IT - Self-Assessment Flashcards
Notification
Notification of Chargeability Must be Made:
6 Months After The Tax Year End.
(5 October)
The Tax Return
A Declaration Must be Signed on Tax Return Completion, Stating:
To The ‘Best of My Knowledge and Belief’, The Tax Return is ‘Correct and Complete’.
The Tax Return
To File a Paper Return, an Individual Must:
Call HMRC to Request a Copy.
Filing Deadlines
A Paper Return Should be Filed No Later Than:
- 31 October Following The Tax Year; or
- 3 Months After The Notice to File Was Issued.
(2 Months if HMRC Are Calculating The Tax Due)
Filing Deadlines
An Online Return Should be Filed No Later Than:
- 31 January Following The Tax Year; or
- 3 Months After The Notice to File Was Issued.
Penalties for Late Returns
What Penalty is Immediately Charged on Late Submission?
£100.
Even if No Amounts Are Withstanding.
Amendments
How Long Are Taxpayers Given to Amend Their Tax Returns?
12 Months From The ‘Normal Filing Deadline’.
Record Keeping
Sole Traders and Landlords Must Retain Their Records for:
5 Years From The 31 January Following The Tax Year.
Record Keeping
Failure to Keep Proper Records Can Result in a Maximum Penalty of:
£3,000 for Each Failure to Maintain Sufficient Records to Support Entries on The Return.
Appeals
Taxpayers Can Appeal in Certain Situations, For Example:
- The Legistlation is Open to Interpretation;
- Believing HMRC Have Made an Unrectified Mistake.
Appeals
Appeals Must be Given in:
Writing, Within 30 Days of The Amendment.
Self-Assessment
An Appeal Must Contain:
- The Grounds for Appeal;
- Workings With The Correct Figures.
Otherwise Stating It’s Too Complex to Understand
Partnership Self-Assessment
When a Partnership is First Formed, it Must be:
Registered With HMRC by The Nominated Partner.
Partnership Self-Assessment
Partners in a Partnership are Required to:
File Their Own Tax Returns.
In Addition to The Partnerships
Payment of Tax
How is Each Payment on Account Calculated?
As 50% of the Previous Years’ Income Tax Liability.
