Taxation and Taxation System - PDF
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Added on 2020-10-22
Taxation and Taxation System - PDF
Added on 2020-10-22
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TAXATION
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1.................................................................................................................................................11. Company overview..................................................................................................................12. Taxation and taxation system..................................................................................................13. Direct and indirect taxation system in UK..............................................................................24. Taxation legislations in UK and national taxation information...............................................3M1................................................................................................................................................31. Taxation system of countries having close economic/ trade links in UK................................32. Interrelationship between two taxation system........................................................................4Recommendation:........................................................................................................................4TASK 2............................................................................................................................................4P2 Taxation liabilities for unincorporated industries...................................................................41. defining unincorporated industries..........................................................................................42. Characteristics and background...............................................................................................53. determining the advantages and disadvantages of unincorporated industries.........................64. Analysing the personal taxation and its relevance with sole traders and partnership..............6M2 Demonstrating models and formula to interpret data about the taxation liabilities forunincorporated organisation........................................................................................................71. Calculating taxable liabilities:.................................................................................................72. Models and key terms..............................................................................................................8TASK 3............................................................................................................................................8P3 Determining the taxable liabilities for both public and private companies............................81. Defining the incorporated organisation such as Ford Motor Plc.............................................8Determining the characteristics of incorporated industries such as separate entities..................9Advantages and disadvantages of incorporated industries..........................................................9Determining the differences between public and private limited companies............................10Defining the taxation advantages to each company..................................................................10M3 Determining the taxable liabilities for incorporated organisation.......................................11TASK 4..........................................................................................................................................11
P4. Evaluating the impact of key legal and ethical constraints.................................................11Defining ethics...........................................................................................................................11Analysing nation to nation differences in ethics........................................................................11Application of ethics constraints consistently across different cultures....................................12Explaining the key legal and ethical constraints affect an organisation such as unincorporatedand incorporated........................................................................................................................12M4. Evaluating the impact of key legal and ethical constraints................................................12Determining the legal constraints as per considering various key aspects................................12Impacts of legal constraint on the different organisation and individuals.................................13Evaluating the compliance requirements...................................................................................13CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONTaxation is a process where governmental bodies retain best amount of return to generatereserves for economic growth and development. However, in accordance with operationalpractices where Ford Motor plc is a multinational automotive industry operating activity inmultiple nations which in turn have been reflecting the adequate analysis over the differences inthe legal consequences of each nation. It has its headquarter in Dearborn, Michigan, a suburb ofDetroit. However, there have been determination of various aspects and such as characteristics ofunincorporated and corporate industries as well as operational approaches of the businesses inretaining the marketable success. Moreover, the project will cover taxation practices performedunder various legislatures, consideration ethics as well as determination of taxable payments bycorporations as well as individual stated in economy.TASK 1P1 1. Company overviewFord Motor Plc is working in various location, it operates in Hungary, UK and US at thedifferent tax rates. US implicates the higher tax rates on the corporate industries in comparison toHungry and UK. As per analysing the taxable consequences where US region operations do notbring the adequate gains to the firm. There have been losses in all 6 years. Similarly, Hungary isalso not being capable for bringing the company proper returns on their operation. UK have beendenoted as the best operating branch as it brings the better profitable returns to the firm. In thepresent report, there will be discussion based on taxation system, legislations, trade blocs as wellas analysis over taxable liabilities of Ford.2. Taxation and taxation systemTaxation: Taxation is a process through which a taxation authority amends a charge on theincome as well as profits gathered by a concern. It enables the government in collective adequateamount of reserves which helps in economic development of nation. In accordance with the casescenario of Ford motor Plc on which it can be said that, there have been various sources ofrevenue as well as expenses which differs nation to nation as per the changes in the legislature aswell as governmental policies.Taxation system: A system where legislative authorities create rules, laws and regulationwhich makes mandatory payments of taxes. It is consisting of guidelines, taxable threshold,1
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