Extra - Payng Taxes Flashcards
Tax penalty on unpaid tax
5% on tax and paid 30 days after balancing payment due
Further 5% after five months
Further 5% after six months
Penalty on late returns
£100 if return not submitted by 31st of January following the end of the tax year
If return more than three months late £10 daily penalty up to 90 days
Return more than six months late penalty of £300/5% tax outstanding
Similar penalty where return is more than 12 months late and higher if the non-submission is deliberate
Other than penalties for unpaid tax and late returns what other penalties could be levied
Penalties for failing to keep records and documents needed to complete a tax return, for deliberate or careless errors in tax returns and for failing to notify HMRC of a liability to tax by fifth of October following the end of the tax year
When are employees given P 60 (total paid deductions, refunds)
31st of May
When are employees given P 11 D (taxable expenses/non-payroll benefits).
Employer completes P 11 D (B) (national insurance contributions due on above plus confirmation P 11 D completed)
Sixth of July
When is the filing date for paper tax returns (HMRC will calculate tax due)
31st of October/3 months after issue if return issued after 31st of July
When is balancing payment under £3000 collected via PAYE
30th of December Online
31st of October paper
When is filing date for online
31st of January following tax year/3 months after issue it later
On what date must and employer issued P sixties to employees
31st of May
Within how many days of the effective date of a transaction must any stamp duty land tax be paid
14
Shane has underpaid income tax of £1000. If he wants it to be collected through his tax code, by which date must he thought his tax return (assuming he found it online)
30th of December – if we are to file on paper he will have to do so by 31st of October if you want to tax collected in this way
Loss relief must be claimed within how many years at the end of the loss-making
2
Lilly is taxable supplies exceeded £85,000 on 31st of August 2019. Within how many days must inform HMRC
30
Interest paid on loans to buy shares in a close company or a loan that is used by a close company for business purposes is an allowable deduction for income tax. The amount of interest that qualifies for tax relief is the higher of?
£50,000 or 25% adjusted total income
What rate of stamp duty and stamp duty reserved tax is levied on exchange traded funds
No
