Chapter 13

Question 1

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

Answer 1

5 October

Question 2

A tax payer who wishes to submit a tax return online must do so by the later of ___________ following the tax year end and ______ months from the date the return was issued

Answer 2

31 January, three

Question 3

A business owner in 2020/21 must keep their tax return from that year til when?

Answer 3

31 January 2027

Question 4

A tax return may be amended for any reason within _________ of when the return should have been filed.

Answer 4

12 months

Question 5

Payment dates for income tax (not deducted at source) and Class 4 NICs

Answer 5

31/01

31/07

Question 6

When must a paper return be submitted by?

Answer 6

31/10/21 or 3 months after return issued if later

Question 7

When must an electronic return be submitted by?

Answer 7

31/01/22 or 3 months after return issued if later

Question 8

Where the taxpayer has made an incomplete disclosure of facts in his tax return, which is not due to careless or deliberate behaviour, HMRC has until ______ years after the end of the tax year to raise a discovery assessment

Answer 8

Four

Question 9

When is POA not required? (Self-assessment)

Answer 9

When last years tax paid under self-assessment was less than:

£1,000
Or
20% of total liability

Question 10

A penalty of 5% of the tax overdue is payable where income tax, Class 4 NICs and capital gains tax are paid more than _______ days after the due date

Where the tax is still outstanding six months after the payment due date a further ___% if the tax overdue is charged

Answer 10

30

5%

Question 11

An appeal against a discovery assessment must be made in writing within _____ days of the date of the assessment

Answer 11

30

Question 12

HMRC may raise a discovery assessment where full disclosure has not been made either due to negligence or fraud at any time up until _____ years after the end of the tax year

Answer 12

20

Question 13

HMRC can recover debt directly from a person’a bank account given it is at least ______ and said person has at least ______ left after the debt recovery

Answer 13

£1000

£5000

Question 14

Late tax returns have an immediate fixed penalty of _____

Answer 14

£100

Question 15

Balancing payments are due _______ following end of tax year

Answer 15

31 January

Question 16

HMRC may amend a return up to _____ months from its actual filing

Answer 16

Nine

Question 17

PAYE is payable ____ days after the end of each tax month

Answer 17

14

Question 18

The fine for filing an incorrect P11D with careless inaccuracies is ____ of potential lost revenue

Answer 18

30%

Question 19

By which date must an employer provide a completed form P60 to an employee?

Answer 19

31 May

Question 20

A claim for ‘overpayment relief’ must be made within ____ years if the end of the accounting period

Answer 20

Four

Question 21

A company must keep its records for _____ years from the end of the accounting period

Answer 21

Six

Question 22

A correction to VAT cannot be made in the next VAT return if the error exceeds _______

Answer 22

£50,000

Question 23

The file dating for a corporation tax return is _____ months after the end of the accounting period

Answer 23

12

Question 24

The rate of capital gain tax is ____ once a person is a higher rate taxpayer

Answer 24

20%