HMRC asks if software can reduce red tape May 20, 2009
How many UK businesses are equipped to compile their own VAT and Corporation Tax figures and submit them electronically to HMRC ... To accompany the publication of paving the way for the introduction of mandatory online filing of VAT and Corporation Tax between 2010 and 2012, HMRC published a study of business accounting practices ... Corporation Tax is hard, so most companies use agents. (Accounting Web, UK)
Corporations already pay most of the taxes (203) May 18, 2009
"If you read the actual report those most of those coprporations who did not pay taxes had tax credits due them for loses posted the previous year, small mom and pop Corps. who, while the corporation didn't pay taxes the owners did through the legally established Corporation tax laws. Also Not-for profits are included in the study.A counter argument to the corporations pay no taxes is found at http://www.realclearmarkets.com/articles/2008/08/do_corporations_really_pay_no.html ". wtf wrote on May... (Lodi News Sentinel, CA)
Newth Talks Tax: Casual wages May 18, 2009
Section 12B, Taxes Management Act 1970 and the equivalent corporation tax legislation stress the requirement that proper books of account should be kept, with the threat of a tax penalty if this does not take place. However, human nature being what it is, the cash difference at the year end still occurs, and one wonders how other practitioners deal with this, both for companies, partnerships and sole traders. (Accounting Web, UK)
Carter moves ahead May 11, 2009
to require online filing for both Corporation tax and VAT have now been issued, in preparation for the implementation of the next phase of the Carter recommendations ... For Corporation Tax, returns and payment will be required online for all companies for returns delivered on 1 April 2011 or later, relating to periods ending on 1 April 2010 or later ... As part of the preparation for implementation, HMRC have also published the results of a into the use of accounting software for both online... (Accounting Web, UK)
Where the rupee comes from, and goes May 9, 2009
Out of every rupee that enters the government's coffers, 29 paise is from borrowings and other debt, with corporation tax contributing 22 paise and income tax another 12 paise. Smart Living. (India Times)
No easy ride May 9, 2009
Page last updated at 16:12 GMT, Friday, 8 May 2009 17:12 UK. In search of Europe: Ireland. (BBC News -- Europe)
Taxing times May 7, 2009
Currently, an American company which invests in Ireland pays corporation tax on its profits there of 12 ... In the Netherlands, the rate of corporation tax is 25 ... Until now, that's been a big disincentive to ever bringing the profits home, where the corporation tax rate is more than three times that of Ireland's - at 39. (BBC News -- Business)
Pennsylvania Revenue Department Releases April Collections May 3, 2009
April corporation tax revenue of $493 ... Year-to-date corporation tax collections total $4. (PR Newswire)
Beat the recession masterclass, part four: Your action plan Apr 29, 2009
Explain how to cut your corporation tax, income tax, capital gains tax and SDLT bills to zero (or close to zero). Help you claim your full tax credit entitlement (it is surprising how much you can claim with specialist help). (Accounting Web, UK)
SMEs in crisis: Accountants to the rescue Apr 28, 2009
Corporation tax is another area where SMEs run into trouble. Many business owners do not pay attention to this until the end of the year, once they are faced with a huge bill, by which time it is often too late to source the cash. (Accounting Web, UK)
Improvements to Business Payment Support Scheme Apr 28, 2009
Those advising on this particular issue should note, however, that interest will still run on such carry back claims, as the previous tax liability continues to carry interest for both income and corporation tax. In corporation tax, only interest in relation to the immediately preceding period is cancelled by a loss carry back claim, and in income tax the previous tax liabilities are unaltered the claim gives rise to a tax credit on the date of the claim. (Accounting Web, UK)
UK high-tech firms 'under threat' Apr 20, 2009
The British Chambers of Commerce wants more supportive measures for firms in the forthcoming Budget, including cutting small businesses' corporation tax. Bookmark with. (BBC News -- UK)
Change your tax payment details now Apr 20, 2009
First to change, from April 2009 onwards include PAYE, Self Assessment, Corporation tax, VAT and NIC. Those businesses and individuals with automatic payment arrangments should ensure that they check details before making a payment. The indicates that not all banks are able to accept the new HMRC payment account details at present, so businesses may need to check first before trying to alter payment details. (Accounting Web, UK)
Firms urge minimum wage freeze Apr 19, 2009
The British Chambers of Commerce (BCC) called for more support in Wednesday's Budget, including cutting small businesses' corporation tax ... It wants the Budget to include moves to reduce the rate of small companies' corporation tax. (BBC News -- UK)
