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Finance & Accounting
Pages 4 (1004 words)
Tax Ethics The United Kingdom has exceptionally competitive tax system in the world that seems attractive to investors globally. The UK tax system is competitive in the G7 and the G20 since their standard corporation tax is 26% and applies to both resident and non-resident companies.
Companies are required to keep absolute and precise records of their accounting and other business transactions details that may be required in court as evidence against tax case. Businesses are required to obtain adequate information and competent advice concerning the tax assessment. Companies’ are then required to file their tax returns properly on the specific dates to ensure tax compliancy to avoid heavy penalties and interests because of non-compliance. Companies must ensure that they enroll for corporation tax online services and choose suitable software to use. Both resident and nonresident companies liable for corporation tax must ensure filing an online company tax return. Companies must ensure that all the deductions are deducted from their taxable amounts before submitting their returns and that all the tax reliefs, losses and allowances are accounted for. In addition, companies must ensure that all the statutory deductions such as PAYE are accounted for before submitting their returns. All the penalties and interests have to be incorporated in the tax returns’ computation by the companies. Companies may as well challenge tax assessments in court or tribunals. The companies may assign a tax specialist to deal with their tax matters. ...
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