admin Flashcards
when to file a VAT return
1 month and 7 days after quarter end (same as payment date)
when to pay VAT
1 month and 7 days after quarter end (same as VAT filing date)
when does HMRC need to make amendments to a return by (income tax)?
9 months from actual filing date
when does HMRC need to make amendments to a return by (corporation tax)?
9 months from actual filing date
When does a taxpayer need to make amendments to a return by (income tax)?
12 months from due submission date (normally 31 Jan)
When does a taxpayer need to make amendments to a return by (corporation tax)?
12 months from due submission date
how long do you have to make an overpayment relief claim (income tax)?
4 years from end of tax year
how long do you have to make an overpayment relief claim (corporation tax)?
4 years from end of accounting period
for income tax, how much are payments on account and when are they paid?
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.
When is PAYE payable?
17 days after the end of each tax month, i.e. 22nd
How long does a business have to keep records for (income tax)?
5 years from 31 Jan following end of tax year
How long does an individual have to keep records for (income tax)?
1 year from 31 Jan following end of tax year
How long does a company have to keep records for (corporation tax)?
6 years from end of AP
How long does one have to keep VAT records for?
6 years
If the return is filed on time, how long does HMRC have to start an enquiry into income/corporation tax returns?
Within 12 months of actual submission date
If the return is filed late, how long does HMRC have to start an enquiry into income/corporation tax returns?
By quarter day following 12 months after actual submission date (quarter days are 31 Jan, 30 Apr, 31 Jul, 31 Oct)
What does it mean if HMRC makes a determination?
HMRC makes an estimate of tax due
If return is not received by filing date, HMRC an make a determination of tax due. How long do they have to do it?
3 years after filing date
If a taxpayer hasn’t made a complete disclosure, HMRC can raise a discovery assessment. How long do they usually have to do it?
4 years from end of tax year/AP/VAT period
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”?
6 years
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?
20 years
