Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXVI. Income tax in its application to trading companies

Collection:: Economics Books

INCOME TAZ 331 The form of return (No. 46 or 46a) requires the amount of salary, &c., for the year of assessment and the amount of commission and other variable emoluments for the previous year to be stated. The statutory basis of liability is the amount of the total remuneration for the year of assessment, but it is a common and convenient practice to assess on the basis of the fixed salary of the year plus the variable emoluments of the preceding year. So far as concerns cases where income tax is paid by the company, the amount so paid is regarded as additional income and assessable to tax. The total sum to be charged is, therefore, a little difficult to calculate; the exact mathe- matical course is not followed, but in practice the following 1s approved: For the first year the assessment is upon a salary plus the tax thereon; for the second year, upon the salary plus the tax on the assessment of the previous year, and so on. So that for some years the taxpayer has a slight advantage, and where the salary is an in- creasing one this advantage is more marked. Generally speaking, the tax paid by the employer is the duty charged on the remuneration after allowance of any abatements or relief granted to the employee, and is not calculated at full rate on the salary paid. Such income tax paid on salaries and assessed under Schedule E should be claimed as a deduction under Schedule D, and does not come within the general rule as to disallow- ance of income tax. In completing the return under Schedule E it is well to compare the details with those sent in in the previous year, and wherever remuneration has increased, to give a note showing the rate of change, e.g. £300 to £350, and the date from which it operates. Similarly, in the case of new names for employees who were engaged during the preceding year, and since the former return was made, it is convenient to give the date of engagement and rate of salary, and, if possible, the address of previous employment from which the employee came. In the case of those who have disappeared from the list, the date when they went, and, if possible, where they have gone, should be entered. This may seem to involve a great deal of work that is not actually called for, but it will be generally found that it is less trouble to do it while the main question is under con- sideration, and that a good deal of miscellaneous corre- spondence between the Revenue and the secretary at odd

Access restriction

Copyright

fullscreen: Secretarial practice

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation