Management Of Large Business Corporation Tax

Author : Great Britain: National Audit Office
Publisher : The Stationery Office
Page : 44 pages
File Size : 43,8 Mb
Release : 2007-07-25
Category : Business & Economics
ISBN : 9780102947649

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Management of large business corporation tax by Great Britain: National Audit Office Pdf

The Large Business Service of HM Customs & Excise deal with the Corporation Tax for 700 of the largest businesses. Following service reviews it is in the process of changing to : improve customer relations and service; provide greater certainty for businesses over tax due; adopt an efficient risk-based approach to dealing with tax matters; benefit businesses that engage in low risk behaviour; resolve issues speedily. This report considers the Department's progress and specifically covers: the administration of large business corporation tax; managing risks to corporation tax revenues; measuring and managing performance; staff skills and resourcing.

Author : Great Britain. Parliament. House of Commons. Committee of Public Accounts
Publisher : The Stationery Office
Page : 48 pages
File Size : 42,9 Mb
Release : 2008
Category : Business & Economics
ISBN : 0215523881

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Management of Large Business Corporation Tax by Great Britain. Parliament. House of Commons. Committee of Public Accounts Pdf

In 2006-07, Her Majesty's Revenue & Customs (the Department) raised a total of £23.8 billion in Corporation Tax from large businesses. There are some 700 of these businesses, and in 2005-06, just 50 of them paid 67 per cent of the large business Corporation Tax, whilst 181 businesses paid none. Two-thirds of the tax comes from the banking, oil and gas and insurance sectors. Businesses pay little or no Corporation Tax because, for example, they have made a loss, or had losses in previous years, or they are using tax reliefs, or engaging in tax avoidance. In 2006-07, the Department's large business Corporation Tax enquiry programme raised nearly £2.7 billion. Many of these enquiries were poorly targeted, with nearly 60 per cent producing less than 1 per cent of the additional tax raised. The enquiries also take too long: in January 2008, 42 per cent of its enquiries were over two years old, and 10 per cent over four years old. In February 2007, based on initial review of tax returns from the previous 12 months, the Department estimated that the potential Corporation Tax at risk was £8.5 billion. The tax assessments are very complicated and there has been a widening gap between the skill set of large business tax staff and that of the Large Business Service. The Department is bringing in external recruits, including retired tax advisors, to help to train its staff and to deal with the more complicated technical work.

Author : Ryan C. Fuhrmann
Publisher : CFA Institute
Page : 60 pages
File Size : 51,5 Mb
Release : 2017
Category : Business & Economics
ISBN : 9781942713425

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The Banking Industry Guide: Key Insights for Investment Professionals by Ryan C. Fuhrmann Pdf

Author : Lawrence J. Gitman,Carl Mcdaniel,Amit Shah
Publisher : Unknown
Page : 0 pages
File Size : 49,9 Mb
Release : 2023-05-19
Category : Electronic
ISBN : 1998109313

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Introduction to Business by Lawrence J. Gitman,Carl Mcdaniel,Amit Shah Pdf

Author : Great Britain: National Audit Office
Publisher : The Stationery Office
Page : 40 pages
File Size : 43,6 Mb
Release : 2011-12-02
Category : Business & Economics
ISBN : 0102976996

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Core skills at by Great Britain: National Audit Office Pdf

HM Revenue and Customs will have to make sure its staff have the right skills if it is to succeed in cutting its running costs by 25 per cent by 2014-2015 and bringing in each year an extra £7 billion of tax revenue. It is estimated that HMRC spent £96 million in 2010-11 developing the skills of its staff but judges that spending is not systematically directed on top level business priorities. Staff skills will have been a factor in the improvement of HMRC's business results including the extra £1billion tax generated since 2010 by enforcement and compliance activity. But currently there is not a direct evidential link between results and training and development activities. Only 54 per cent of HMRC staff said that they were able to access the right learning and development opportunities when they needed to and only 38 per cent said that training had improved their performance. Evidence from a customer survey and external stakeholders also suggests that the Department does not have all the skills it needs, but HMRC does not have a good overview of its current skills gaps. It needs better data and information on gaps which would help it take a more strategic approach and gain an early warning of future skills gaps, such as the risk of skills depleting as experienced staff retire. This is of particular concern in HMRC as one in five staff in key business areas are over 55. HMRC also lacks governance arrangements or structures to hold the organization to account for money spent on training. Many of the points in this report were raised previously by HMRC's own reviews but the Department has not made the changes needed.

