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Question 1

when to file a VAT return

Answer 1

1 month and 7 days after quarter end (same as payment date)

Question 2

when to pay VAT

Answer 2

1 month and 7 days after quarter end (same as VAT filing date)

Question 3

when does HMRC need to make amendments to a return by (income tax)?

Answer 3

9 months from actual filing date

Question 4

when does HMRC need to make amendments to a return by (corporation tax)?

Answer 4

9 months from actual filing date

Question 5

When does a taxpayer need to make amendments to a return by (income tax)?

Answer 5

12 months from due submission date (normally 31 Jan)

Question 6

When does a taxpayer need to make amendments to a return by (corporation tax)?

Answer 6

12 months from due submission date

Question 7

how long do you have to make an overpayment relief claim (income tax)?

Answer 7

4 years from end of tax year

Question 8

how long do you have to make an overpayment relief claim (corporation tax)?

Answer 8

4 years from end of accounting period

Question 9

for income tax, how much are payments on account and when are they paid?

Answer 9

50% of previous year’s tax payable including class 4 NICs. Due 31 Jan during tax year and 31 July following. Balancing payment plus all CGT and class 2 NICs due on 31 Jan following tax year.

Question 10

When is PAYE payable?

Answer 10

17 days after the end of each tax month, i.e. 22nd

Question 11

How long does a business have to keep records for (income tax)?

Answer 11

5 years from 31 Jan following end of tax year

Question 12

How long does an individual have to keep records for (income tax)?

Answer 12

1 year from 31 Jan following end of tax year

Question 13

How long does a company have to keep records for (corporation tax)?

Answer 13

6 years from end of AP

Question 14

How long does one have to keep VAT records for?

Answer 14

6 years

Question 15

If the return is filed on time, how long does HMRC have to start an enquiry into income/corporation tax returns?

Answer 15

Within 12 months of actual submission date

Question 16

If the return is filed late, how long does HMRC have to start an enquiry into income/corporation tax returns?

Answer 16

By quarter day following 12 months after actual submission date (quarter days are 31 Jan, 30 Apr, 31 Jul, 31 Oct)

Question 17

What does it mean if HMRC makes a determination?

Answer 17

HMRC makes an estimate of tax due

Question 18

If return is not received by filing date, HMRC an make a determination of tax due. How long do they have to do it?

Answer 18

3 years after filing date

Question 19

If a taxpayer hasn’t made a complete disclosure, HMRC can raise a discovery assessment. How long do they usually have to do it?

Answer 19

4 years from end of tax year/AP/VAT period

Question 20

If a taxpayer hasn’t made a complete disclosure, HMRC can raise a discovery assessment. How long do they have to do it if the mistake is “careless”?

Answer 20

6 years

Question 21

If a taxpayer hasn’t made a complete disclosure, HMRC can raise a discovery assessment. How long do they have to do it if the mistake is deliberate?

Answer 21

20 years