Admin of tax Flashcards
Failure to notify penalty for:
- income tax
- corporation tax
- VAT
- tax unpaid at 31 Jan following tax y/e
- tax unpaid at 12m after end of accounting period
- VAT due since should have been registered
What is the filing date for a VAT tax return?
1 month and 7 days after quarter end (same as payment date)
When can HMRC make amendments to an income and corporation tax return?
9 months after the ACTUAL filing date
When can the tax payer make amendments to an income and corporation tax return?
12 months from due submission date
When can an overpayment relief claim be made on income tax?
Within 4 years of the end of the tax year
When can an overpayment relief claim be made on corporation tax?
Within 4 years of the end of the accounting period
How are the instalments of income tax structured?
50% of previous year's tax payable including class 4 NIC Dates in tables
What is the late payment interest on income and corporation tax?
Interest is from due date of payment to day before it is paid
What is the late payment interest on VAT?
From date VAT should have been paid to date of payment
Repayment of interest on overpaid tax
From later of actual date paid/due payment date to day before repayment - only if error is HMRCs for VAT
How long should a business and an individual keep their income tax records?
Business - 5 years from 31 Jan following end of tax year
Personal - 1 year from 31 Jan following end of tax year
How long should corporation tax records be retained?
6 years from the end of the accounting period
How long should VAT records be held?
6 years
When can enquiries into CT/IT tax returns made on time be made?
Within 12 months after actual submission date
When can enquiries into CT/IT tax returns made late be made?
Can start by quarter day following 12 months after actual submission date (quarter days 31/1, 30/4, 31/7, 31/10)
Can HMRC make estimations of tax due?
Yes if return not received by filing date. Estimation must be made within 3 years of filing date
When can HMRC raise discovery assessments?
Can normally be raised up to 4 years from end of tax year/AP/VAT period.
If careless - 6 years
If deliberate - 20 years
When should a tax payer notify HMRC of the need to complete a self-assessment return?
5 October following the tax year in which a new source of income is acquired
When may a tax payer file a short tax return?
- If they are an EMPLOYEE
- a sole trader with turnover under £82,000pa
- if they’re a pensioner
How must a sole trader in their first year pay their tax?
Using payments on account
When must an appeal be made against a discovery assessment?
Within 30 days
Does that tax payer have to apply for an internal review before making an appeal to the first tier tribunal?
No
When is PAYE payable by a business?
14 days after the end of each tax month
What is the initial penalty for filing a P11D form late?
£300 per return
When should FPS be submitted to an EMPLOYEE if HMRC for tax year?
19 April
When does HMRC have the right to give notice of its intention to conduct an enquiry?
12 months from the next quarter date
Quarter dates are 31 Jan, 30 Apr, 31 July and 31 Oct
Can a taxpayer appeal against a request from HMRC to submit supporting documentation?
Yes