Author : John Snape
Publisher : Bloomsbury Publishing
Page : 203 pages
File Size : 47,6 Mb
Release : 2011-12-09
Category : Law
ISBN : 9781847318718

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The Political Economy of Corporation Tax by John Snape Pdf

Excellent technical writing on corporation tax abounds, but it tends to be inaccessible to public lawyers, political theorists and political economists. Although recent years have seen not only an explosion in public law scholarship but also a reawakening of interest in interpretative political theory and political economy, the potential of these perspectives to illuminate the corporation tax debate has remained unexplored. In this important work, John Snape seeks to reconcile these disparate strands of scholarship and to contribute to a new way of understanding and conceptualising the reform of the law relating to corporate taxation. Drawing on important developments in public law scholarship, the study combines elements of political theory and political economy. It advances a new interpretation of corporation tax law as an instrument of rule, through the maximisation of a nation's economic potential. Snape shows how corporate taxation belongs at the centre of any discussion of economic globalisation, not only because of the potential of national tax systems to influence inward investment decisions but also because of the potential of those decisions to shape the public interest that those tax systems might embody. Following public law and politics models, the book looks afresh at the impact of Britain's political institutions, of the processes of its representative government and of the theory that moulds and orders the values that the corporation tax code contains. This is a timely exploration of cutting-edge issues of public policy.

Author : OECD
Publisher : OECD Publishing
Page : 90 pages
File Size : 45,6 Mb
Release : 2008-03-10
Category : Electronic
ISBN : 9789264041813

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Study into the Role of Tax Intermediaries by OECD Pdf

This report examines the role tax intermediaries play in the operation of tax systems and specifically to understand their role in “unacceptable tax minimisation arrangements” as well as to identify strategies for strengthening the relationship betweeen tax intermediaries and revenue bodies.

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
Page : 206 pages
File Size : 47,7 Mb
Release : 2011-07-30
Category : Business & Economics
ISBN : 0215561031

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Administration and effectiveness of HM Revenue and Customs by Great Britain: Parliament: House of Commons: Treasury Committee Pdf

This report identified serious concerns in a number of areas, including: unacceptable difficulties contacting HMRC by phone during peak periods; endemic delays in responding to post; and an increasing focus on online communication that may exclude those without reliable internet access. The Committee recognises that the Department performs a crucial role and operates under significant external pressures including continuing resource reductions, deficiencies in tax legislation and the legacy of the merger. It also acknowledges the commitment of management to tackling these problems and the dedication and professionalism of HMRC staff. However, it concluded that the Department has a difficult few years ahead of it, as it attempts to improve its service. The Committee makes recommendations in the following areas: Improving the service provided by contact centres; providing robust alternative to online contact; ensuring greater awareness of the impact of process changes on individuals and businesses; ensuring reductions in resources are managed in a way that is commensurate with the enabling IT and process improvements and minimises the loss of Departmental tax expertise; reviewing the division of responsibilities between HMRC and HM Treasury in relation to making tax policy, to ensure practical considerations are taken into account at the earliest possible stage; better targeting of letters that threaten serious consequences against individuals; having the National Audit Office externally audit preparations for Real-time Information, to ensure Ministers can be held accountable for progress against the Government's ambitious timetable; and examining how the Department can achieve better accountability around the settlement of large tax cases

