Pay & file: time for action

Article Abstract:

Non-tax accountants handling corporation tax must consider the implications of the new pay and file corporation tax system for companies and audit timetables. The new system, which will be applied to accounting periods starting October 1, 1992, specifies a date for companies to pay a considered amount of corporation tax, thereby eliminating the need to await the issuance of an estimated assessment. Interest will be charged nine months, and fixed penalties 12 months, after the end of the accounting period. Companies which have been habituated to basing their accounts and computations on inquiries from revenue inspectors and on possible adjustments to the final tax liability will be affected by the new rules for the imposition of interest. However, only the overly tax-delinquent companies will be affected by the changes required by the new system to audit timetables.

Laws, regulations and rules, Corporate taxes, Corporations, Tax auditing, Tax audits

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The problem of partnership provision

Article Abstract:

Guidelines for calculating the tax provisions of partnerships under British Law are discussed. The stages of partnership taxation are the profits of the firm, the income of the firm divided among the partners, and the calculation of the tax based on the circumstances of each partner. Assessments on business profits are made jointly on all the partners. The tax liability for a particular year is based on the tax-adjusted profits of the accounting period which ended in the previous year.

Interpretation and construction, Tax law

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How do you comply?

Article Abstract:

Recent changes in partnership tax may affect the way in which compliance work for the partnership tax is undertaken. An overview is presented of how partnership compliance tax issues have changed since 1990, and the practical issues that must be taken into account when partnership tax compliance work is considered.

United Kingdom, Planning, Taxpayer compliance

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