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Tax and Ethics - Essay Example

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Tax and Ethics

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. Companies should contact corporation tax office in case there is any legal reason for not filling the corporation tax returns such as winding up order. A company must authorize in writing to use an accountant on their behalf. The role of professionals in the tax system is very important in the tax system since companies and businesses depend on them for advice. Tax experts may advice the company on the information concerning corporation tax compliance and VAT, tax efficiency and mitigation. The tax professionals, having been employed by the companies, are required to register their companies on the corporation tax online services whether the companies are residents or non-residents. Tax experts compute all the taxable amounts of the corporation on behalf of the business. The tax experts will compute individual accounts for the subsidiary companies and consolidated accounts for the parent companies that do business in UK. Moreover, the experts may compute their client’s oversees companies that were incorporated in UK. Tax experts, while computing their client’s taxable income, must ensure that all the allowances, deductions, and reliefs are accounted for. Tax professionals may also advice the companies on the important documents to be kept by the companies for tax purposes. A tax expert may be liable if their clients fail to file their returns on time or under calculated taxable income based on the expert’s advice. The government pays extremely pivotal role in addressing the tax issues. The tax authority gathers tax from the corporations and persons. The government must ensure that it taxes all the taxable individuals and companies without bias. Government forms policies with the intention of ensuring unbiased sharing of the tax weight. The administration must make certain implementation of all the policies made. Government should put heavy penalties and interests to companies that break the tax laws by setting examples to other businesses hence discouraging tax evasion. In addition, the government shall set reliefs and allowable items hence minimizing tax burden among the companies. The government must ensure very high level of tax compliancy by the companies and ...Show more


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…
Author : gottliebclaudie
Tax and Ethics essay example
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