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How much tax do online accountants deduct?

How much tax do online accountants deduct?

Large organisations pay less tax on their earnings percentage wise than anybody else, according to the results of a survey by the Business Taxation centre at Oxford University.

However, their overall tax liability is higher as 81% of all corporation tax is paid by 1% of the largest companies.

A separate survey conducted by PricewaterhouseCoopers found that 11.9% of the government’s tax receipts came from Britain’s largest companies in the year ending 31 March 2010. The total remittance from these companies was £56.8 billion despite the challenging economic climate leading to lower commodity prices and profitability.

The PwC survey was conducted on behalf of the Hundred Group which provides employment for more than 6% of the UK workforce and generates £16.7 billion in employment taxes alone.

Corporation tax makes up 33.7% of the total tax burden for members of the Hundred Group, followed by NICs at 27.4% and local business rates at 20.3%. The major contributors come from the oil and gas sector, banks, retailers and insurance companies.

When it came to salaries in 2010, members of the Hundred Group paid an average of £46,550. This compares very favourably with the UK national average of £25,900.

The vice chairman of the Hundred Group of Finance Directors, Ashley Almanza, said the survey results show that member companies continue to make a substantial contribution to the country’s economy. It is vital for government and business to continue working together to create both investment and employment opportunities and in order to achieve that the tax system must be predictable and internationally competitive, he added.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: odd one out again by Nina Matthews Photography

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