Tax and Ethics Essay Example | Topics and Well Written Essays - 1000 words

Tax and Ethics - Essay Example Companies are required to keep absolute and precise records of their accounting and other business transactions details that may be required in court as evidence against tax case. Businesses are required to obtain adequate information and competent advice concerning the tax assessment. Companies’ are then required to file their tax returns properly on the specific dates to ensure tax compliancy to avoid heavy penalties and interests because of non-compliance. Companies must ensure that they enroll for corporation tax online services and choose suitable software to use. Both resident and nonresident companies liable for corporation tax must ensure filing an online company tax return. Companies must ensure that all the deductions are deducted from their taxable amounts before submitting their returns and that all the tax reliefs, losses and allowances are accounted for. In addition, companies must ensure that all the statutory deductions such as PAYE are accounted for before sub mitting their returns. All the penalties and interests have to be incorporated in the tax returns’ computation by the companies. Companies may as well challenge tax assessments in court or tribunals. The companies may assign a tax specialist to deal with their tax matters. Companies should contact corporation tax office in case there is any legal reason for not filling the corporation tax returns such as winding up order. A company must authorize in writing to use an accountant on their behalf. The role of professionals in the tax system is very important in the tax system since companies and businesses depend on them for advice. Tax experts may advice the company on the information concerning corporation tax compliance and VAT, tax efficiency and mitigation. The tax professionals, having been employed by the companies, are required to register their companies on the corporation tax online services whether the companies are residents or non-residents. Tax experts compute all the taxable amounts of the corporation on behalf of the business. The tax experts will compute individual accounts for the subsidiary companies and consolidated accounts for the parent companies that do business in UK. Moreover, the experts may compute their client’s oversees companies that were incorporated in UK. Tax experts, while computing their client’s taxable income, must ensure that all the allowances, deductions, and reliefs are accounted for. Tax professionals may also advice the companies on the important documents to be kept by the companies for tax purposes. A tax expert may be liable if their clients fail to file their returns on time or under calculated taxable income based on the expert’s advice. The government pays extremely pivotal role in addressing the tax issues. The tax authority gathers tax from the corporations and persons. The government must ensure that it taxes all the taxable individuals and companies without bias. Government forms po licies with the intention of ensuring unbiased sharing of the tax weight. The administration must make certain implementation of all the policies made. Government should put heavy penalties and interests to companies that break the tax laws by setting examples to other businesses hence discouraging tax evasion. In addition, the government shall set reliefs and allowable items hence minimizing tax burden among the companies. The government must ensure very high level of tax compliancy by the companies and

Business Ethics in the Age of Globalization Essay

Business Ethics in the Age of Globalization - Essay Example To make matters worse, the client is dying from leukemia. The insurance company has wrongfully failed to honour his client’s claim. The option is to file a suit. It is unfortunate that it is now too late for the client to get the bone marrow transplant that would have saved his life. In his final semester at law school Rudy Baylor is required to provide pro bono legal advice to a group of older citizens. He meets the first of clients who happen to be couple by the name Dot and Buddy Black. The couple has a son, Donny Ray. The couple’s son happens to be dying of leukemia. Their insurance company has blatantly failed to pay for Donny’s medical treatment. Rudy is skeptical to begin with but he soon realizes that the Black citizens had really been mistreated by the large insurance company. He also thinks that he may have come upon one of the largest insurance frauds ever and one of the most profitable and vital cases in the entire history of civil litigation (Matten & Crane, 2010) Protection procedure for employees who have ethics concerns There should be a disciplinary committee which is established to deal with staff members who are accused of engaging in unethical behavior. The committee will be tasked with receiving complaints regarding any member of staff who is alleged to have engaged in behavior which the claimed to be unethical. The board should is tasked with making of decisions on a matter reported to it anonymously by any person who feels aggrieved by the conduct of the employee. The employee affected should be notified in writing of the charges against him or her and also given a date in which he or she should appear for a hearing. The employee should be afforded adequate time to prepare his or her defence and also get a free and fair hearing. There should also be a review board which would act as an appellate tribunal. The review board would have the task of handling the appeals of an aggrieved employee. The composition of the disciplinary committee should include all cadres of staff. Thus there should be a representation from both the management and those employees who hold lower positions. This would make them it more representative and competent to handle all the cases from the different departments. The Management of the company should not be too involved in the disciplinary process. The management should however be represented both at the disciplinary committee level and also at the Review board level so that their views may be taken into account because they a very vital position in running the affairs of the organization. An outside consultant should only be involved at the review board level. They should sit at the board and give their opinions to the board of what they think the decision should have been. However the Review Board should reserve the right to reject or accept the findings of an outside consultant but there must be compelling reasons for the Consultant’s findings to be rejected. The review board is required to act without breaches of confidence. They thu s should not divulge any information which would be prejudicial to the employee concerned and also information which would cause harm to the complainant should not be released to people