Seminar paper from the year 2005 in the subject Business economics - Accounting and Taxes, grade: 2,0, Glyndr University, Wrexham known as NEWI (North East Wales Institute of higher Education), course: Business Taxation, language: English, abstract: Both Income Tax and VAT are self assessed taxes, but the regimes that govern then differ considerably. This assigment whats to compare and contrast the two taxation systems demonstrating clearly how each is administered and how the tax due is collected. Self Assessment is a way of working out and paying tax. (Inland Revenue, 2004a) Self Assessment is a tax system whereby tax payers are responsible for paying the correct amount of tax on set dates, without waiting for the Inland Revenue to demand this. The Self Assessment tax system is possible for Income Tax and Value Added Tax.