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Old 03-25-2011, 04:38 AM   #19
vivaldirules
When's Doughnut Day?
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Join Date: Jul 2007
Location: Houston, TX, US
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Quote:
Originally Posted by HarryT View Post
In the UK, unless you do something "complicated", such as run your own business, all tax is paid automatically by your employer, your mortgage lender, or whatever. Having to fill in a tax return is relatively unusual. I have to fill one in, because I run a business, but the vast majority of people don't.
Perhaps one issue is that there are several marginal tax rates here and a large number of possible deductions and credits that influence how much each of us pays. So even if the bank were to withhold taxes on the interest they pay me, they won't know what percentage to do so. It's sufficiently complicated that every August, I estimate our taxes for the current year to make sure I won't be overly surprised at the end of the year.
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