Administration Flashcards
When is a taxpayer required to notify hmrc of the need to complete a self assessment form?
Required to notify hmrc by the 5th of october following the tax year in which a new source of income is acquired
When should returns be submitted online by?
The later of 31 Jan following the tax year end and 3 months from the date that the return was issued
Who does not have to submit a full tax return?
Someone who is an employee (not director), sole trader with turnover of less than 85,000 or a pensioner. They can still submit a full tax reutn of they want to
When must businesses keep their records until?
5 years from 31 jan following tax year, i.e for 20/21 this will be 31 Jan 2027
When must personal records be kept until?
1 year, from 31 jan following the tax year. i.e jan 2023 for 20/21
When can a return be amended?
It can be amended within 12 months of when it should have been filed (not when it actually was filed)- a return relating to 2019/20 should have been filed by 31 Jan 2021. SO amendment must be made by jan 2022.
When must a sole trader who is not in their first year pay tax?
Must pay on account- 31 jan in the tax yr (jan 2021), july 2021 and balancing payment on 31 Jan 2022.
What are payments on account not due in respect of?
Capital gains
If they ask you about an individuals payments on account- what will it be?
Income tax liab- income tax liab taxed at source plus NIC’s divided by two.
What are the penalties for late payments on account (individuals)?
They will be liable to interest from the due date to the date before payment, but only the balancing payment is liable to a penalty at 5%- 5% if late by 30 days and a further 5% if late by 6 months
When must paper returns be filed by?
The later of 31 oct 21 and three months from the issue date.
HMRC discovers a genuine mistake on an individuals tax return. BY what date must they raise an assessment?
for the yr 2020/21 by 5 april 2025. ie 4 years after the end of the tax year.
When are payments on account not due (individuals)?
When the balance payable by self assessment is less than 20% of the total income tax laibility.
What needs paying by individuals on 31 Jan?
Needs to be first payment on account for that year and balacing payment of previous year!
When does interest on late payments run from?
From 31 Jan to day before it is paid.
If hmrc find additional tax, what is the penalty?
5% of unpaid tax
When must an appeal against a discovery assessment be made?
Within 30 days of the date of assessment.
Must a tax payer first apply for an internal review before making an appeal to the first tier tribunal?
NO internal review is optional
When must you notify hmrc of chargeable gains from capital gains?
5th october
Discover assessment when hmrc where fraud/intentionally not disclosed?
Any time up to 20 years after the tax year, 5 april 2041.
If hmrc are trying to recover debt directly from someones bank account?
There will be a period when they can object. Can recover it this way if the sum is at least 1000. Must be left with 5000 in the account. HMRC must be satisifed tha they are aware that the sum is due.
There is no 5% charge on late balancing payment if….
It is less than 30 days late
When my hmrc amend return by?
up to 9 months from its actual filing.
When is paye payable by?
14 days after the end of each tax month- i.e. the 19th of the month
When are p11d forms due?
6 july following tax year
What is a p60?
An end of year summary of tax and NIC’s deducted in the year per employee
Initial penalty for late filing of p11d?
300
filing of p11d with carelss inaccuracies?- maximum fine %
30%
By what date must an employer provide a completed p60 to an emplyee?
31 May
when must a claim for overpayment releif be made by?
within 4 years of the end of the accounting period -i.e. prob some time in 23
when must hmrc notify that it wants to enquire?
with 12 months of the next quarter date of actual submission. quarter dates are 31 jan, 30 april, 31 july and 31 october
first late VAT payment?
surcharge laibility notic but no surcharge
when can an error in a VAT return not be adjusted for in the next VAT return?
when it is bigger than 50,000
can a taxpayer apppeal against an information notice?
yes
can a tax payer appeal against an inspection notice?
NO
should returns be made even if there is no income to declare?
YES
what is a simple assessment? And when is tax under it due?
when hmrc has sufficent info to issue a simple assessment= no need for tax return. Tax due on 31 jan after the end of the tax year or 3 months from date of assessment if this is later.
By what date does hmrc have the right to amend errors on individiuals tax returns?
Tax payer?- for any reasons
within 9 months of actual filing date
within 12 months of normal 31 jan submission date
overpayment relief- within 4 yrs of end of tax year
When are class 2 NIC’s due?
31/01/2022. capital gains and balance of income tax also due here as well as first payment on account for the next year
when are poa not required?
less than 20% or under 1000
If bal payment is less than 3000….
could be collected under paye instead- must file online by 30 december after the end of the tax year or by 31 oct for paper returns.
record keeping time limits for ct?
6 yrs from the end of the accounting period
what are the record keeping penalties?
3000 for each tax year/accounting period
What companies qualify for a senior accounting officer?
turnover over 200 mill, balance sheet greater than 2 bill
What may sao’s be liable to?
5000 for failure to keep adaquete records.
Deadline for companies to let hmrc know they will need to file?
3 months form when the accounting period first began
