Important Dates Flashcards
Tax year dates?
6 April to 5 April
Financial year dates?
1 April to 31 March
Tax relief on a temporary workplace?
Lasts up to 24 months
Income tax and NIC normally paid to HMRC monthly under PAYE system (electronically)
17 days after the end of the tax month
Income tax and NIC normally paid to HMRC monthly under PAYE system (cheque)
14 days after the end of the tax month
When are employers charged for the first late PAYE payment in a tax year?
If a payment is over six months late
If property was first made available to employee more than six years after employee purchased it?
Use MV instead of cost
Year-end procedures for HMRC employer must send to HMRC (Form P11D)
6th July
Year-end procedures for HMRC employer must send to HMRC (Form P11Db class1A NIC return)
6th July
Year-end procedures for HMRC employer must send to HMRC (final real-time submission)
19 May
Year-end procedures for HMRC employer must send to HMRC (P60)
31 May
Election day for accruals basis in property income?
31 January, 22 months from end of tax year
FHL qualifying (210 days)
It is available for commercial letting to public no less than 210 days each tax year
FHL qualifying (105 days)
It is actually let for at least 105 days in each tax year
FHL qualifying (31 days)
Tenants do not stay for a period of more than 31 days
Expected useful life of short-life assets?
Less than 8 years
When must a loss relief for total income be made?
Should be made by 31 January. 22 months after tne end of tax year of the loss
If no claim is made to set loss against total income, or some loss is left after such a claim (carry forward loss relief)?
Balance will be carried forward indefinitely
When must a claim for carry forward loss relief be made?
Within 4 years of the end of tax year in which loss arose (5 April 2028 for a loss in 2023/24)
Where is early trade loss relief available?
In respect of trading losses incurred in first four tax years of trade. Can be carried back for 3 years
When must an early trade loss relief claim be made for a 2023/24 loss?
By 31 January 2026
When must a terminal loss relief claim be made for a 2023/24 loss?
Msut be made within fours of end of last tax year of trading (5th April 2028)
Losses in first four tax years of joining partnership (for a new partner)
Can be set off against general income of the three preceding years
Class 1A contributions paid to HMRC for year end (cheque)
19 July
Class 1A contributions paid to HMRC for year end (electronically)
22 July
When is Class 2 NIC payable under the self-assessment system?
On 31 January following the tax year (2023/24 is 31 Janaury 2025)
When is CGT payable after the end of the tax year of disposal?
On 31 January following the tax year (2023/24 is 31 Janaury 2025)
Disposal of residential property on a payment on account?
It must be made within 60 days of the disposal, along with a return
If the disposal of the residential property is on 31 July?
A payment on account must be made by 29th September
Expected life on non-wasting chattels from date of disposal?
Greater than 50 years
Expected life on wasting assets?
Less than 50 years
When must a claim be made for investor’s relief (2023/24 disposal)?
31 Janaruy 2026
When must a claim for rollover relief be made?
Later of 4 years at end of tax year in which disposal of old asset takes place
4 years of end of tax year in which new asset is acquired
When is RNRB relevant?
If deceased person died on or after 6 April 2017
When is death on lifetime tax due?
Six months from end of the month of death
Carry back loss relief for trading losses?
Can be carried back as much as possible against total profits
When must a carry back relief be made?
Within two years of the end of accounting period in which loss is amde
When must a current period loss relief be made?
Within two years of the end of accounting period in which loss is amde
What is made first? Current period loss relief or carry back loss relief?
Current period loss relief
When must a carry forward relief be made?
Within two years of the end of accounting period in which loss is relieved
Any remaining loss in carry forward relief?
Automatically carried forward to the next accounting period
Carry back period for terminal loss relief in corporation tax?
Carry back period is extended to 36 months for losses incurred in 12 months prior to the cessation of trading
Claim for a current period group relief?
Must be made within 2 years of the end of the claimant company’s profit making period
All proceeds used in reinvestment?
ROLLOVER RELIEF
Filing date for corporation tax?
12 months after the end of the accounting period
Payment date for corporation tax?
9 months and 1 day after the end of the accounting period
When msut a company pay corproation tax in instalments?
When above £1500000
Does carry forward relief in corporation tax include trading income and interest income?
Yes
How long does the trader have to notify HMRC for VAT registration?
30 days
How long must VAT have been incurred for the recovery of input tax?
Four years prior to the effective date of registration
For VAT to be reclaimed on the supply of services prior to registration?
Services were supplied within six months prior to date of registration
Electronic fiiling for a VAT return time limit?
1 month + 7 days after end of VAT period
When must trader make payments on account of each quarter’s VAT liability?
When total VAt liability exceeds £2.3 million
Time limit to reclaim overpaid VAT
4 year time limit
When can a trader apply to leave quarterly payments?
If 12 month VAT liability below £1.8 million
If invoice is issued or payment is received before basic tax point?
Earlier of these dates become tax point
When is the basic tax point?
When goods are made available
If invoice is issued within 14 days after the basic tax point?
Invoice date becomes the tax point
When must impairment loss relief claims be made?
Within 4 years and 6 months when the payment was due
When may a less detailed VAT invoice be issued by a taxable person?
When invoice is for a total including VAT is £250
When are VAT invoices not required?
For payments up to £25
Every VAT registered trader must keep records for how long?
For six years
When do penality points for VAT expire?
After two years unless threshold of four points has been reached
Once VAT threshold has been reached?
A penalty of £200 is charged. A further £200 is charged for each subsequent late return until business has completed a period of compliance
How long is period of compliance VAT?
12 month period where business msut submit VAT returns on time
When must trader cease using cash accounting scheme VAT?
When turnover exceeds £1.6 million
What is requirement to join cash accounting scheme VAT?
Turnover doesn’t exceed £1.35 million
When can flat rate scheme be used for VAT?
If VAT exclusive taxable turnover for next 12 months is not expected to exceed £150000
WHen must trader leave VAT flat rate scheme?
If VAt inclsuive turnover is greater than £230000
Taxpayers who only have employment income must retain tax records for? (Tax year 2024)?
Until 31 January 2026
When can a VAT invoice be less detailed than normal?
£250 and VAT inclusive
Cased to trade taxable suppleis and registration cancelled dates?
Notify: 30 April 2024
Cancelled: 31 March 2024
File VAT return and VAT annual accounting scheme date? (For year ended 31 March 2024)
31 May 2024
Form P11D deadline for 2023-24?
6 July 2024
Form P60 deadline for 2023-24?
31 May 2024
When is tax on CLTs made between 6 April-30 September in the tax year due?
Due 30 April following the end of the tax year
When is tax on the death estate due?
Six months from the end of the month of death, or on delivery of the estate accounts to HMRC if earlier
When is the time limit for the nil rate band?
31 March 2026
Tax quarters for PAYE? (if employee’s monthly payments under PAYE system are less than £1500)
5 July
5 October
5 January
5 April
When must PAYE payment for income tax and NIC for tax month 6th June to 5th July? (cheque)
19 July
When must PAYE payment for income tax and NIC for tax month 6th June to 5th July? (electronically)
22 July
