Dates

Question 1

Income tax filing date > Electronic

Answer 1

31 Jan following the tax year

Question 2

Income tax filing date > Paper

Answer 2

31 October following the tax year

Question 3

Capital gains tax filing date

Answer 3

31 January following the year of disposal

Question 4

Corporation tax filing date

Answer 4

12 months after relevant CAP

Question 5

Late filing penalty > initial

Answer 5

£100

Question 6

Late filing penalty > 3 months late

Answer 6

£10 per day (max 90 days)

Question 7

Late filing penalty > 6 months late

Answer 7

£300 or 5% of outstanding tax (whichever higher)

Question 8

Late filing penalty > 12 months late

Answer 8

5%/ 70%/ 100% depending on severity

Question 9

Income tax payment date

Answer 9

31 January following the tax year

Question 10

Income tax payment on account payment dates

Answer 10

31 January in tax year and balancing payment/ repayment 31 July of same year

Question 11

Capital gains tax payment date

Answer 11

31 January following the tax year

Question 12

Corporation tax payment date > not large

Answer 12

9 months and 1 day following the CAP

Question 13

Corporation tax payment date > large

Answer 13

Quarterly instalments
1st - 6 months and 14 days after start of CAP
Final - 3 months 14 days after end of CAP

Question 14

Late payment penalty > within 30 days

Answer 14

Nil

Question 15

Late payment penalty > 30 days after payment date

Answer 15

5% tax outstanding

Question 16

Late payment penalty > 5 months following initial penalty date

Answer 16

Further 5% of tax outstanding

Question 17

Late payment penalty > 11 months following initial penalty date

Answer 17

Further 5% of tax outstanding

Question 18

Late payment penalties > POA

Answer 18

Don’t apply until 31 January following tax year

Question 19

Late payment of corporation tax > after filing date

Answer 19

5% of tax outstanding

Question 20

Late payment of corporation tax > 3 months following initial penalty date

Answer 20

Further 5% of tax outstanding

Question 21

Late payment of corporation tax > 9 months after initial penalty date

Answer 21

Further 5% of tax outstanding

Question 22

VAT return filing date

Answer 22

1 month and 7 days following VAT period

Question 23

Stamp duty filing date

Answer 23

30 days after transaction

Question 24

Stamp duty land tax return filing date

Answer 24

30 days after transaction

Question 25

Penalty for late filing of return

Answer 25

Default surcharges in book

Question 26

Stamp duty penalty for late filing of return

Answer 26

Lower of £300 or 5% of stamp duty due

Question 27

Stamp duty penalty for late filing of return after 12 months

Answer 27

Higher of £300 or 5% of stamp duty due

Question 28

Stamp duty land tax late filing of return

Answer 28

Same as income tax

Question 29

VAT tax payment date

Answer 29

1 month and 7 days following VAT period

Question 30

Stamp duty payment date

Answer 30

30 days following transaction along with return

Question 31

Stamp duty land tax payment date

Answer 31

30 days following transaction along with return

Question 32

Carry forward of losses claim

Answer 32

By 5th April (+ 4 years) after accounting year

Eg 5 April 2023 for 2018/19

Question 33

Current year/ prior year claim

Answer 33

31 January two years after end of tax year of loss

Eg

31 January 2021 for 2018/19

Question 34

Claim for losses in early years of business

Answer 34

31 January two years after loss

Question 35

Terminal loss relief claim

Answer 35

31 January two years after loss

Question 36

Claim for ER relief

Answer 36

31 January two years after disposal

Question 37

Gift relief

Answer 37

Within four years of end of year of gift

eg 5 April 2023 for 2018/19

Question 38

Elect to disapply incorporation relief eg if gains covered by AEA/ when we incur capital loss/ losses

Answer 38

Within two years of 31 January following tax year

Eg 31 January 2022 for 2018/19

Question 39

Claims for EIS reinvestment relief

Answer 39

5 years after first 31 January following tax year investment was made

Question 40

Claim for group relief

Answer 40

First anniversary of filing date of return of claimant company

Question 41

Consortium

Answer 41

Several companies each has share of one company

Question 42

Consortium can be made up of

Answer 42

Non UK companies - but cannot participate in relief

Question 43

All consortium members

Answer 43

Must agree to surrender of losses

Question 44

Consortium company surrendering losses first

Answer 44

Again CY income

Question 45

Consortium relief limited to

Answer 45

% x consortium company’s results

% = ownership percentage

Question 46

Consortium relief vs group relief

Answer 46

Consortium relief first

Question 47

Chargeable gains group

Answer 47

All 75% subsids with effective holding of 51%

Question 48

Transfers of assets within group

Answer 48

Give rise to no gain or loss

Question 49

When asset sold outside of group

Answer 49

Chargeable gain arises

Include indexation

Question 50

Rollover relief chargeable gains group

Answer 50

Group Treated as one unit for purpose of rollover relief

Joint election required