HM Revenue

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August 31, 2024 4 min read Definitions

Back Duty: Unpaid Tax Obligations from Previous Years

Economics Finance Taxes HM Revenue Tax Evasion Financial Compliance Back Duty

Back Duty refers to the amount of tax that should have been paid in previous years but was not assessed due to failure by the taxpayer to disclose full income details to tax authorities. It typically involves unpaid taxes on undisclosed or understated income.

August 31, 2024 4 min read Definitions

Estimated Assessment: Understanding Tax Estimations and Appeals

Taxation Finance Estimated Assessment Taxation HM Revenue Self-Assessment Tax Appeals

An overview of estimated assessment, a method used by HM Revenue to determine taxes based on estimated profits or income, including historical context, types, key events, detailed explanations, and examples.