FreeAgent at the crossroads Apr 15, 2009
The Corporation Tax module, for example, starts with the Pthen takes account of all the capital allowances. Molyneux admits that the program's assumptions are based around the needs of small, service based organisations, but the logic is solid enough to come up with reasonably accurate figures for most of its user base. (Accounting Web, UK)
Lobby group hopes Chancellor will... Apr 14, 2009
As well as paying a higher basic rate of corporation tax of 30 per cent, compared with 28 per cent that most companies are liable for, developers have to pay a supplementary tax of 20 per cent.. Third, oil companies have to set aside capital to cover, not just their share of decommissioning costs, but also the Government's contribution. (New York Post -- Business)
Business Watch: Legislators must watch their step Apr 13, 2009
The state budget proposed by legislative Democrats includes a three-year, 30 percent surcharge on the corporation tax. It also eliminates certain deductions and exemptions for corporate income, lowers a cap on business tax credits, and repeals more than 50 sales tax exemptions. (Republican-American)
Possible Solutions to the IR35 problem Apr 6, 2009
Corporation tax (no surcharge) 1,949; Dividends surcharge at 5% tax burden 2,356; dividend surcharge 10% tax burden 2,763 ... Corporation tax (no surcharge) 4,049; Dividends surcharge at 5% tax burden 4,895; dividend surcharge 10% tax burden 5,741 ... Corporation tax (no surcharge) 9,459; Dividends surcharge at 5% tax burden 11,403; dividend surcharge 10% tax burden 13,346. (Accounting Web, UK)
Compliance checks range of fact sheets issued Apr 6, 2009
Thus the new term compliance check will be more common, although if HMRC wish to enquire into a period for which an income tax or corporation tax return has already been filed, they will have to follow the enquiry protocol and use the enquiry window to commence a check. AccountingWEB.co.uk 6th April 2009Categories: Times read: 122. (Accounting Web, UK)
Welcome to the Corporation Tax Act 2009 Apr 6, 2009
Those who like to know their section numbers off pat have yet another hurdle to deal with this spring, with the new Corporation Tax Act presenting a substantial challenge to learn more new sections. The Act is the next product to roll off the tax law rewrite production line, and presents much basic corporation tax legislation in the new more accessible style ... Another two corporation tax bills have been released for comment, so more tax law rewrite legislation should be with us before too... (Accounting Web, UK)
HMRC readies online Corporation Tax filing software Apr 2, 2009
HMRC will launch its own online Corporate Tax filing system in the autumn for use by smaller, unrepresented companies across the UK. At the same time, HMRC will provide a new validation service, enabling accounts to be filed using Inline XBRL. Jon Wilcox reports. HM Revenue ms officials confirmed the department's online plans at the Digita annual conference last week, where they faced several calls from delegates for improved communication with agents. (Accounting Web, UK)
Tax deadline calendar Mar 30, 2009
The reverse of the calendar provides an overview of other repeat obligations, both fixed and variable, including filing dates for the Construction industry (fixed) and for VAT and Corporation tax (variable). This will provide a useful aide memoir for those agents unfamiliar with any of the deadlines, and for staff new to certain areas. (Accounting Web, UK)
Fired Doctor of Derivatives Waiting to Cry as 282,000 Finance Jobs Vanish Mar 25, 2009
Financial services accounted for 11 percent of U.K. income tax and 15 percent of corporation tax in the tax year ended on March 31, 2008, according to a report commissioned by London Mayor. Thats a total of 42 billion -- more than the U.K.s schools budget. (Bloomberg)
VAT reclaims - taxable income? Mar 23, 2009
It makes it clear that HMRC believes that all repayments of output tax and associated statutory interest are taxable to corporation tax, and states that claims by companies to the contrary will be followed up promptly ... Similarly, a fairly plain case is made for the interest to be taxed under corporation tax; although the interest does not arise on a loan relationship, it does arise on a money debt and thus is within the scope of Corporation Tax. (Accounting Web, UK)
Reduced HMRC interest rates Mar 16, 2009
On underpaid instalments of Corporation Tax (under the QUIP's rules) down from 2 per cent to 1 ... On overpaid instalment payments and Corporation Tax other liabilities paid early down from 0 ... Rates charged on late payment of other tax liabilities including old corporation tax liabilities are also reduced. (Accounting Web, UK)
Slump in tax from financial secto... Mar 16, 2009
