Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

TX Accumulated Knowledge > Important Dates > Flashcards

Important Dates Flashcards

1
Q

Tax year dates?

A

6 April to 5 April

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Financial year dates?

A

1 April to 31 March

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Tax relief on a temporary workplace?

A

Lasts up to 24 months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Income tax and NIC normally paid to HMRC monthly under PAYE system (electronically)

A

17 days after the end of the tax month

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Income tax and NIC normally paid to HMRC monthly under PAYE system (cheque)

A

14 days after the end of the tax month

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

When are employers charged for the first late PAYE payment in a tax year?

A

If a payment is over six months late

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

If property was first made available to employee more than six years after employee purchased it?

A

Use MV instead of cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Year-end procedures for HMRC employer must send to HMRC (Form P11D)

A

6th July

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Year-end procedures for HMRC employer must send to HMRC (Form P11Db class1A NIC return)

A

6th July

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Year-end procedures for HMRC employer must send to HMRC (final real-time submission)

A

19 May

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Year-end procedures for HMRC employer must send to HMRC (P60)

A

31 May

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Election day for accruals basis in property income?

A

31 January, 22 months from end of tax year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

FHL qualifying (210 days)

A

It is available for commercial letting to public no less than 210 days each tax year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

FHL qualifying (105 days)

A

It is actually let for at least 105 days in each tax year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

FHL qualifying (31 days)

A

Tenants do not stay for a period of more than 31 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Expected useful life of short-life assets?

A

Less than 8 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

When must a loss relief for total income be made?

A

Should be made by 31 January. 22 months after tne end of tax year of the loss

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

If no claim is made to set loss against total income, or some loss is left after such a claim (carry forward loss relief)?

A

Balance will be carried forward indefinitely

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

When must a claim for carry forward loss relief be made?

A

Within 4 years of the end of tax year in which loss arose (5 April 2028 for a loss in 2023/24)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Where is early trade loss relief available?

A

In respect of trading losses incurred in first four tax years of trade. Can be carried back for 3 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

When must an early trade loss relief claim be made for a 2023/24 loss?

A

By 31 January 2026

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

When must a terminal loss relief claim be made for a 2023/24 loss?

A

Msut be made within fours of end of last tax year of trading (5th April 2028)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Losses in first four tax years of joining partnership (for a new partner)

A

Can be set off against general income of the three preceding years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Class 1A contributions paid to HMRC for year end (cheque)

A

19 July

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Class 1A contributions paid to HMRC for year end (electronically)

A

22 July

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

When is Class 2 NIC payable under the self-assessment system?

A

On 31 January following the tax year (2023/24 is 31 Janaury 2025)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

When is CGT payable after the end of the tax year of disposal?

A

On 31 January following the tax year (2023/24 is 31 Janaury 2025)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Disposal of residential property on a payment on account?

A

It must be made within 60 days of the disposal, along with a return

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

If the disposal of the residential property is on 31 July?

A

A payment on account must be made by 29th September

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Expected life on non-wasting chattels from date of disposal?

A

Greater than 50 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Expected life on wasting assets?

A

Less than 50 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

When must a claim be made for investor’s relief (2023/24 disposal)?

A

31 Janaruy 2026

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

When must a claim for rollover relief be made?

A

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

34
Q

When is RNRB relevant?

A

If deceased person died on or after 6 April 2017

35
Q

When is death on lifetime tax due?

A

Six months from end of the month of death

36
Q

Carry back loss relief for trading losses?

A

Can be carried back as much as possible against total profits

37
Q

When must a carry back relief be made?

A

Within two years of the end of accounting period in which loss is amde

38
Q

When must a current period loss relief be made?

A

Within two years of the end of accounting period in which loss is amde

39
Q

What is made first? Current period loss relief or carry back loss relief?

A

Current period loss relief

40
Q

When must a carry forward relief be made?

A

Within two years of the end of accounting period in which loss is relieved

41
Q

Any remaining loss in carry forward relief?

A

Automatically carried forward to the next accounting period

42
Q

Carry back period for terminal loss relief in corporation tax?

