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01 Sep 2011
THE AMOUNT OF "tax under consideration" by HM Revenue & Customs large business managers has decreased in the past year, Accountancy Age can reveal.
Tax under consideration (TUC) is an analytical method that allows HMRC officers to focus its resources on areas of high risk in a large business's tax return. When a TUC inquiry on a business is opened, the taxman estimates how much it can expect in corporation tax, VAT, employer duties, excise duty, etc. This allows officers to focus their efforts.
The amount of TUC on 30 June 2009 was £31.3bn. This decreased to £25bn at the same point this year.
An HMRC spokesman said: "Tax under consideration is not tax owed or unpaid, it is an important tool, which helps our large business service (LBS) managers to focus our resources to produce the best results. Focussing resources on the highest risks has increased the tax yield from large businesses from £3.6bn in 2005/6 to £5.7bn in 2010/11."
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
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