Corporation Tax: Companies Managed by HM Revenue and Customs' Area Offices
The Stationery Office, Jan 13, 2006 - Business & Economics - 41 pages
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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additional tax yield additional yield agents Area average aspect enquiries assets average cost average yield cent Companies House companies to comply company caseload company tax returns complete enquiries complexity compliance costs compliance risk COMPTROLLER AND AUDITOR computations filed Corporation Tax enquiries Corporation Tax obligations cost of enquiries databases Department's efficiency enquiry coverage enquiry staff enterprises and employers Figure focus full enquiries GDP deflators higher yields HM Revenue HM Treasury HMRC data identify improve income Indefinite carry Inland Revenue inspectors Internal Revenue Service Large Business Service managing Corporation Tax million National Audit Office number of enquiries overall overleaf paragraphs payment penalties pence potential yield processing company tax profit adjustment proportion of enquiries random enquiries range reduce Revenue and Customs risk assessment risk-profiling projects scoring self-assessment Source National Audit staff costs stakeholders survey of Areas Tackling non-compliance tax liability tax-base tax-streams taxable profits taxpayers Value Added Tax variations workloads