Skip to main content

inland revenue tax return form

ruth's tax return service

Petroleum Revenue Tax (PRT) is a direct tax collected in the United Kingdom. It was introduced under the Oil Taxation Act 1975, soon after Harold Wilson’s Labour government returned to power and in the immediate aftermath of the 1973 energy crisis, and was intended to ensure “fairer share of profits for the nation” from the exploitation of the UK’s continental shelf, while ensuring a “suitable return” on the capital investment by oil companies.
PRT is charged on “super-profits” arising from the exploitation of oil and gas in the UK and the UK’s continental shelf. After certain allowances, PRT is charged at a rate of 50% (falling to 35% from 1 Jan 2016 and was effectively abolished in the March 2016 budget) on profits from oil extraction. PRT is charged by reference to individual oil and gas fields, so the costs related to developing and running one field cannot be set off against the profits generated by another field. PRT was abolished on 16 March 1993 for all fields given development consent on or after that date, but continues in existence for fields established before that date. At the same time, the rate of PRT was reduced from 75% to 50%, but various reliefs from PRT for expenditure on exploration and appraisal were withdrawn.
PRT is charged in addition to corporation tax, which is also payable by companies involved in oil exploration and production, although PRT is deductible in calculating profits for corporation tax purposes. Profits from oil extraction activities are subject to a corporation tax “ring fence”, which means that profits from these activities cannot be reduced by any losses or other tax reliefs from other business activities (the corporation tax ring fence fences off the whole oil exploration trade, not individual fields like PRT). Profits within the corporation tax “ring fence” have been subject to a supplementary corporation tax charge of 10% in addition to the usual 30% rate since 17 April 2002. This supplementary charge was increased to 20% in the Pre-Budget Report of December 2005, with effect from 1 January 2006, and was further increased in the 2011 budget to 32%, with effect from 23 March 2011. This means that the marginal tax rate on PRT paying fields is now 81% (fields not paying PRT pay a rate of 62%).
PRT is administered by the Energy Group of the Large Business Service of HM Revenue and Customs (formerly the Oil Taxation Office of Inland Revenue). This group also administers the “ring fence” corporation tax and supplementary charge paid by companies on profits from oil and gas production, and previously administered the royalty charged on the gross value of oil and gas won.

see more at wikipedia

Click here to get a free quote for your tax return

Check More at http://taxtwerk.com/gift

The post inland revenue tax return form appeared first on Tax Twerk©.



from Tax Twerk© http://ift.tt/2F0XFlE
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Benefits of P2P Lending

You purchase everything online, whether it’s investments or groceries. Why not do your lending online, as well? Doesn’t it seem a little odd that when we lend money, we still depend on traditional ways, although we’ve gone digital for everything else?   Peer-to-peer lending is the new lending system that makes borrowing money easier than ever. Let’s examine how this works.   Nobody likes the tedious task of completing various forms, supplying numerous documents, and then waiting for to see if a loan is approved. Even after all of this effort, you can’t be sure that the bank will actually approve your loan.   If you do not have a high credit score, or if your salary is lower than their minimum cut-off then the loan you request may not be approved. Turning to friends or relatives to ask for a loan can be an embarrassing process.   Wouldn’t it be amazing if you could obtain a personal loan without dealing with the formality of a bank or the embarrassment of as...
Post a Comment
Read more

annual tax return uk

A pay-as-you-earn tax (PAYE) or pay-as-you-go (in Australia) is a withholding tax on income payments to employees. Amounts withheld are treated as advance payments of income tax due. They are refundable to the extent they exceed tax as determined on tax returns. PAYE may include withholding the employee portion of insurance contributions or similar social benefit taxes. In most countries, they are determined by employers but subject to government review. PAYE is deducted from each paycheck by the employer and must be remitted promptly to the government. Most countries refer to income tax withholding by other terms, including pay-as-you-go tax. see more at wikipedia Are you interested to learn more? Get FREE access to my E-BOOK + 3 TRAINING VIDEOS with vital tax tips: DOWNLOAD NOW The post annual tax return uk appeared first on Tax Twerk© . from Tax Twerk© https://ift.tt/2pNvWLB via IFTTT
Post a Comment
Read more

Women’s Small Business Grants 2018

5 Women’s Small Business Grants 2018 Here is a summary of the best  Women’s Small Business Grants 2018 . For a female business visionary looking for financing, a definitive dream (well, aside from winning the lottery) is accepting a grant.   Why Get a Grant? That is on the grounds that grants, in contrast to loans, don’t need to be paid back. Nor do they expect you to surrender a portion of your turnover or income in your business, unlike investors. Similar to Women’s Small Business Grants 2018: Small Business Grants For Minorities 5 Women Entrepreneurs Share Their Secrets To Success Small Business Loans With A Poor Credit Score Stay At Home Mom Jobs Massachusetts As you may expect, grants aren’t actually easy to find and there can be competitive when it comes to applications. It makes sense that for different grants there are different requirements. Discovering grants for which you are qualified, and then completing the application procedure, and follo...
Post a Comment
Read more