Examine the benefits and drawbacks of National insurance versus Income tax by answering the following questions. A)
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Question:
Examine the benefits and drawbacks of National insurance versus Income tax by answering the following questions.
A) Evaluate the system of self-assessment in the UK for 2021-22, explaining the operation and scope of income tax, filing obligations and implications of non-compliance.
B) Evaluate the system of National insurance in the UK, explaining the scope of the different classes of contributions.
C) Compare and contrast the inter-generational equity of national insurance versus income tax as a means of funding the National Health Service and adult Social Care.
Expert Answer:
A Selfassessment tax refers to any balance tax that has to be paid by an assessee on his assessed income after the TDS and advance tax have been taken into account before filing the return of income T... View the full answer
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