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Taxation - Essay Example

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Richard pays £ 520 p.a. towards the private use and £ 200 p.a. for part of the private petrol. The CO2 emission is 165kg per km.
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(i) Compliance with tax laws: it is the sole duty of tax practitioner to make sure that the clients of the accounting firm comply with all the tax laws as they affect their income, benefits, savings, investments etc. This will prevent a situation whereby tax laws are intentionally or unintentionally broken by people. In the preparation of payroll in accounting process, it is important that tax matters must be ironed out to ensure compliance with tax laws (Gowthorpe and Blake, 1998)
(ii) Tax evasion as a crime: The tax practitioner makes sure that people understand that tax evasion is a serious crime that is punishable by prison terms. Ordinary people do not understand this fact, hence it is the responsibility of the tax practitioner to sound the warning in the hearing of the people (Gowthorpe and Blake, 1998).
Most importantly, the agents and advisers are easily accessible to the businesses and individuals that want to settle their tax issues. They give tax advice and provide the following tax resources (forms, manuals and tax resources): (1) PAYE forms for employers; (2) Self Assessment Vat form; (3) Corporation Tax form; (4) Tax Credits Manuals; (5) Capital Gains tax form; (6) Tax and Trusts forms etc (HMRC, 2010).
Question 3: There are various ways in which the Chancellor can regulate the spending power of individuals in his annual budget. Explain these measures and evaluate the impact on the net income after tax, of an individual aged under 65 with total income comprising earned income of £ 40,000, by comparing 2008/9 tax rates and allowances with those of 2009/10.
(a) Reducing Taxes: when taxes (income, corporation, property etc) are reduced, this will encourage people to spend more. This entails that the tax rates are made lower comparable to that of the preceding or succeeding fiscal year (Weir & Beetham, 1999).
(b) Increase Taxes: On the other hand, the ...Download file to see next pagesRead More
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89, 011 Less personal allowance ?7,475 Taxable Income ?81,536 Less tax (20% * 35000) = ?7,000 (40% of ?81536-35000) = ?18,614.4 ?25,614.4 NICs for directors at class 1 category letter A (12% (?42484 minus ?7228 = ?35256)) + {(?89, 011- ?42,484) *2%} ?5,161.26 Net income ?
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