ACCOUNTING/TAX

Accounting/Tax

Accounting and Tax

Introduction

Relationship between accounting principles and practice standards and tax determination was a big issue. The FOREX legislation performed requiring trading business to go behind SSAP20 for the purpose of tax. According to the institute for fiscal studies, the forecasted UK government income taxes are £ 157.6 billion in 2011-12, but not all income is related to tax. Corporation tax is charge on profits of companies of UK residents, unincorporated companies and public firms. The non resident UK firms pay corporation tax on their UK income. These profits can be from investments, trading, and capital gains. The standard corporation tax ...