Filing Of Vat And Company Tax Returns
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Filing Of Vat And Company Tax Returns
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Author : Great Britain: Parliament: House of Commons: Committee of Public Accounts
language : en
Publisher: The Stationery Office
Release Date : 2007-12-04
Filing Of Vat And Company Tax Returns written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-04 with Political Science categories.
On the basis of a report by the Comptroller and Auditor General, this report examined HM Revenue and Customs on getting VAT and Company Tax returns in on time, encouraging businesses to file tax returns online. The Department spends over £9 million a year on processing nine million VAT and Company Tax returns but one in five Company Tax returns and one in seven VAT returns are filed late or not at all. The Department lacks information on businesses that repeatedly file late and the links between late filing and other forms of non-compliance. The penalty regimes are variable and the fixed rate penalties for Company tax are low and not routinely applied, so the Department should also look at non-financial incentives such as tax clearance certificates. Less than 10% of companies' use online filing and the Department does not expect to meet its target of getting 50% of VAT returns filed online by 2007-8 and plans for mandatory online filing for Company Tax have been put back to 2010. Online filing would save the Department most of its current processing costs and be cheaper for businesses. Additional plans to reduce the administrative burden of filing taxes are unlikely to be implemented before 2011.
Filing Vat And Company Tax Returns
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Author : Great Britain: National Audit Office
language : en
Publisher: The Stationery Office
Release Date : 2006-12-13
Filing Vat And Company Tax Returns written by Great Britain: National Audit Office and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-12-13 with Business & Economics categories.
Value Added Tax (VAT) and Corporation Tax raised around £120 billion in revenue in 2005-06. Some 1.8 million businesses are registered for VAT and 1.8 million companies registered to file Company Tax returns, which cover their liability for Corporation Tax. This report examines the performance of HM Revenue & Customs in securing and processing VAT and Company Tax returns from businesses which should submit them. It covers: getting the returns in on time; efficiency in dealing with the returns; customer service and the compliance burden on businesses making returns. Over the last three years the number of Company Tax returns filed on time has remained broadly stable at 77 to 79 per cent and VAT return compliance rate has stabilised at 85 per cent. The Department does not have readily available information on the total number of Company Tax returns outstanding from all previous years. It also does not know the potential tax liability arising from all missing returns. At least £1.5 billion of tax is in doubt from late and non-filed VAT and Company Tax returns. The level and the way in which penalties are applied for late filing for the two tax returns has not proved effective in further improving compliance. The report finds online filing of returns could improve efficiency, and welcomes reduction in staff costs and improvements in customer service. The NAO make a number of recommendations, which may be implemented quickly and at low cost, aimed at yielding efficiency savings, reduce tax at risk, and improve the Department's progress towards its targets.
Helping Newly Registered Businesses Meet Their Tax Obligations
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Author : Great Britain: National Audit Office
language : en
Publisher: The Stationery Office
Release Date : 2006-12-06
Helping Newly Registered Businesses Meet Their Tax Obligations written by Great Britain: National Audit Office and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-12-06 with Business & Economics categories.
There are around 700,000 new businesses starting up each year, all of which are required to register with HM Revenue & Customs for their different liable taxes. If a business takes on employees for example they will need to pay, PAYE, and if the business has a turnover exceeding £61,000 they then become liable for VAT. Businesses though need to register separately for each tax for which they are liable. This NAO report examines opportunities for the HM Revenue & Customs to further improve the help to new businesses, and looks at three areas: the compliance record of newly registered businesses; the process of registering for a tax; the guidance and advice provided by the Department. The report also highlights a number of conclusions and recommendations, including: the Department should target those newly registered businesses which are likely to benefit most, such as those entirely new to business and have least understanding of their tax obligations; new businesses should be encouraged to use the email alert service provided by Business Link; the Department should make guidance forms easier to understand and complete and also work more closely with other organisations such as tax agents, Business Link and financial institutions to coordinate help for new businesses in general; the introduction of a single online tax registration for businesses would be beneficial; and the Department should work towards a one stop telephone information system to cover all taxes.
Paying Taxes The Introduction Of An Additional Index To Measure Post Filing Processes
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Author : N. Howlett
language : en
Publisher:
Release Date : 2018
Paying Taxes The Introduction Of An Additional Index To Measure Post Filing Processes written by N. Howlett and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
'Paying Taxes' continues to be one of eleven indicators used by the World Bank in its annual Doing Business project. Doing Business is a World Bank Group flagship project which 'measures the regulations that enhance business activity and those that constrain it'. It presents indicators that are compared quantitatively and objectively across 190 economies, and over time. Since its initial inclusion in Doing Business, the Paying Taxes indicator has looked at the amount of taxes and mandatory contributions that a small to medium sized case study company has to bear in a given year (the Total Tax and Contribution Rate), the time it takes for the company to comply with the tax obligations of the three major taxes (profit tax, labour taxes and mandatory contributions, and value added tax (VAT) or sales tax) and the number and method of tax payments made The most recent edition of Paying Taxes includes a fourth sub-indicator, the post-filing index. This looks at some specific value added tax (VAT) and corporate income tax processes that occur after the tax returns have been filed with the tax authority. It is the post-filing index which is the focus of this paper.
