Taxation Essay Example | Topics and Well Written Essays - 1750 words

Taxation - Essay ExampleYour sources should be fully referenced.(i) accordance with task laws it is the sole duty of value practitioner to make sure that the clients of the accounting firm con sorting to 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 race. 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 reckon 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 commit 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). motion 3 There are various ways in which the Chancellor can regulate the spend 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 range 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