Dates Flashcards
Income tax filing date > Electronic
31 Jan following the tax year
Income tax filing date > Paper
31 October following the tax year
Capital gains tax filing date
31 January following the year of disposal
Corporation tax filing date
12 months after relevant CAP
Late filing penalty > initial
£100
Late filing penalty > 3 months late
£10 per day (max 90 days)
Late filing penalty > 6 months late
£300 or 5% of outstanding tax (whichever higher)
Late filing penalty > 12 months late
5%/ 70%/ 100% depending on severity
Income tax payment date
31 January following the tax year
Income tax payment on account payment dates
31 January in tax year and balancing payment/ repayment 31 July of same year
Capital gains tax payment date
31 January following the tax year
Corporation tax payment date > not large
9 months and 1 day following the CAP
Corporation tax payment date > large
Quarterly instalments
1st - 6 months and 14 days after start of CAP
Final - 3 months 14 days after end of CAP
Late payment penalty > within 30 days
Nil
Late payment penalty > 30 days after payment date
5% tax outstanding
Late payment penalty > 5 months following initial penalty date
Further 5% of tax outstanding
Late payment penalty > 11 months following initial penalty date
Further 5% of tax outstanding
Late payment penalties > POA
Don’t apply until 31 January following tax year
Late payment of corporation tax > after filing date
5% of tax outstanding
Late payment of corporation tax > 3 months following initial penalty date
Further 5% of tax outstanding
Late payment of corporation tax > 9 months after initial penalty date
Further 5% of tax outstanding
VAT return filing date
1 month and 7 days following VAT period
Stamp duty filing date
30 days after transaction
Stamp duty land tax return filing date
30 days after transaction
Penalty for late filing of return
Default surcharges in book
Stamp duty penalty for late filing of return
Lower of £300 or 5% of stamp duty due
Stamp duty penalty for late filing of return after 12 months
Higher of £300 or 5% of stamp duty due
Stamp duty land tax late filing of return
Same as income tax
VAT tax payment date
1 month and 7 days following VAT period
Stamp duty payment date
30 days following transaction along with return
Stamp duty land tax payment date
30 days following transaction along with return
Carry forward of losses claim
By 5th April (+ 4 years) after accounting year
Eg 5 April 2023 for 2018/19
Current year/ prior year claim
31 January two years after end of tax year of loss
Eg
31 January 2021 for 2018/19
Claim for losses in early years of business
31 January two years after loss
Terminal loss relief claim
31 January two years after loss
Claim for ER relief
31 January two years after disposal
Gift relief
Within four years of end of year of gift
eg 5 April 2023 for 2018/19
Elect to disapply incorporation relief eg if gains covered by AEA/ when we incur capital loss/ losses
Within two years of 31 January following tax year
Eg 31 January 2022 for 2018/19
Claims for EIS reinvestment relief
5 years after first 31 January following tax year investment was made
Claim for group relief
First anniversary of filing date of return of claimant company
Consortium
Several companies each has share of one company
Consortium can be made up of
Non UK companies - but cannot participate in relief
All consortium members
Must agree to surrender of losses
Consortium company surrendering losses first
Again CY income
Consortium relief limited to
% x consortium company’s results
% = ownership percentage
Consortium relief vs group relief
Consortium relief first
Chargeable gains group
All 75% subsids with effective holding of 51%
Transfers of assets within group
Give rise to no gain or loss
When asset sold outside of group
Chargeable gain arises
Include indexation
Rollover relief chargeable gains group
Group Treated as one unit for purpose of rollover relief
Joint election required
