Admin

Question 1

Income Tax failure to notify

Answer 1

Tax paid at 31 Jan following year

Question 2

VAT filing date

Answer 2

1 month and 7 days after QE

Question 3

Amendments to return-HMRC

Answer 3

9 months

Question 4

Amendments to return- tax payer

Answer 4

12 months

Question 5

Overpayment relief claim

Answer 5

4 years

Question 6

Income tax late payment interest

Answer 6

From due date to day before tax paid

Question 7

Corporation tax late payment interest

Answer 7

From day after due date to day tax is paid

Question 8

Corporation tax late payment penalty

Answer 8

5% unpaid at filing date
Extra 5% 3 months after filing date
Another 5% 9 months after

Question 9

Income tax retention- business

Answer 9

5 years from 31 Jan following end tax year

Question 10

Income tax retention- personal

Answer 10

1 year from 31 Jan following end tax year

Question 11

Corporate tax retention

Answer 11

6 years from end of AP

Question 12

VAT retention

Answer 12

6 years

Question 13

Enquiries into returns

Answer 13

12 months after submission date

Question 14

Enquiries on returns filed late

Answer 14

Quarter day following 12 months of actual submission date (31/01, 30/04, 31/7, 31/10)

Question 15

Determinations

Answer 15

3 years within filing date

Question 16

Discovery assessment-incomplete

Answer 16

4 years end of tax year

Question 17

Discovery assessment- careless

Answer 17

6 years

Question 18

Discovery assessment- deliberate

Answer 18

20 years

Question 19

Self assessment request date

Answer 19

5 OCT

Question 20

Short tax return

Answer 20

£85,000- employee or director

Question 21

Time limit to appeal discovery

Answer 21

Within 30 days of the date of the assessment

Question 22

2 conditions for HMRC to recover debt

Answer 22

-Taxpayer can object
-Taxpayer must be aware it’s due

Question 23

2 conditions for HMRC to recover debt

Answer 23

-Taxpayer can object
-Taxpayer must be aware it’s due

Question 24

Penalty for late amount on account

Answer 24

NONE

Question 25

Careless P11 error fine

Answer 25

30%

Question 26

Late P11 fine

Answer 26

£300

Question 27

Business record retention-individual

Answer 27

5 years after 31 jan after period end

Question 28

Business record retention-company

Answer 28

6 years after 31 jan of period end

Question 29

Threshold for VAT reporting error

Answer 29

Higher of 1% and 10,000 with a cap of 50k

Question 30

Incorrect return calculation

Answer 30

Maximum penalty % then subtract minimum from that

Question 31

PAYE code method

Answer 31

PA-taxable benefits-underpaid tax (x100/20)

Question 32

Capital Gains payment

Answer 32

31 Jan after year end

Question 33

Exemptions from voluntary patrolling

Answer 33

Employer provided living accommodation and beneficial loans

Question 34

Corporation tax notice period

Answer 34

First 3 months of AP

Question 35

Substantial VAT trader

Answer 35

> £2.3m

Question 36

Required payment of VAT for substantial

Answer 36

1/24 of liability

Question 37

Substantial trader payment date

Answer 37

2nd and 3rd month with BP at end of month following end of quarter

Question 38

Annual accounting VAT due date

Answer 38

Within 2 months after year end

Question 39

Annual accounting VAT payment

Answer 39

End of month 4 then every month after

Question 40

Corp tax marginal relief calculation

Answer 40

(U-A) x N/A x 3/200

Question 41

Annual VAT repayment schedule

Answer 41

9 monthly repayments and BP within 2 months after YE

Question 42

Flat determination

Answer 42

Vat inclusive turnover to taxable and exempt

Question 43

Advantages of cash accounting

Answer 43

-cash not invoices
-offer extended credit

Question 44

How often is annual accounting VAT paid

Answer 44

Quarterly or monthly