Drawing on estimates by PricewaterhouseCoopers, the accounting firm, of the extent of the Treasury's reliance on financial groups to swell its tax-take, CEBR calculates that Mr Darling faces the loss from the industry in 2009-10 of 9 billion in corporation tax revenues, 10 billion in income tax and national insurance payments, 2 billion in stamp duty, and 3 billion from so-called withholding taxes on interest payments. In total, the 28 billion fall in revenue from financial businesses... (New York Post -- Business)
Salmond defends Scots banking Mar 16, 2009
" On Saturday, Lib Dem treasury spokesman Vince Cable said the collapse of the Royal Bank of Scotland would have wiped out the budget of an independent Scotland. The Edinburgh-based bank, which lost 24bn last year, is 68% owned by the UK Government after a massive bail-out. Mr Cable said the RBS balance sheet was 15 times the size of Scotland's gross national product. But Mr Salmond said he did believe the current state of the world economy had affected the case for independence. If you go back... (BBC News -- UK)
JD Wetherspoon blames tax for pub... Mar 14, 2009
The tax generated over the six-month period comprised 79 million in VAT, 53 million of excise duty, PAYE and national insurance of 30 million, property taxes of 18 million and corporation tax of 10 million. Tim Martin, the group's chairman, said that the level of tax being levied on the trade was contributing to the closure of pubs in record numbers - according to recent figures 39 a week. (New York Post -- Business)
State Income Tax Refunds On The Way Mar 8, 2009
96 billion in personal income tax refunds and $181 million in Bank and Corporation tax refunds. The controller anticipates all of the delayed payments will be made within the next several weeks on a first-in, first-out basis, and March payments will be made as scheduled. (KCRA 3, CA)
State starts releasing delayed payments Mar 7, 2009
96 billion in personal income tax refunds and $181 million in bank and corporation tax refunds. California s financial problems are far from over, however. (San Jose Business Journal, CA)
Conservatives Pledge Corporate-Tax Changes to Eliminate Incentives to Debt Mar 7, 2009
Osborne aims to eliminate tax breaks for debt and to use the money raised to reduce corporation tax rates beyond his existing pledge. The party already has signaled it wants to reduce the rate from 28 percent to 25 percent. (Bloomberg -- UK)
Small company financial reporting: going concern Mar 6, 2009
The companys overdraft facility is nearing its limit and there is an arrangement to pay the previous years corporation tax liability with HMRC over a period of six months ... In addition, the company has entered into an arrangement to pay their corporation tax as the overdraft is nearing its limit and the order book is only showing sales of approximately five months ... Directors should also take into account any large cash outflows due out in the immediate future (for example a large... (Accounting Web, UK)
Holyrood power grab by Lib Dems Mar 5, 2009
In addition he wants to increase the Scottish Parliament's financial clout - with borrowing powers plus control over a basket of taxation including income tax, corporation tax, fuel duty, tobacco and alcohol duty and property stamp duty. Armed with those powers, Mr Scott wants Holyrood to cut the burden of taxation to revive the economy. (BBC News -- UK)
Rock of stability Mar 4, 2009
The worldwide tremors have coincided with a period of upheaval in tax rules: during 2010, the tax-exempt status enjoyed by a select group of companies will be abolished, to be replaced by a flat-rate corporation tax of 10. We're lucky that we've got Gibraltar so close - it makes life a little bit easier. (BBC News -- Business)
Darling Forces RBS to Give Up U.K. Tax Relief on Losses as Deficit Widens Feb 28, 2009
3 billion pounds to pay U.K. corporation tax in 2007, according to Bloomberg calculations based on their annual reports ... Weakness in financial sector profits over the next year or so means the outlook for corporation tax receipts is bleak. (Bloomberg -- UK)
Churches reel from hike in water bills Feb 25, 2009
The rates mean that businesses and churches are charged at the same rates, but businesses can offset the costs against corporation tax. This isn t an option for churches. (Times Online)
Panel takes step to repeal property tax Feb 24, 2009
Steve Farley, D- Tucson, who called the legislation a corporation tax bailout. And, opponents added, the legislation does relatively little for an average homeowner. (AZCentral -- Business)
Don't tinker! warns ICAS Feb 23, 2009
The Institute of Chartered Accountants in Scotland (ICAS) has come out against the planned simplification of corporation tax, observing that the proposals would further complicate small compay taxation. ICAS comments that there is a need for well-directed reductions in tax compliance burdens on business, but the answer is not to be found in recent Government proposals to change the way small companies prepare their accounts. (Accounting Web, UK)
Penalties for inaccuracies Prompted and unprompted disclosure by Rebecca Benneyworth Feb 23, 2009