A

Carry back period is extended to 36 months for losses incurred in 12 months prior to the cessation of trading

43
Q

Claim for a current period group relief?

A

Must be made within 2 years of the end of the claimant company’s profit making period

44
Q

All proceeds used in reinvestment?

A

ROLLOVER RELIEF

45
Q

Filing date for corporation tax?

A

12 months after the end of the accounting period

46
Q

Payment date for corporation tax?

A

9 months and 1 day after the end of the accounting period

47
Q

When msut a company pay corproation tax in instalments?

A

When above £1500000

48
Q

Does carry forward relief in corporation tax include trading income and interest income?

A

Yes

49
Q

How long does the trader have to notify HMRC for VAT registration?

A

30 days

50
Q

How long must VAT have been incurred for the recovery of input tax?

A

Four years prior to the effective date of registration

51
Q

For VAT to be reclaimed on the supply of services prior to registration?

A

Services were supplied within six months prior to date of registration

52
Q

Electronic fiiling for a VAT return time limit?

A

1 month + 7 days after end of VAT period

53
Q

When must trader make payments on account of each quarter’s VAT liability?

A

When total VAt liability exceeds £2.3 million

54
Q

Time limit to reclaim overpaid VAT

A

4 year time limit

55
Q

When can a trader apply to leave quarterly payments?

A

If 12 month VAT liability below £1.8 million

56
Q

If invoice is issued or payment is received before basic tax point?

A

Earlier of these dates become tax point

57
Q

When is the basic tax point?

A

When goods are made available

58
Q

If invoice is issued within 14 days after the basic tax point?

A

Invoice date becomes the tax point

59
Q

When must impairment loss relief claims be made?

A

Within 4 years and 6 months when the payment was due

60
Q

When may a less detailed VAT invoice be issued by a taxable person?

A

When invoice is for a total including VAT is £250

61
Q

When are VAT invoices not required?

A

For payments up to £25

62
Q

Every VAT registered trader must keep records for how long?

A

For six years

63
Q

When do penality points for VAT expire?

A

After two years unless threshold of four points has been reached

64
Q

Once VAT threshold has been reached?

A

A penalty of £200 is charged. A further £200 is charged for each subsequent late return until business has completed a period of compliance

65
Q

How long is period of compliance VAT?

A

12 month period where business msut submit VAT returns on time

66
Q

When must trader cease using cash accounting scheme VAT?

A

When turnover exceeds £1.6 million

67
Q

What is requirement to join cash accounting scheme VAT?

A

Turnover doesn’t exceed £1.35 million

68
Q

When can flat rate scheme be used for VAT?

A

If VAT exclusive taxable turnover for next 12 months is not expected to exceed £150000

69
Q

WHen must trader leave VAT flat rate scheme?

A

If VAt inclsuive turnover is greater than £230000

70
Q

Taxpayers who only have employment income must retain tax records for? (Tax year 2024)?

A

Until 31 January 2026

71
Q

When can a VAT invoice be less detailed than normal?

A

£250 and VAT inclusive

72
Q

Cased to trade taxable suppleis and registration cancelled dates?

A

Notify: 30 April 2024

Cancelled: 31 March 2024

73
Q

File VAT return and VAT annual accounting scheme date? (For year ended 31 March 2024)

A

31 May 2024

74
Q

Form P11D deadline for 2023-24?

A

6 July 2024

75
Q

Form P60 deadline for 2023-24?

A

31 May 2024

76
Q

When is tax on CLTs made between 6 April-30 September in the tax year due?

A

Due 30 April following the end of the tax year

77
Q

When is tax on the death estate due?

A

Six months from the end of the month of death, or on delivery of the estate accounts to HMRC if earlier

78
Q

When is the time limit for the nil rate band?

A

31 March 2026

79
Q

Tax quarters for PAYE? (if employee’s monthly payments under PAYE system are less than £1500)

A

5 July

5 October

5 January

5 April

80
Q

When must PAYE payment for income tax and NIC for tax month 6th June to 5th July? (cheque)

A

19 July

81
Q

When must PAYE payment for income tax and NIC for tax month 6th June to 5th July? (electronically)

A

22 July

TX Accumulated Knowledge (35 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions