Chapter 18 - Tax administration of a company Flashcards
When must a companies self assessment corporation tax return be submitted by?
- 12 months after the end of the accounting period
- Three months after the issue of a notice to file a return
When must a company pay corporation tax by? (not large)
Within 9 months and 1 day after the end of the accounting period
How long must records be held?
6 years
Within how many months can a company amend their return?
12 months of filing date
Within how many months can HMRC amend a return?
9 months of date filed with them
How do large companies pay their corporation tax?
quarterly installments
How must all companies pay the corporation tax?
Electronically
When is a company deemed large?
When their augmented profit exceeds 1.5 mil
How do you calculate augmented profit?
TTP
Plus: Dividends received from non-group companies
When are the quarterly installments due for large companies?
- by the 14th day
- in months 7, 10, 13 and 16 following the start of the accounting period.
When are the quarterly installments due for large companies in short accounting periods?
- 14 day
- of the 7th month and three months after
- 4 months after end of AP
How much is Late payment interest?
3.25% pa
How much is repayment interest?
0.5% pa
What are the penalties for late filing of tax returns?
Within 3 months of due date - £100 fixed
More than 3 months - Increases to £200 fixed
6-12 months Additional 10% of outstanding tax
more than 12 months - Addition increase to 20%
What is the penalty for failure to keep and retain records?
up to £3000 per AP
