Income Tax is tax that you pay on your income.

National Insurance is a tax on income which qualifies you to certain benefits, such as the State Pension and maternity pay.

Value Added Tax (VAT) is a tax that is added to most products and services sold by businesses.

Taxation

Financial education

In this unit we explore the essentials of insurance, how taxation works, and the effects of inflation on personal finances.

Subjects which particular individuals may be sensitive to, eg, adoption, migration, bereavement or death, divorce, poverty, deprivation.

Depiction or discussion of sensitive content

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The amount of money you can earn without having to pay Income Tax is called your ...

A store in the USA has a pair of sneakers on display. The price tag reads $41.99 and the Sales Tax is 15%. What do the sneakers cost?

A shop in the UK has a pair of trainers on display. The price tag reads £45.99 and VAT is 20%. What do the trainers cost?

If you have 40 apples and 35% of them are eaten, how many do you have left?

A top originally cost £22. It is now on sale for £14. What is the percentage decrease in price (to the nearest percent)?

A store owner buys a pair of shoes for £45 and sells them for £105. What is the percentage profit (to the nearest percent)?

A house originally valued at £399 999 increase in price by 8.75%. What is its new value (to the nearest pound)?

An item that originally cost £37 is discounted by 18%. What is the sale price?