Foreign trade of the u.K.

In the 19th century Britain dominated international trade, accounting for about one-third of world's exports. Early in the 20th century its position changed. I he volume of world's exports increased but the percentage of British exports in world trade declined significantly.

Foreign trade is still vital to Britain's livelihood. With a large population, small land area, and few natural resources, the country must depend on foreign trade to supply the raw materials for English factories and to provide a market for the sale of the thousands of types of manufactured goods produced by English industries.

The United Kingdom's principal exports are vehicles, machinery, manufactured goods and textiles. Her main imports are foodstuffs and most of the raw materials for industry. Britain imports half the food it needs.

There is usually a negative balance of trade, that is, imports exceed exports, but this is compensated for in part by the so-called invisible trade. The earnings from invisible trade come in the way of shipping charges, interest payments from foreign investments, interest payments from British enterprises abroad, and tourist expenditures. The earnings from foreign tourist trade make this one of Britain's important industries.

Britain has got very sound economic ties with various countries of the world, especially the Commonwealth countries. The Commonwealth, officially called "The Commonwealth of Nations", has grown out of the old British Empire which came to an end with the Second World War. The Commonwealth countries are Canada, Australia, New Zealand, India and many other small countries and territories.

The United Kingdom has been a member of the European Free Trade Association (E. F.T.A.) since 1959, and a member of the European Economic Community (E. E. C.) since 1973.

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The economy to ecology, ecology to the economy

A radical restructuring of economic management is under way in Russia. The very important thing is environmental protection, the rational utilization of nature. We don't have the main thing - a program to harmonize the relations between nature and society in order to preserve the basis of social production and the life of society in general.

Now we cultivate 228 million hectares of arable land. What for? That also includes land located in extremely harsh conditions. This land yields practically no harvest, yet we send to it huge numbers of machines, mineral fertilizer and people, we burn fuel, and destroy the soil. This is an example of the expenditure approach. We should reduce the arable land to 160 million hectares as a minimum. Eroded land should be left fallow.

We should get out of the areas of high risk farming. Crop yields can be increased on these 160 million hectares. This can be done by regenerating the fertility of the soil which now is being destroyed. The program should take into consideration the ecological situation in every region.

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Taxes in the u.K.

Individuals, partnerships and trusts pay income tax and capital gains tax. Companies pay corporation taxes.

Income tax and capital gains tax are charged for a tax year, sometimes called fiscal year or year of assessment. The tax year runs from 6 April to the following 5 April.

Corporation taxes are charged for a financial year which runs from 1 April to the following 31 March.

Companies generally pay corporation taxes nine months after the end of the accounting period.

Individuals usually pay taxes in two equal installments on 1 January and 1 July. Usually taxpayers are given 30 days to pay from the date of issue of an assessment

Tax assessments are normally based on returns issued by the Board of Inland Revenue, often called Inland Revenue or IR, for completion by the taxpayer.

If the company or person believes the assessment is incorrect an appeal may be lodged against it. Appeals are made to either the General Commissioners or the Special Commissioners. The commissioners are completely independent of the Inland Revenue.

Employees pay taxes in a different way. When an employee takes a new job he has to give his new employer the P45. This is a document which shows the employee's tax coding and the amount of tax he has paid so far in the tax year.

If an employee has no P45. he is put on an emergency coding. This means he has to pay tax at the single rate until his P45. is found or until the tax office clarify his tax position. When the position is clarified the employee receives a refund of any tax overpaid.

Employees are taxed under the P.A.Y.E. system which means Pay as You Earn. Every employee has the tax deducted weekly or monthly. The deductions are calculated by reference to the employee's tax coding. This information is supplied to the employer by the tax office.

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