Administration of Tax

Question 1

What is the latest date to contact HMRC to obtain a self-assessment return?

Answer 1

A taxpayer is required to notify HMRC of the need to complete a self-assessment return by 5 October
following the tax year in which a new source of income is acquired.

Question 2

When does a taxpayer, who wishes to submit a tax return online, need to pay by?

Answer 2

The later of:
31 January following the tax year
or
3 months from the date the return was issued

Question 3

Who is not required to submit a full tax return each year?

Answer 3

• A taxpayer who is an employee but not a director
• A sole trader with a turnover of less than £85000 per annum
• a pensioner
  But they can still opt to

Question 4

If you run a business, how long do you need to keep those tax records for?

Answer 4

Records must be kept for five years from the 31 January following the tax year

Question 5

If you don’t run a business, how long do you need to keep records for?

Answer 5

Records must be kept for one year from the 31 January following the tax year

Question 6

How long does an individual have to amend a mistake in a return?

Answer 6

A return may be amended for any reason within 12 months of when the return should have been filed

Question 7

Who is not required to make payments on account?

Answer 7

A sole trader who is in their first year

Question 8

When is the deadline if a taxpayer submits a paper return?

Answer 8

Later of 31st October or three months from the issue of return

Question 9

When are payments on account not required?

Answer 9

• If the balancing payment is <20% of Total tax liability
• if the amount of tax paid via self-assessment last year was under < £1000