Author : Great Britain: Parliament: House of Commons: Treasury Committee
Publisher : The Stationery Office
Page : 230 pages
File Size : 51,6 Mb
Release : 2007-10-16
Category : Business & Economics
ISBN : 0215036379

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Globalisation by Great Britain: Parliament: House of Commons: Treasury Committee Pdf

Globalisation is having an enormous impact on the UK's economy creating significant challenges for policy-making with the shift in economic power from West to East, particularly the rise of China and India in the global economy. The effects will be on felt on highly-skilled jobs as well as some less-skilled employment, and public policy needs to respond to the likely implications for the labour market. The Committee's report considers domestic policy challenges relating to the promotion of innovation and improving the business environment and the skills base in the economy, and issues discussed include: the drivers of globalisation, trade and protectionism, global imbalances, as well as the beneficial and adverse effects of globalisation for the UK economy. The Committee recommends that, in order to promote understanding of the impact of globalisation on jobs and communities, the Government should publish an annual review of new developments affecting the impact of and prospects for globalisation. Given that protectionist sentiment is increasing, posing a threat to the progress of both developed and developing countries, the Committee supports the Government's promotion of a successful conclusion to the Doha trade round. Globalisation is also threatened by the risk of a disorderly unwinding of global imbalances and the success of a reformed International Monetary Fund will be judged by its performance in ensuring global imbalances are properly addressed.

Author : Nigel Feetham
Publisher : Spiramus Press Ltd
Page : 209 pages
File Size : 44,5 Mb
Release : 2011
Category : Business & Economics
ISBN : 9781907444432

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Tax Arbitrage by Nigel Feetham Pdf

Press coverage has often shown little understanding of the distinction between tax avoidance and tax evasion, describing the legitimate behaviour of taxpayer banks, financial institutions and multinational businesses in emotive terms and often inaccurately. This book aims to look at tax arbitrage, and demystify its practice.

Author : Institute for Fiscal Studies (IFS)
Publisher : OUP Oxford
Page : 1360 pages
File Size : 41,6 Mb
Release : 2010-04-30
Category : Business & Economics
ISBN : 9780191564826

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Dimensions of Tax Design by Institute for Fiscal Studies (IFS) Pdf

The goal of the Mirrlees Review has been to identify what makes a good tax system for an open developed economy in the 21st century and to suggest how the UK tax system could be reformed to move in that direction. As an integral part of the Review, this volume brings together thirteen studies of different dimensions of tax design, plus associated commentaries. These were commissioned from IFS researchers and other international experts, to be of interest and value in their own right, as well as to provide inspiration for the final report of the Review, which is published as a separate volume, Tax by Design. The Commission's work was directed by: Tim Besley Richard Blundell Malcolm Gammie James Poterba The Commission's editorial team: Stuart Adam Stephen Bond Robert Chote Paul Johnson Gareth Myles

Author : John R. Graham,Jana S. Raedy,Douglas A. Shackelford
Publisher : Now Pub
Page : 176 pages
File Size : 44,9 Mb
Release : 2012-11-09
Category : Business & Economics
ISBN : 1601986122

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Accounting for Income Taxes by John R. Graham,Jana S. Raedy,Douglas A. Shackelford Pdf

