-free

adjective

duty-free goods cost less than the usual price because you do not pay any tax on them

duty-free

noun

goods such as cigarettes and alcohol that you buy without paying tax on them

fiscal

adjective

relating to money and financial matters, especially taxes

free port

noun

a port or airport where no tax is paid on goods that are delivered because they are then going to be sent to other countries

free zone

noun

an area at a port or in a city where goods can be received or stored without tax having to be paid

green channel

noun

the way through customs for people who are not bringing goods into the country on which they have to pay tax

gross

adjective

a gross amount of money is the total amount before taxes or costs have been taken out

gross

adverb

earned before anything such as taxes or costs have been taken out

HMRC

abbreviation

Her Majesty’s Revenue and Customs: the British government department responsible for taxation. It collects both direct taxes (such as income tax and corporation tax) and indirect taxes (such as VAT).

the Inland Revenue

the former name for the British government department responsible for collecting taxes. It became part of HMRC in 2005, but people still use the old name in unofficial contexts.

interim

adjective

calculated or paid before the end of a financial year

the Internal Revenue Service

the IRS

the IRS

the Internal Revenue Service: the U.S. government department that collects taxes

Lady Godiva

a woman who rode with no clothes on through an English town in the 11th century as a protest against high taxes

levy

noun

an amount of money that you have to pay, for example as a tax

levy

verb

to officially request payment of a tax

net

adjective

a net amount of money is the total amount after taxes or costs have been removed

net

adverb

after everything such as taxes or costs have been removed

nett

a British spelling of net2

overtax

verb

to make someone pay more tax than is fair

personal allowance

noun

a personal exemption

personal exemption

noun

an amount of money that you can earn each year before you have to start paying tax on your income

pretax

adjective

pretax profit or income is the amount of profit or income before tax is paid

profit

noun

money that you make by selling something or from your business, especially the money that remains after you have paid all your business costs. Your total profit before you pay tax is called gross profit, and the amount that remains after you have paid tax on this is called net profit

protect

verb

to help industries in your country by putting taxes on goods from other countries

protectionism

noun

a system in which a country helps its own industries by putting taxes on foreign goods

relief

noun

the right not to have to pay the full amount of tax or interest on an amount of money

return

noun

an official form that you must fill out, especially one involving taxes

self-assessment

noun

when someone who is (=self-employed) works out how much tax to pay the government

the Stamp Act

a British law of 1765 placing a tax on people living in British North American colonies (=regions ruled by a country in another part of the world). The Act made many people very angry and was one of the causes of the American Revolution.

stoppages

noun

money taken for tax, retirement, etc. before you receive your salary

supply-side economics

noun

economic policies that involve reducing taxes in order to encourage people to invest more money

take-home pay

noun

the amount of pay that you receive after taxes and other amounts have been taken away

tax

noun

an amount of money that you have to pay to the government that it uses to provide public services and pay for government institutions. There are several different types of tax, for example income tax that is paid on your income, or a duty that is paid on goods that you buy or sell

tax

verb

to get money for public services and other government institutions by putting a tax on something

tax

verb

to get money by making someone pay a tax

taxable

adjective

taxable money that you earn or receive is money that you have to pay tax on

tax avoidance

noun

the use of legal ways to pay less tax

tax bracket

noun

a particular range of incomes that are taxed at the same rate

tax break

noun

a reduction in the tax that you must pay

tax-deductible

adjective

tax-deductible costs can be taken away from your total income before you pay tax on what remains

tax-deferred

adjective

taxed at a later time

tax dodge

noun

a legal or illegal way of paying less tax

tax evasion

noun

the use of illegal methods to pay less tax or to pay no tax at all

tax-exempt

adjective

if something is tax-exempt, you do not have to pay tax on it

tax-exempt

adjective

a person or organization that is tax-exempt does not have to pay tax

tax exile

noun

someone who lives in another country to avoid paying tax in their own country

tax-free

adjective

if something is tax-free, you do not pay tax on it

tax haven

noun

a place where people go to live, or where they keep their money, so that they do not have to pay higher taxes in their home country

taxman

noun

someone whose job is to collect taxes

taxpayer

noun

someone who pays tax, especially tax on income

tax relief

noun

a reduction in tax that you are allowed for a particular reason

tax return

noun

an official document that contains details about your income. You give it to the government to help them calculate how much tax you have to pay.

tax shelter

noun

somewhere you can invest your money without having to pay tax on the profits

tax year

noun

a period of 12 months that is used for calculating taxes

threshold

noun

a limit at which an arrangement changes. For example a tax threshold is the level of income or profit at which you start to pay a tax

unallowed

adjective

not allowed as a deduction, for example to reduce the amount of a tax

undeclared

adjective

used about income that you do not tell the tax authorities about

W-2

noun

a document that U.S. employers must complete every year saying how much money an employee earned during the year and how much tax was taken from their pay

write off

to say that something is not worth anything, for example a machine used to make something

zero-rated

adjective

goods or services that are zero-rated do not have the tax called VAT added to them

duty-free

adverb

after tax

an amount of money after tax is the amount that is left after you have paid tax on it

before tax

an amount of money before tax is the amount that you earn or receive before you have paid tax on it

raise taxes

if a government or other authority raises tax or taxes, it gets money by making people pay a tax to them

Open Dictionary

chicken raffle

any random process, such as a competition in which a name is drawn from a hat

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