Filing & Penalties

Question 1

Single company Less than 12 month poa - deadline for filing and paying CT?

Answer 1

Paying CT - 9 months and 1 day

Filing - 12 months

Question 2

How soon must a company notifiy HMRC of its chargeability to tax?

Answer 2

Within 3 months of the start of an accouting period

Question 3

If a company receives a filing notice late, what is the due date of submission?

Answer 3

3 months from the receipt of the filing notice

Question 4

Where a company has a long period of account and thus two CT periods, what are the due dates for submission of CT600?

Answer 4

A single date - 12 months from the end of the period of account.

Question 5

When is the tax due for a company with a long period of account?

Answer 5

Once split into periods, work out 9 months and 1 day after the end of each split period.

Question 6

How long do HMRC have to make amendments?

Answer 6

9 months from the actual filing date

Question 7

How long does a company have to make amendments to a return?

Answer 7

12 months from the DUE filing date.

Question 8

How long do HMRC have to start an enquiry it filed on time?

Answer 8

12 months from the date the return is received for small companies. 12 months from the due filing date for larger companies.

Question 9

How long do HMRC have to start an enquiry it filed late?

Answer 9

12 months and then to the end of the quarter from the date of submission.

Question 10

What are the quarter days?

Answer 10

31 Jan, 30 Apr, 31 July, 31 Oct

Question 11

How long must a company keep requires re a correct and complete CT600?

Answer 11

Six years from the end of the period

Question 12

Where is the discovery assessment legislation?

Answer 12

FA 1998 Sch 18 Para 41 - 46

Question 13

What is the limit when deciding profit levels for large companies?

Answer 13

£1,500,000 proportionaly reduced by accounting period and number of companies in group

Question 14

What profits are used for deciding the profit level for a large company?

Answer 14

Augmented which is TTP + Dividends received.

Question 15

What are the instalment due dates for large companies?

Answer 15

1. 14th day of month 7 from start of AP
2. 3 months after previous instalment
3. 3 months after previous instalment
4. Final payment due 3 months plus 13 days from the end of the accounting period

Question 16

What is the formulae for instalments?

Answer 16

3/n x estimated CT liability where n is number of months in AP

Question 17

What do we remove from agumented profits in group companies?

Answer 17

Inter company dividends

Question 18

Where is the penalty legislation for late filing?

Answer 18

FA 2008 Sch 41 para 6 and 13

Question 19

What is the first penalty for a late return

Answer 19

£100

Question 20

What if the return is three months late?

Answer 20

£10 per day can be charged up to 90 days

Question 21

What if it is more than 6 months late?

Answer 21

An additional 5% of any CT liability

Question 22

What if it is more than 12 months late?

Answer 22

Another % depending on type of error shown in FA2009 Sch 55 para 14 (eg D&C, DBC etc)

Question 23

What is the most a company can be fined?

Answer 23

100% of the liability to tax

Question 24

How long do companies have to pay late filing penalties?

Answer 24

30 days

Question 25

What is the penalt for not keeping records for at least 6 years?

Answer 25

£3,000 per accounting period

Question 26

Where is the legislation for penalties relating to lincorrect returns?

Answer 26

FA 2007 Sch 24 par 12

Question 27

What are the penalties for late payment of tax?

Answer 27

5% if still outstanding after filing date. 5% if still outstanding 3 months later and 5% if still outsanding 9 monhts after filing date.

Question 28

A company has profits of £1m in 2018 and £2m in 2019 - when is his first date for instalments?

Answer 28

As his profits did not exceed £10m, he does not pay instalments if the company was not large or very large in the 12 months prior.

Question 29

When calculating installments, when is the final payment due?

Answer 29

3 months and 14 days from the end of the accounting period.