13 Administration of tax Flashcards
3 issues of tax returns
what are the types of return and assessment
explain partnership tax returns
explain amending tax returns (not in tax tables)
explain the payment dates
5 Beatrice received her tax return for the tax year 2022/23 in April 2023 and filed it on 31 March 2024.
She has now realised that she made a mistake in the return and wishes to amend it accordingly.
Requirement
What is the latest date by which the amendment can be made?
A 5 April 2025
B 30 April 2025
C 31 January 2025
D 31 March 2025
5 Correct answer(s):
C 31 January 2025
A return may be amended for any reason within 12 months of when the return should have been filed, not when it was actually filed. A return relating to 2022/23 should have been filed by 31 January
2024. The amendment must therefore be made by 31 January 2025.
6 Eugenie is a higher rate taxpayer. She is an employee and has run her own business as a sole trader
with profits in excess of £100,000 per annum for a number of years.
Requirement
When is Eugenie’s income tax not deducted at source payable for the year 2023/24?
A 31 January 2024 and 31 July 2024
B 31 January 2024, 31 July 2024 and 31 January 2025
C 31 July 2024 and 31 January 2025
D 31 January 2025
6 Correct answer(s):
B 31 January 2024, 31 July 2024 and 31 January 2025
A sole trader who is not in their first year is required to make payments on account. Eugenie must
therefore make payments on account on 31 January in the tax year and 31 July following the tax year
end. A final balancing payment is made on 31 January following the tax year end.
what is the penalty for late filing of VAT returns. EXAMINER WILL LIKELY PUT IN EXAM AS ITS NEW
what re the thresholds for penalty for late filing of VAT returns IN TAX TABLES
payment for late payment of VAT
VAT errors
the common penalty regime - taxes and offences covered
the common penalty regime - behaviour and penalties
common penalty regime - failure to notify chargeability
