Most revenue for the healthcare system is funded by public sources such as general taxation, NICs and some local taxation and the rest is provided through private sources, mainly PMI. Over the counter drugs, medical products and private hospital care including both uninsured and insured all account for private expenditure in the NHS. Most private hospitals are financed through voluntary health insurance which offers an efficient and convenient access to care. The key source of finance for the NHS is general taxation. HM revenue and Customs is the government department responsible for overseeing administration and collection taxes [1]. Income tax, VAT, corporation tax, excise duties are the main sources that contribute to the general taxation. Income tax being the largest revenue under general taxation accounted for 153.5 billion of government receipts in 2008-2009, which amounted to 10.7 percent of GDP [1]. Regardless if the income was earned not, income is still taxable and which there is no maximum on the level of income that is taxable. In the U.K., Vat is a sales tax that is applied to most business relations that involves the transfer of goods and services. This includes consumer expenditure, imports and export and the transfer and exchange of goods and services between businesses. Corporation tax is a tax that accounts for profits of businesses. Small companies with annual profits of less than 1.5 million paid a corporation tax at a rate of 21 percent while businesses with profits that exceed that amount paid tax at a rate of 28 percent. NICs are required contributions paid by employers, employees and self-employed people on earned income. NICs are planned to provide an entitlement of benefits such as state pensions, state
Most revenue for the healthcare system is funded by public sources such as general taxation, NICs and some local taxation and the rest is provided through private sources, mainly PMI. Over the counter drugs, medical products and private hospital care including both uninsured and insured all account for private expenditure in the NHS. Most private hospitals are financed through voluntary health insurance which offers an efficient and convenient access to care. The key source of finance for the NHS is general taxation. HM revenue and Customs is the government department responsible for overseeing administration and collection taxes [1]. Income tax, VAT, corporation tax, excise duties are the main sources that contribute to the general taxation. Income tax being the largest revenue under general taxation accounted for 153.5 billion of government receipts in 2008-2009, which amounted to 10.7 percent of GDP [1]. Regardless if the income was earned not, income is still taxable and which there is no maximum on the level of income that is taxable. In the U.K., Vat is a sales tax that is applied to most business relations that involves the transfer of goods and services. This includes consumer expenditure, imports and export and the transfer and exchange of goods and services between businesses. Corporation tax is a tax that accounts for profits of businesses. Small companies with annual profits of less than 1.5 million paid a corporation tax at a rate of 21 percent while businesses with profits that exceed that amount paid tax at a rate of 28 percent. NICs are required contributions paid by employers, employees and self-employed people on earned income. NICs are planned to provide an entitlement of benefits such as state pensions, state