Breaking news from the BBC Paper tax returns to be replaced by digital by 2020
Chancellor George Osborne delivers his last budget before the General Election
Tax planning for 5 April 2015
Education and VAT
HMRC Launch new video
Failure to prevent financial crime could be a new offence
The key findings of a survey conducted from the The Hundred Group, data from 84 out of the 105 corporate members collected for the accounting periods ending 31/03/10, have just been released.
It shows that The Hundred Group of Britain's largest companies make a massive contribution to the UK economy. They employed 1.8m UK employees and had a Total Tax Contribution of £56.8bn, which is 11.9% of government receipts from all taxes for the whole of the UK.
Total taxes borne have fallen 25.1% in the 2010 survey compared to last year, primarily reflecting a drop in corporation tax and petroleum revenue tax from falling commodity prices and lower profitability. Irrecoverable VAT also fell due to the Government’s temporary VAT rate reduction to 15%.
Taxes that Hundred Group members collect on behalf of Government were more stable falling only 1.9%. Lower amounts of tax deducted from interest, due to lower interest rates, were offset by higher excise duties collected.
For every £1 of corporation tax paid, there is another £1.97 paid in other taxes borne and £6.79 in taxes collected.
Lavinia Newman, Founder of ABDS says:
“Once again one of the most interesting aspects of this report is the Industrial Sector Contribution; four industry sectors made a major tax contribution Together, the participating oil and gas companies, retailers, banks and insurance companies paid two thirds of the taxes borne and collected, but they represented just under a third of the number of companies taking part in the survey.”
If you have any questions or wish to make a comment about this or any other of our articles, please do not hesitate to contact us on
Tel: 023 8083 6900 E-mail: email@example.com
For a full list of ABDS’ News Briefings go to: www.netaccountants.net
ABDS of Southampton. For all of your Financial and Business Development requirements.