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Sagot :
Inform the taxpayer as soon as possible of the omission on their income tax return and decline to prepare their current-year return until their prior return has been rectified.
What is Income Tax?
Income taxes are levied against both businesses and individuals. Based on the income received, individual income tax are calculated. Typically, it is categorized as a direct tax because the burden is thought to fall on the people who pay it. Net profits, calculated as the excess of receipts over permitted costs, are subject to corporate income tax. For a very long period, the United Kingdom only used the income tax on companies to augment its taxation of individuals. Shareholders only had to pay tax on dividend income if the individual tax rate that applied to it was higher than the corporate tax rate; otherwise, they were entitled to refunds.
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