Preview

Tax and Lin Homer

Powerful Essays
Open Document
Open Document
65678 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Tax and Lin Homer
House of Commons
Committee of Public Accounts

HM Revenue &
Customs: Annual
Report and Accounts
2011–12
Nineteenth Report of Session 2012–13
Report, together with formal minutes, oral and written evidence

Ordered by the House of Commons to be printed 28 November 2012

HC 716
Published on 3 December 2012 by authority of the House of Commons
London: The Stationery Office Limited
£14.50

Committee of Public Accounts
The Committee of Public Accounts is appointed by the House of Commons to examine ‘‘the accounts showing the appropriation of the sums granted by
Parliament to meet the public expenditure, and of such other accounts laid before Parliament as the committee may think fit’’ (Standing Order No 148).
Current membership
Rt Hon Margaret Hodge (Labour, Barking) (Chair)
Mr Richard Bacon (Conservative, South Norfolk)
Mr Stephen Barclay (Conservative, North East Cambridgeshire)
Guto Bebb (Conservative, Aberconwy)
Jackie Doyle-Price (Conservative, Thurrock)
Chris Heaton-Harris (Conservative, Daventry)
Meg Hillier (Labour, Hackney South and Shoreditch)
Mr Stewart Jackson (Conservative, Peterborough)
Fiona Mactaggart (Labour, Slough)
Mr Austin Mitchell (Labour, Great Grimsby)
Sajid Javid (Conservative, Bromsgrove)
Nick Smith (Labour, Blaenau Gwent)
Ian Swales (Liberal Democrats, Redcar)
Mr Justin Tomlinson (Conservative, North Swindon)
The following Members were also Members of the committee during the parliament: Dr Stella Creasy (Labour/Cooperative, Walthamstow)
Justine Greening (Conservative, Putney)
Joseph Johnson (Conservative, Orpington)
Eric Joyce (Labour, Falkirk)
Rt Hon Mrs Anne McGuire (Labour, Stirling)
Matthew Hancock (Conservative, West Suffolk)
James Wharton (Conservative, Stockton South)
Powers
The committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No
152. These are available on the internet via

You May Also Find These Documents Helpful

  • Powerful Essays

    Minimam Tax Case Study

    • 4464 Words
    • 18 Pages

    The substantial rehabilitation requirement provides that a taxpayer must incur rehabilitation expenditures which exceed the greater of (1) the adjusted basis of the property before the rehabilitation ($250,000), or (2) $5,000. Therefore, if Diane chooses to incur only $200,000 on the rehabilitation, this amount would not be enough to qualify as a "substantial rehabilitation" and no credit would be available. The depreciable basis of the property would be the sum of its original cost plus the capital improvements, or $450,000 ($250,000 + $200,000).…

    • 4464 Words
    • 18 Pages
    Powerful Essays
  • Good Essays

    Tax 1

    • 762 Words
    • 4 Pages

    Fasco Ltd. provided Stoiche with an automobile and paid the operating costs for the entire year, totalling $4,250. Fasco Ltd. purchased the automobile on January 1, 2011, at a cost of $14,000 including taxes. In 2011, Stoiche drove 20,000 kilometres, 15,000 of which were for personal use.…

    • 762 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    We have been requested to review and present to you our recommendations for the start of your new Pharmaceutical/Biotech Consulting Company. To begin, we would like to review the information that we have been given from you to KMCE&A. We understand that you have a background as a business executive as well as a scientific background. Your business plan states you are starting up a consulting company that will handle R&D monitoring for other companies that are in the Pharmaceutical/Biotech Industry. Your client base is mostly in the New Jersey and Pennsylvania area but hope to eventually expand to a global customer base. Your main investments will be in salaries in that as a services industry you will have minimal asset investments. Your personal preference is to have no personal liability. You would like to keep the ownership small and retain the majority ownership of 50% to 60% so that you can keep control of the decision making. However you are open to issuing stock if the funding of your business would benefit from this over financing through debt. You also expect to have a loss of approximately $25,000 in the first year due to start up costs and become profitable by year two. You initially will have three employees joining you at the start of the business. Two employees, Scott & Kate, will be contributing services of an IT specialist and a marketing/public relations as well as a program manager. The third member, Todd, who is an attorney, will not only contribute legal services but also an initial investment of $50,000. We also understand that you have $200,000 of personal funds to invest as well as have obtained an additional $500,000 in financing through securing your own personal assets.…

    • 5105 Words
    • 17 Pages
    Powerful Essays
  • Satisfactory Essays

    Did the corporation violate section 38 of the tax Act? The case addresses a tax payer’s questions the constitutional validity of section 38 of the tax Act, Corporation Tax Act, enacted on August 5, 1909, against the corporation.…

    • 266 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    the popurse of the IRS

    • 305 Words
    • 2 Pages

    In 1862 the tax paying agency was formed. During war times, the citizens of USA needed pro-tection from other countries. The government could not raise all the money for war expenses. President Lincoln and the United States congress decided to seek money from the public. That was the beginning of taxation. There are a lot of reasons for taxation and these are the basis for formation of the IRS. The IRS deals with estate, corporate and gift taxes as well as collects taxes from employment and individuals it is responsible for the administration of all types of taxes. The original (1913) due date was March 1 in 1918 that date was moved forward to March 15 and remained so until 1954 when the current due date of April 15 was established. On Oct. 17, 1931, Chicago gangster Al Capone was convicted of income tax evasion and later sentenced to 11 years in federal prison. In electronic filing began in 1986.…