Example 3During an Employer Compliance review the employer makes a disclosure that the basis of the transfer pricing calculation for Corporation Tax is wrong. This is unrelated to the subject under review and so there is an unprompted disclosure. (Accounting Web, UK)
RBS gets around promise to end ca... Feb 21, 2009
Let's get it straight, RBS has been one of the biggest contributors of Corporation Tax in recent years. For many staff part of the remuneration package is a 'bonus. (New York Post -- Business)
Left and Right agree on carbon tax Feb 21, 2009
Yes, let's have a carbon tax instead, and for every billion collected via this new tax a billion should be cut from income tax, corporation tax etc. That way we get the incentive to use less carbon without diverting resources from the productive private sector to the inefficient public sector. (The Australian)
Bailouts expected to add 1.5 tri... Feb 20, 2009
Corporation tax payments in both January and the past three months taken together were down by almost a quarter compared with a year earlier. Fears over the state of the Government s books are being increased by the Treasury having to take on the debts and liabilities of the nationalised and part-nationalised banks. (New York Post -- Business)
UK set to miss borrowing target by big margin Feb 20, 2009
The public sector usually shows a large surplus in January because tax revenues are flattered by income tax paid on bonuses and self-assessment returns and bumper corporation tax from financial sector companies. But this year, January public sector net borrowing was 3. (FT.com -- Markets)
Recession reduces total tax paid Feb 20, 2009
" The Office for National Statistics (ONS), which publishes the borrowing figures, also announced that the debts of the Royal Bank of Scotland and Lloyds will be included in the public finances. It said this could add between 1 trillion and 1.5tn to public sector debt - between 70% and 100% of the UK's GDP. And shadow business secretary Ken Clarke warned that the UK's debt burden would only get worse. The tax take is being hammered by the recession Howard Archer, economist, Global Insight... (BBC News -- UK)
Public sector debt could jump by £1.5 trillion Feb 19, 2009
"The tax take is being hammered by the recession -- corporation tax, income tax receipts and the VAT cut as well," said Howard Archer, economist at Global Insight. . (International Herald Tribune -- Sports)
Gordon Brown hints at fresh tax c... Feb 19, 2009
cut corporation tax and NI.. will, grimsby, uk. (New York Post -- Business)
Bailed-out banks to add 1.5 tril... Feb 19, 2009
Bailed-out banks to add 1. 5 trillion to public debt - Times Online. (New York Post -- Business)
Careful now! by Rebecca Benneyworth Feb 16, 2009
Some aspects of this are more directly relevant to income and corporation tax than they are to, say VAT or PAYE returns. Taxpayers with an agent. (Accounting Web, UK)
Borrowing key source of earning; repaying debt major expense Feb 16, 2009
As the single largest source, borrowing and other liabilities are placed ahead of corporation tax which is pegged at 22 paise lower from 24 paise last year, according to the interim Budget for 2009-10 tabled in the Parliament today. In the face of slowdown, income tax is pegged at 12 paise down from 15 paise last year, while indirect tax including service tax and other will contribute 26 paise. (India Times, India)
Quango set up to boost work skills axes 160 Feb 13, 2009
The report rejects the long-argued claim by the SNP that cutting corporation tax from the present 28 per cent rate towards Ireland s 12. 5 per cent rate would produce the same rapid economic growth Ireland enjoyed before the credit crunch. (Times Online)
More of this story Feb 12, 2009
Ruggiero agreed, saying she was open to reducing the 9 percent corporation tax but not completely eliminating it ... We need to look at how to phase out the corporation tax. (Newport Daily News, RI)
Businesses make pitch to legislature Feb 10, 2009
The committee's agenda included bills that proposed a two-year moratorium on business tax credits, elimination of all sales tax exemptions, subjecting more business services to the sales tax and restricting the use of corporation tax credits. Like Hayden, Peter Kent, CEO and chairman of Bicron Electronics Co. in Canaan, also urged the finance committee to move cautiously. (Republican-American)
Editorial roundup Feb 8, 2009
aufever wrote on Feb 1, 2009 1:27 PM:" And it's going t get worse thanks to not having the Periphal Canal. One of the few exports that Califrornia has left is our Ag products which help offset our (U.S.) Balance of payments. All of the Democrat Solutions do nothing to improve the manufacturing sector., including Agriculture. We are on a Service Economy now and can not continue to Trade Dollars amonst ourselves and buy foreign goods with nothing to use in trade. The Dems are Responsible for... (Hanford Sentinal, CA)
More new penalties in the offing Feb 8, 2009
The new penalties commence for returns with a due filing date on or after 1 April 2009, and affect income tax, corporation tax, capital gains tax, PAYE and VAT.. Before the new regime commences, we have more on penalties. (Accounting Web, UK)
