Corporation Tax

Corporation Tax

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Corporation Tax is charged on the profits of around a million companies conducting business in the UK, and after certain adjustments to profits presented in a company's accounts. Once registered with Companies House, companies become liable for Corporation Tax when they begin business. In 2004-05, HM Revenue and Customs (the Department) collected Ap33 billion in tax. Companies submit company tax returns to the Department, which processes and checks them for non-compliance and collects the tax. This NAO report examines the management of Corporation Tax and sets out the following conclusions and recommendations: that HM Revenue a Customs has increased the yield from the tax through a more structured approach to risk assessment and better management of information; a greater yield from the tax may be obtained through matching resources to risk across the tax network; a reorganization of local compliance work into fewer and larger offices, could provide improvements in effectiveness and efficiency, with a matching of staffing levels and experience to local compliance risks and workloads; the Department should pursue its' stronger focus on taxpayers' needs together with any tax simplification, and reduce compliance burdens for companies, which should increase levels of compliance, thus ensuring companies understand and meet their requirements in regard of Corporation Tax.In particular it will merge databases of company accounts and tax returns figures, and should be most useful for those Areas which do ... The initiative has been introduced in the Large Business Service, and was due to be made available to Areas in December 2005. ... from the tax return form nor any of the data from the supporting company accounts or computations that companies submit with the form.

Title:Corporation Tax
Author: Great Britain. National Audit Office
Publisher:The Stationery Office - 2006-01

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