Keeping It Simple 2019 20
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Author : James Smith
language : en
Publisher:
Release Date : 2019-07-02
Keeping It Simple 2019 20 written by James Smith and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-02 with Business & Economics categories.
This plain-English guide tells you everything you need to know about small business bookkeeping, money management, tax returns and VAT. Part 1 covers bookkeeping and accounting - you'll discover how to grow your business and save hundreds of pounds in accountancy fees by taking control of your income and expenses. Part 2 shows you how simple it is to complete a business tax return, using real-life illustrations - after reading this section you'll have a solid understanding of how your business is taxed. Part 3 contains an indispensable guide to VAT - how to register, how to fill in your VAT return, and how to reduce the amount of tax you have to pay. The current edition also contains a 30-page section on how to improve cash flow in your business and boost your profits. The author reveals all the tricks you can use to keep the money rolling in, including billing tactics that ensure every invoice gets paid quickly... without upsetting your customers! Keeping it Simple is a must read for: Anyone wanting to make light work of managing the finances of a small business. Everyone with a new business or thinking about starting a business. Sole traders who want a clear jargon-free guide to completing their business tax return. Anyone wanting a comprehensive plain-English VAT guide. All businesses approaching the £85,000 VAT registration threshold or considering voluntary VAT registration. All businesses that want to improve their cashflow.
International Vat Gst Guidelines
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Author : Collectif
language : en
Publisher: OECD
Release Date : 2017-04-12
International Vat Gst Guidelines written by Collectif and has been published by OECD this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-12 with Business & Economics categories.
Value Added Tax (VAT; also known as Goods and Services Tax, under the acronym GST in a number of OECD countries) has become a major source of revenue for governments around the world. Some 165 countries operated a VAT at the time of the completion of the International VAT/GST Guidelines in 2016, more than twice as many as 25 years before. As VAT continued to spread across the world, international trade in goods and services has also expanded rapidly in an increasingly globalised economy. One consequence of these developments has been the greater interaction between VAT systems, along with growing risks of double taxation and unintended non-taxation in the absence of international VAT co-ordination. The International VAT/GST Guidelines now present a set of internationally agreed standards and recommended approaches to address the issues that arise from the uncoordinated application of national VAT systems in the context of international trade. They focus in particular on trade in services and intangibles, which poses increasingly important challenges for the design and operation of VAT systems worldwide. They notably include the recommended principles and mechanisms to address the challenges for the collection of VAT on cross-border sales of digital products that had been identified in the context of the OECD/G20 Project on Base and Erosion and Profit Shifting (the BEPS Project). These Guidelines were adopted as a Recommendation by the Council of the OECD in September 2016.
Keeping It Simple 2018 19
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Author : James Smith
language : en
Publisher: Taxcafe UK Limited
Release Date : 2018-06-15
Keeping It Simple 2018 19 written by James Smith and has been published by Taxcafe UK Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-15 with Business & Economics categories.
This plain-English guide tells you everything you need to know about small business bookkeeping, money management, tax returns and VAT. Part 1 covers bookkeeping and accounting - you'll discover how to grow your business and save hundreds of pounds in accountancy fees by taking control of your income and expenses. Part 2 shows you how simple it is to complete a business tax return, using real-life illustrations - after reading this section you'll have a solid understanding of how your business is taxed. Part 3 contains an indispensable guide to VAT - how to register, how to fill in your VAT return, and how to reduce the amount of tax you have to pay. The current edition also contains a 30-page section on how to improve cash flow in your business and boost your profits. The author reveals all the tricks you can use to keep the money rolling in, including billing tactics that ensure every invoice gets paid quickly... without upsetting your customers! Keeping it Simple is a must read for: Anyone wanting to make light work of managing the finances of a small business. Everyone with a new business or thinking about starting a business. Sole traders who want a clear jargon-free guide to completing their business tax return. Anyone wanting a comprehensive plain-English VAT guide. All businesses approaching the £85,000 VAT registration threshold or considering voluntary VAT registration. All businesses that want to improve their cashflow.
New Thai Taxation
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Author : Suvarn Valaisathien
language : en
Publisher:
Release Date : 1993
New Thai Taxation written by Suvarn Valaisathien and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Income tax categories.
Deals with personnel income tax, income tax on juristic entitles, value added tax, stamp duties, and double tax agreements.
Effects Of Adopting A Value Added Tax
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Author :
language : en
Publisher:
Release Date : 1992
Effects Of Adopting A Value Added Tax written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Consumer goods categories.
Administering The Value Added Tax On Imported Digital Services And Low Value Imported Goods
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Author : John Brondolo
language : en
Publisher: International Monetary Fund
Release Date : 2021-05-21
Administering The Value Added Tax On Imported Digital Services And Low Value Imported Goods written by John Brondolo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-05-21 with Business & Economics categories.
This technical note and manual (TNM) addresses the following questions: (1) What are the main challenges in administering the value-added tax on imported digital services and the measures that countries have introduced to address the challenges?; (2) What are the main challenges in administering the value-added tax on low-value imported goods and the measures that countries have introduced to address the challenges? ;and (3) What are the key tasks in implementing the measures for improving the administration of the value-added tax on imported digital services and low-value imported goods?