Corporation Tax: Companies Managed by HM Revenue and Customs' Area Offices

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The Stationery Office, Jan 13, 2006 - Business & Economics - 41 pages
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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 33 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 and 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.
 

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CONTENTS
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This report has been prepared under
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Press Office
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