taxable
Describes money, goods, or benefits that the law says you must pay tax on.
Legally required to have tax paid on it, especially in relation to income, goods, property, or financial benefits.
Describes a person or company that the law says must pay tax in a place.
Describes a person, company, or other entity that is legally recognized as liable to pay tax in a particular country or jurisdiction.
- Base: taxable
taxable benefit
1Benefit from employer that is taxed
Something you get from your job, like a company car or free housing, that the law counts as income and taxes.
- The company car is treated as a taxable benefit and will appear on your tax form.
- Free lunch at the office may be a taxable benefit, depending on local tax rules.
taxable event
1Action that triggers a tax charge
An action, like selling an asset or getting paid, that starts the legal need to pay tax.
- The sale of the property is a taxable event that must be reported to the authorities.
- Receiving stock options is not always a taxable event, but exercising them often is.
taxable income
1Income amount that is taxed
The part of your income that the government uses to calculate how much tax you must pay.
- After deductions for retirement savings and health insurance, her taxable income was much lower.
- You should check which expenses you can subtract before you calculate your taxable income.
taxable supply
1Goods or services sale that is taxed
A sale of goods or services that must have VAT or sales tax added to the price.
- Only businesses making taxable supplies above the threshold must register for VAT.
- Food for takeaway may be a taxable supply, while basic groceries might be zero-rated.
taxable year
1Year used for tax purposes
The 12‑month period that the government uses to measure your income and tax.
- For individuals, the taxable year usually matches the calendar year.
- The company changed its taxable year to align with its parent corporation.