More companies fail to file self-assessment returns

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• Kwadjo, London 9 years ago

  Your approach to tax collection is wrong.You don't wait for companies to register with the authority. You collect the information.You don't ask companies to file self assessment, you assess them by the law and take the culpri ...
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  Your approach to tax collection is wrong.You don't wait for companies to register with the authority. You collect the information.You don't ask companies to file self assessment, you assess them by the law and take the culprit to court.

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• EBENEZER T. ASAAM 9 years ago

  The challenge faced by majority of these companies selected for self-assessment is that they do not have reliable information for preparing these projections. Only a few of the directors are willing to engage the services of ...
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  The challenge faced by majority of these companies selected for self-assessment is that they do not have reliable information for preparing these projections. Only a few of the directors are willing to engage the services of competent accounting/ tax consulting firms to file the returns for them.
  Resorting to punitive measures will not be of much help, at least not in the next few years. Since it is a novelty, the GRA could involve bodies like ICA,CHARTERED INSTITUTE OF TAXATION(GH.)and Audit/Accounting Firms in finding solution to this challenge in the implementation of the concept of Self-Assessment.

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• Bibini 9 years ago

  Is there any fine for not filing self assessment return in time? In the UK, it was £100 and that fine alone used to raise huge amount of money for the government as many business failed to submit in time.
  
  Kwadjo, in Londo ...
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  Is there any fine for not filing self assessment return in time? In the UK, it was £100 and that fine alone used to raise huge amount of money for the government as many business failed to submit in time.
  
  Kwadjo, in London self employed people have to register their businesses and do self assessment themselves. It is only when HMRC (the revenue authority) doubts the assessment that they request to see all paper work.
  
  If one is ready to run business, one must be ready to do self assessment and fine must be put in place to encourage business men to submit their tax returns.

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