INTRODUCTION TO SELF-ASSESSMENT Flashcards
Self assessment - behaviours for penalties
deliberate and concealed
deliberate not concealed
anything else
Notification of chargeability deadline for self assessment
5 october (six months after end of tax year)
where find rules about penalties regarding self assessment failure to notify
finance act 2008
where find rules about penalties re self assessment late filing of tax return
finance act 2009
what are payment dates for self assessment
payment on account on 31 jan (Y) and 31 july in current tax year (Y+1)
what are payments
50% of previous year’s tax due in respect of income tax (not capital gain tax)
when is payment on account not needed
tax due for previous year less than £1000
or
more than 80% of tax liability is collected through paye
when is tax due with respect to the simple assessment
31 january Y+1
when is interest levied
from tax due date to date of payment
where do you find penalty rules regarding late payment of tax for self assessment
finance act 2009