    • 305 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Tax Research Paper

    • 1229 Words
    • 5 Pages

    Currently, you own all of the stock in Valley Hardware Store Inc., a corporation that operates in Viola, Idaho. Mr. Broker, of Big Investment Company has given you 2 recommendations: the first recommendation is that you should move your investments in Certificates of Deposits(CD’s) to state and municipal bonds; the second recommendation given is that you should take out another mortgage as additional capital to also be converted into Municipal bonds. The purpose of which is to receive a double tax benefit offered by taking advantage of both the interest deductions on the new mortgage allowed under I.R.C. §163(a) and the tax exempt benefits on the interest payments of the state and municipal bonds allowed under I.R.C. §103(a). The resolution to these issues is solely dependent on whether or not the Courts will allow the interest on the debt to be deducted, if not, the investment will result in a negative impact causing your company to suffer a loss.…

    • 1229 Words
    • 5 Pages
    Powerful Essays
  • Satisfactory Essays

    HW For Tax 2

    • 288 Words
    • 2 Pages

    1. A corporation would still be required to file a tax return as any corporation must file unless it has dissolved. Each corporation must file under form 1120.…

    • 288 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Tax Research Paper

    • 1664 Words
    • 7 Pages

    Roughly 70 of the 366 units are fully furnished. Even those units that are unfurnished are equipped with dishwashers are garbage disposals. The complex has the necessary infrastructure of sanitary sewers, water pipes, electric and gas lines. These run from the public street across from the property to the buildings.…

    • 1664 Words
    • 7 Pages
    Good Essays
  • Satisfactory Essays

    Revenue and Income Taxes

    • 481 Words
    • 2 Pages

    Based only on your answers to question #1, do you think the company achieved its sales goal of +10% annual revenue growth in 2009? Determine the target revenue figure, and explain why you do or do not feel that the company hit its target.…

    • 481 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Tax and Income

    • 7630 Words
    • 31 Pages

    Yes. The payment of the motor vehicle allowance – this allowance is generally made to cover the expected deductible costs associated with the business usage of the employees vehicle. This allowance is effectively assessable income to the employee in their tax return. (sec.15-2)…

    • 7630 Words
    • 31 Pages
    Good Essays
  • Good Essays

    Luxury Tax Survey

    • 505 Words
    • 3 Pages

    In our survey, we question 10th graders of AHS about their knowledge and opinions on periods and the luxury tax. The first part of our survey, ask students, their gender, race, age, and religion. The second part of our survey ask students “Do you know what a period is?”,“On average how long does a period last?”,“ How did you learn about a period?”,“Do you think tampon are important”,“Do you think tampons should be given at school” and “Did you know tampons are taxed as luxury items?”. In total 40 students were surveyed, but only 38 students submitted a survey. My group obtained a random stratified sample. Our goal was 7 students from each cohort, making it 28 students in total. We decided to do 10 students each cohort in case some students…

    • 505 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Essay On Taxes In America

    • 1172 Words
    • 5 Pages

    Is the United States government is financially stable? All cities, counties, states, and countries are controlled by some type of government. The United States of America is the federal government of the republic of fifty states. If the government is not financially stable, it could come back on the people of the nation. If there’s a time that the United States government is having trouble, it could raise tax policies on the people, threaten to reduce the tax burden on the middle class by sacrificing education and health-care programs for everyone. Some people would like that idea, while others would not.…

    • 1172 Words
    • 5 Pages
    Good Essays
  • Good Essays

    The Flat Tax System

    • 311 Words
    • 2 Pages

    In case, IRA proceeds and undertake the aspect of the flat tax rate in the future, every citizen regardless of his or her level of income, investment, wealth will feel the tax obligation at the same rate (Adelmann, 2011). For this case, a simplified flat tax rate has a greater significant in that it will accelerate and simplify the process as well as save money for the government regarding bureaucratic fees. In as much as the aspect of tax is concerned we get to note that the application of only a flat tax rate in the future will, therefore, be unfair.…

    • 311 Words
    • 2 Pages
    Good Essays
  • Best Essays

    Fat Tax

    • 2839 Words
    • 12 Pages

    Obesity is an epidemic that is sweeping the United States at a rapid speed, and it kills. Obesity is responsible for killing more people than anything else, except for smoking. It affects people of all ages, races, income levels, and geographic locations. Obesity brings with it a myriad of problems that the individuals who suffer from it face, as well as social problems that are felt by people in all walks of life. There are astronomical costs that are attributed to it, being paid by society in the form of medical fees, unemployment benefits, and other miscellaneous costs. This report proposes that these costs and problems need to be addressed, and one avenue through which they can be is a junk food tax. This report proposes that there be a federal tax placed on junk food purchases, similar to the taxes placed on gasoline and tobacco products. This tax would dissuade people from purchasing unhealthy food items. At the same time it would help the nation offset some of the financial costs that obesity has generated. The proposition is not a fix-all, but it is a good start.…

    • 2839 Words
    • 12 Pages
    Best Essays
  • Satisfactory Essays

    Fat Tax

    • 341 Words
    • 2 Pages

    In our society, there is a massive obesity problem which causes people to die prematurely from heart attack or high blood pressure. So, the health experts discovered a way to prevent people from eating foods that might have negative effects on their health. It is a new kind of tax that is called ‘fat tax’, according to which consumers are called to pay a small amount of money, every time something unhealthy is purchased.…

    • 341 Words
    • 2 Pages
    Satisfactory Essays

Related Topics