Ch16 - Tax Admin for Companies Flashcards
Filing date (Self-assessment):
12 months after end of period of account, electronically in iXBRL language
Payment date:
Normal companies: 9 months + 1 day after end of AP
Large companies: 4 installments, 14th of 7th, 10th, 13th and 16th months after start of AP. Equal in size
No quarterly payments if CT liability less than £10k, and not large in previous AP with Aug Profit under £10m in the period
Notification of chargeability
within 3 months of start of first AP.
Payment date short accounting periods:
7th month, every 3 months, last installment 4th month after end of AP
Payment amounts are 3/length of AP, or 2 or 1 for last one.
What is a large company?
Aug profit of the AP greater than £1.5m (time apportioned)
NOT large if not large in prior period, and Aug Profit under £10m in the period.
These two limits are dividable by the amount of associated companies (50% ownership) at end of previous accounting period
Record retention
6 years from end of AP
£3k per AP fine if not
Late payment Interest and Repayment Interest:
from due date 6.5%,
earned from date paid 3% PA – deductible expense from interest income on tax return
Other Penalties
Within 3 months - £100 (£500 if prior 2 returns late)
3-6 months - another £100 (£1000 total if prior 2 returns late)
FURTHER:
6-12 months late – Additional 10% of tax outstanding at 6 months
>12 months late – Additional penalty increased to 20%
Failure to keep records: £3k per accounting period
Compliance check Notice:
When a return submitted on time – 12 months of submission date
Where submitted late: 12 months after 31st Jan, 30 April, 31 July or 31 October depending on filing date.
Company has 30 days to amend the return
Discovery Assessments Deadlines:
Basic: 4 years
Careless error: 6 years
Deliberate error: 20 years
Filing notes
P60 - employees end of the tax year
P11D - benefits submitited to HMRC
P11D 9b) - Class 1A
Real time PAYE filed electronically end of each calendar month
