How does tax collection work around the globe? Does every country have an IRS with complicated filing?
In: Economics
No. In the UK, your company calculates and pays your tax on your behalf each month. It’s called PAYE – pay as you earn.
You only pay the difference if they make a mistake which is pretty rare.
Our version of the IRS is called HMRC – His Majesty’s Revenue and Customs.
You only file your own taxes – called a self assessment – if you are self employed. However, it’s free and fairly easy to do.
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