P45
Definition
A UK document an employer provides when an employee leaves, detailing pay and tax to the leaving date. The employee gives it to their next employer so that tax continues to be deducted correctly.
Related Terms in International Tax
PAYE (UK)
Pay As You Earn, the UK system by which employers deduct income tax and National Insurance from employees' wages and pay it to HMRC, reporting in real time each pay period.
Making Tax Digital for VAT
A UK requirement for VAT-registered businesses to keep digital records and submit VAT returns through compatible software rather than manually, aimed at reducing errors and modernising tax administration.
GST (Australia)
Australia's broad-based goods and services tax applied at a single rate to most supplies. Registered businesses report it through a Business Activity Statement and claim credits for GST paid on purchases.
Business Activity Statement (BAS)
The Australian form businesses lodge to report and pay GST, PAYG withholding, PAYG instalments and other tax obligations in one statement, monthly or quarterly.
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