Bookkeepers, accountants and Controllers

 

     Bookkeepers deal in taxes, cash flow, which include cash receipts and cash disbursements, sales, purchases and different business transactions of the company. Bookkeepers first record all the appropriate figures – in the books of original entry, or Journals. At the end of a period usually a month- the totals of each book of original entry are posted into the proper page of the Ledger. The ledger shows all the expenditures and all the earnings of the company. On the basis of all the totals of each account in the Ledger, the bookkeeper prepares a Trial Balance. Trial balances are usually drawn up every quarter. The accountant’s responsibility is to analyse and interpret the data in the Ledger and the Trial Balance.

     The accountant is to determine the ways in which the business may grow in the future. No expansion or reorganization is planned without the help of the accountant. New products and advertising campaigns are also prepared with the help of the accountant. The work of accountants is rather sophisticated. Many accountants have special certificates after they pass examinations in Institute of Accountants. Certified accountants in England are called chartered accountants. In the U.S.A. the certified accountants are called certified public accountants. But it is not necessary to have a certificate to practice accounting. Junior employees in large companies, for example, often practice accounting and then take the examination. The chief accounting officer of a large company is the Controller, or Comptroller. Controllers are responsible for measuring the company’s performance. They interpret the results of the operations, plan and recommend future action. This position is very close to the top executives of the company.

Exercises:

№ 1. Complete as in the text:

         Bookkeepers deal in ….

    The Ledger shows ….

    The accountant’s responsibility is ….

    The accountant is to determine ….

    Certified accountants in England are called ….

     Junior employees ….

    Controllers are responsible for ….

 

№ 2. Sum up what the text said about:

         bookkeepers

    accountants

    controllers

    journals

    ledgers

 

№ 3. Answer the following question:

1. Who work in this sphere do you think in the most important in a company?

2. Whose position (of a bookkeeper, of an accountant, of a controller) do you like better? Whom would you yourself prefer to be?

 

        

Тема: “Налоги в Великобритании”.

Words:

trust income tax rate code board revenue appeal gain fiscal equal returns inland refund

трест, концерт доходы налог ставка, тариф код управление, совет доход аппеляция, жалоба увеличение, прирост финансовый равный доход, поступление внутренний возврат, возмещение

partnership Board of Inland          Revenue completion to lodge independent emergency to clarify reference income tax corporation tax installment to charge taxpayer assessment

товарищество департамент внутренних налогов и сборов   заполнение (листа) подавать (жалобу) независимый аварийный, запасной вносить ясность, уточнять ссылка, указание подоходный налог налог с доходов корпораций частичный взнос взыскивать, взымать налогоплательщик обложение (налогом)

 

Text:

TAXES IN THE U.K.

     Individuals, partnerships and trusts pay income tax and capital gains tax. Companies pay corporation taxes.

     Income tax and capital gains tax are charged for a tax year, sometimes called fiscal year or year of assessment. The tax year runs from 6 April to the following 5 April.

     Corporation taxes are charged for a financial year which runs from 1 April to the following 31 March.

     Companies generally pay corporation taxes nine months after the end of the accounting period.

     Individuals usually pay taxes in two equal installments on 1 January and 1 July. Usually taxpayers are given 30 days to pay from the date of issue of an assessment

     Tax assessments are normally based on returns issued by the Board of Inland Revenue, often called Inland Revenue or IR, for completion by the taxpayer.

     If the company or person believes the assessment is incorrect an appeal may be lodged against it. Appeals are made to either the General Commissioners or the Special Commissioners. The commissioners are completely independent of the Inland Revenue.

     Employees pay taxes in a different way. When an employee takes a new job he has to give his new employer his P.45. This is a document which shows the employee's tax coding and the amount of tax he has paid so far in the tax year.

     If an employee has no P.45. he is put on an emergency coding. This means he has to pay tax at the single rate until his P.45. is found or until the tax office clarify his tax position. When the position is clarified the employee receives a refund of any tax overpaid.

     Employees are taxed under P.A.Y.E. system which means Pay as You Earn. Every employee has the tax deducted weekly or monthly. The deductions are calculated by reference to the employee's tax coding. This information is supplied to the employer by the tax office.

 

Exercises:

№ 1. Answer the questions using the text:

         What kinds of taxes are there in the U.K.?

    What is a fiscal year? How long does it long?

    How many days have taxpayers to pay the taxes?

    What is P. 45?

    What does P.A.Y.E mean?

 

№ 2. Complete as in the text:

1. Individuals, partnerships and trusts pay ….

2. The tax year runs from ….

3. Corporation taxes are charged for ….

4. Individuals usually pay taxes in two ….

5. Employees pay taxes ….

6. When the employee taxes a new job he ….

7. If an employee has no P. 45 ….

8. When the position is clarified ….

 

№ 3. Say what new facts you learned from the text.

№ 4. Read and translate the text using active vocabulary: