tax admin & compliance Flashcards
1
Q
what does hm treasury do?
A
sets tax policy
minister = chancellor of the exchequer
2
Q
what is hmrc?
A
non ministerial department who are responsible for tax collection
3
Q
when is the individuals tax year?
A
6th april - 5th april
4
Q
when is the companies tax year?
A
1st april - 31st march
5
Q
what is tax compliance?
A
level of compliance with tax rules and regulations
6
Q
what is the tax gap?
A
difference between actual tax collected and theoretical tax liability