Accounting for Income Taxes is the most comprehensive review of AFIT research. It is designed both to introduce new scholars to this field and to encourage active researchers to expand frontiers related to accounting for income taxes. Accounting for Income Taxes includes both a primer about the rules governing AFIT (Sections 3-4) and a review of the scholarly studies in the field (Sections 5-8). The primer uses accessible examples and clear language to express essential AFIT rules and institutional features. Section 3 reviews the basic rules and institutional details governing AFIT. Section 4 discusses ways that researchers, policymakers, and other interested parties can use the tax information in financial statements to better approximate information in the tax return. The second half of the monograph reviews the extant scholarly studies by splitting the research literature into four topics: earnings management, the association between book-tax differences and earnings characteristics, the equity market pricing of information in the tax accounts, and book-tax conformity. Section 5 focuses on the use of the tax accounts to manage earnings through the valuation allowance, the income tax contingency, and permanently reinvested foreign earnings. Section 6 discusses the association between book-tax differences and earnings characteristics, namely earnings growth and earnings persistence. Section 7 explores how tax information is reflected in share prices. Section 8 reviews the increased alignment of accounting for book purposes and tax purposes. The remainder of the paper focuses on topics of general interest in the economics and econometric literatures. Section 9 highlights some issues of general importance including a theoretical framework to interpret and guide empirical AFIT studies, the disaggregated components of book-tax differences and research opportunities as the U.S. moves toward International Financial Reporting Standards (IFRS). Section 10 discusses econometric weaknesses that are common in AFIT research and proposes ways to mitigate their deleterious effects.

Author : Andy Lymer,Margaret May,Adrian Sinfield
Publisher : Policy Press
Page : 302 pages
File Size : 41,7 Mb
Release : 2023-05
Category : Political Science
ISBN : 9781447364177

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Taxation and Social Policy by Andy Lymer,Margaret May,Adrian Sinfield Pdf

This book is about tax and social policy and how they interact with each other. The impact of taxation as an instrument of social policy is central in influencing redistribution and behaviour. This broad-based edited collection fills a significant gap in both literatures, bringing together disparate debates in this emerging area of analysis. It guides readers through the key interactions of tax and social policies and the central debates and challenges posed by their effect on each other. It examines how analyses might be combined and policy options developed for more effective delivery and impact in both areas.

Author : Great Britain. National Audit Office
Publisher : The Stationery Office
Page : 52 pages
File Size : 47,9 Mb
Release : 2008
Category : Business & Economics
ISBN : 0102954275

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The Control and Facilitation of Imports by Great Britain. National Audit Office Pdf

HM Revenue & Customs clears most imported goods quickly, and processes for submitting customs declarations and payments for non-EU imports are straightforward. The rate of physical checks at the UK border is below the EU average, however, and the number of audits of traders has dropped substantially since 2005-06. Ninety-nine per cent of declarations are processed electronically and 90 per cent of goods are cleared immediately. The Department checks documents for about 6 per cent of imports each year and aims to clear 95 per cent of these within two hours. However, a recent quality review by the Department found an 18 per cent error rate in these checks. The Department has only recently standardised the reporting of physical checks, and these reports suggest that between 2 and 3 per cent of imports get checked (The EU average is 9 per cent). The Department needs to improve its reporting, develop a standard for the minimum level of checking and undertake testing to understand compliance levels. Audits of traders fell by half for large businesses and two-fifths for small and medium businesses between 2005-06 and 2007-08. The additional revenue from this compliance work is reducing while the level of errors detected is rising, particularly among new traders. For small and medium sized businesses, the level of errors detected has increased from 32 to 39 per cent. The fragmented management of customs activities within the Department, a lack of clear accountability, and incomplete management information have hindered effective oversight of its performance and risk management.

Author : Organization for Economic Cooperation and Development
Publisher : Organization for Economic Co-Operation & Development
Page : 0 pages
File Size : 51,6 Mb
Release : 2017-06
Category : Fiscal policy
ISBN : 9264279113

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Tax Administration 2017 by Organization for Economic Cooperation and Development Pdf

This edition of the series provides internationally comparative data on aspects of tax systems and their administration in 55 advanced and emerging economies. It covers all jurisdictions that were members of the OECD's Forum on Tax Administration (FTA) at the launch of the 2016 tax administration survey. In addition, it includes information on Peru, that became a member of the FTA in March 2017; the non-FTA jurisdictions that are members of the European Union (i.e. Bulgaria, Croatia, Cyprus, Malta, and Romania); as well as Morocco (which increases the reports' geographical coverage).