Dates

Question 1

Tax Year

Answer 1

Runs from 6th April to following 5th April e.g. tax year 2016/2017 runs from 6th April 2016 to 5th April 2017

Question 2

Financial Year

Answer 2

Runs from 1st April to following 31st March e.g. the financial year FY16 runs from 1st April 2016 to 31st March 2017

Question 3

Payment of Income Tax

Answer 3

The online submission and payment deadline for tax returns relating to 2016/17 to 31st January 2018

Question 4

Tax Month

Answer 4

Run from the 6th of the month to the 5th of the next

Question 5

MCA

Answer 5

At least one spouse or civil partner born before 6th APRIL 1935. If the couple married after 5th December 2005, the spouse with the higher net income claims the MCA

Question 6

P60

Answer 6

Form P60 must be supplied to each employee by 31st May following the end of the tax year

Question 7

P11D

Answer 7

Form P11D must be submitted to HMRC by 6th July following the end of the tax year and copy provided to the employee by that date

Question 8

PAYE Dates

Answer 8

Income Tax and NIC due for payment 14 days after month ends. Tax month runs from 6th to 5th therefore payment due on 19th of each month. Extended to 22nd for electronic payment. Employers with > 250 employees must make PAYE payments electronically. Avarage PAYE <= £1,500 in total are allowed to make payments quaterly

Question 9

Payments on Account (POA)

Answer 9

Sole traders need to make POA for Income Tax & NIC
Due dates: (2015/2016 liability in tax year 16/17)
1st Paymt - 31 Jan in tax year (31/01/17)
2nd Paymt - 31st July following end of tax year (31/7/17)
3rd Paymt - 31st Jan following end of tax year (31/01/18)

Question 10

Car Leasing & Rental Cost

Answer 10

Leases taken out on cars before 6th April 2013, emissions > 160g/km - 15% flat rate disallowance
Lease taken out on cars on/after 6th April 2016, emissions > 130g/km - 15% flat rate disallowance