Chapter 1 - Income Tax and NI Flashcards
1
Q
Tax year for individuals?
A
6th April - 5th April
2
Q
Tax year for companies?
A
1 April - 31 March
3
Q
When does self assessment take place?
A
If an individuals tax liability for a tax year cannot be collected by deduction at source, or via the PAYE system, then the liability must be formally assessed. Usually starts with self assessment tax return
4
Q
When must self assessment tax returns be filed?
A
Paper: 31 October following end of tax year
Online: 31 Jan following end of tax year
31 Jan known as filling date
5
Q
How long for claims of recovery for overpaid tax?
A
within 4 years
6
Q
What are DOTAS
A
Disclosure of tax avoidance schemes
7
Q
What is GAAR
A
General anti abuse rule
