Dates Flashcards
company must keep records
6 years from end of accounting period
individual must keep records
5 years from 31 jan following tax year
taxpayer can ammend return
until 12 months after 31 jan following tax year
hmrc can ammend any obvious erros
9 months after return
taxpayer can claim for overpayment
4 years from end of tax year
substantial trader 3 points
annual VAT >2.3m
payments on account each VAT quarter
payment @ end of 2nd/3rd months of quarter with BP end of month following quarter
payment is 1/24 of total VAT of previous years
discovery assesment
20 years after tax year
HMRC Recovering debt from a bank account
leave person with at least 5000
can recover at least 1000
payments on account not recquired
when balance payable is <20% total tax liability
PAYE date
17 days after end of tax month
P45
employee leaves
P60
EOY summary of tax and NICs
claim for overpayment
within 4 years end of accounting period
return filed late: HMRC can enquire
business must keep tax return
5 years following end of tax year
