Administration

Question 1

When is a taxpayer required to notify hmrc of the need to complete a self assessment form?

Answer 1

Required to notify hmrc by the 5th of october following the tax year in which a new source of income is acquired

Question 2

When should returns be submitted online by?

Answer 2

The later of 31 Jan following the tax year end and 3 months from the date that the return was issued

Question 3

Who does not have to submit a full tax return?

Answer 3

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

Question 4

When must businesses keep their records until?

Answer 4

5 years from 31 jan following tax year, i.e for 20/21 this will be 31 Jan 2027

Question 5

When must personal records be kept until?

Answer 5

1 year, from 31 jan following the tax year. i.e jan 2023 for 20/21

Question 6

When can a return be amended?

Answer 6

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.

Question 7

When must a sole trader who is not in their first year pay tax?

Answer 7

Must pay on account- 31 jan in the tax yr (jan 2021), july 2021 and balancing payment on 31 Jan 2022.

Question 8

What are payments on account not due in respect of?

Answer 8

Capital gains

Question 9

If they ask you about an individuals payments on account- what will it be?

Answer 9

Income tax liab- income tax liab taxed at source plus NIC’s divided by two.

Question 10

What are the penalties for late payments on account (individuals)?

Answer 10

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

Question 11

When must paper returns be filed by?

Answer 11

The later of 31 oct 21 and three months from the issue date.

Question 12

HMRC discovers a genuine mistake on an individuals tax return. BY what date must they raise an assessment?

Answer 12

for the yr 2020/21 by 5 april 2025. ie 4 years after the end of the tax year.

Question 13

When are payments on account not due (individuals)?

Answer 13

When the balance payable by self assessment is less than 20% of the total income tax laibility.

Question 14

What needs paying by individuals on 31 Jan?

Answer 14

Needs to be first payment on account for that year and balacing payment of previous year!

Question 15

When does interest on late payments run from?

Answer 15

From 31 Jan to day before it is paid.

Question 16

If hmrc find additional tax, what is the penalty?

Answer 16

5% of unpaid tax

Question 17

When must an appeal against a discovery assessment be made?

Answer 17

Within 30 days of the date of assessment.

Question 18

Must a tax payer first apply for an internal review before making an appeal to the first tier tribunal?

Answer 18

NO internal review is optional

Question 19

When must you notify hmrc of chargeable gains from capital gains?

Answer 19

5th october

Question 20

Discover assessment when hmrc where fraud/intentionally not disclosed?

Answer 20

Any time up to 20 years after the tax year, 5 april 2041.

Question 21

If hmrc are trying to recover debt directly from someones bank account?

Answer 21

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.

Question 22

There is no 5% charge on late balancing payment if….

Answer 22

It is less than 30 days late

Question 23

When my hmrc amend return by?

Answer 23

up to 9 months from its actual filing.

Question 24

When is paye payable by?

Answer 24

14 days after the end of each tax month- i.e. the 19th of the month

Question 25

When are p11d forms due?

Answer 25

6 july following tax year

Question 26

What is a p60?

Answer 26

An end of year summary of tax and NIC’s deducted in the year per employee

Question 27

Initial penalty for late filing of p11d?

Answer 27

300

Question 28

filing of p11d with carelss inaccuracies?- maximum fine %

Answer 28

30%

Question 29

By what date must an employer provide a completed p60 to an emplyee?

Answer 29

31 May

Question 30

when must a claim for overpayment releif be made by?

Answer 30

within 4 years of the end of the accounting period -i.e. prob some time in 23

Question 31

when must hmrc notify that it wants to enquire?

Answer 31

with 12 months of the next quarter date of actual submission. quarter dates are 31 jan, 30 april, 31 july and 31 october

Question 32

first late VAT payment?

Answer 32

surcharge laibility notic but no surcharge

Question 33

when can an error in a VAT return not be adjusted for in the next VAT return?

Answer 33

when it is bigger than 50,000

Question 34

can a taxpayer apppeal against an information notice?

Answer 34

yes

Question 35

can a tax payer appeal against an inspection notice?

Answer 35

NO

Question 36

should returns be made even if there is no income to declare?

Answer 36

YES

Question 37

what is a simple assessment? And when is tax under it due?

Answer 37

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.

Question 38

By what date does hmrc have the right to amend errors on individiuals tax returns?
Tax payer?- for any reasons

Answer 38

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

Question 39

When are class 2 NIC’s due?

Answer 39

31/01/2022. capital gains and balance of income tax also due here as well as first payment on account for the next year

Question 40

when are poa not required?

Answer 40

less than 20% or under 1000

Question 41

If bal payment is less than 3000….

Answer 41

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.

Question 42

record keeping time limits for ct?

Answer 42

6 yrs from the end of the accounting period

Question 43

what are the record keeping penalties?

Answer 43

3000 for each tax year/accounting period

Question 44

What companies qualify for a senior accounting officer?

Answer 44

turnover over 200 mill, balance sheet greater than 2 bill

Question 45

What may sao’s be liable to?

Answer 45

5000 for failure to keep adaquete records.

Question 46

Deadline for companies to let hmrc know they will need to file?

Answer 46

3 months form when the accounting period first began