Self-Assessment Flashcards
Self-Assessment
When Must a Notification of Chargeability be Made?
6 Months After The Tax Year End.
(5 October)
Self-Assessment
A Paper Return Should be Filed No Later Than:
- 31 October Following The Tax Year End; or
- 3 Months After The Notice to File Issue Date.
(2 Months if HMRC Are Calculating The Tax Due)
Self-Assessment
An Online Return Should be Filed No Later Than:
- 31 January Following The Tax Year End; or
- 3 Months After The Notice to File Issue Date.
‘Normal Filing Deadline’.
Self-Assessment
Tax Underpayments Can be Collected Under PAYE if:
- Less Than £3,000; and
- The Tax Return is Filed by 30 December.
(Rather Than One-Off Payments)
Self-Assessment
What Penalty is Charged on Late Submission?
£100.
(Immediately)
Even if No Amounts Are Withstanding.
Self-Assessment
How Long Are Taxpayers Given to Amend Their Tax Return?
12 Months From The ‘Normal Filing Deadline’.
Self-Assessment
When Does a Taxpayer Have The Right to Appeal?
Where They Believe HMRC Has Made a Mistake, Not Rectified, Resulting in an Incorrect Tax Liability.
Self-Assessment
What is The Time Limit For Appealing?
30 Days Since The Amendment.
Self-Assessment
An Appeal Must Contain:
- The Grounds For Appeal; and
- What The Correct Figures Are, With Workings.
(Or a Statement Stating It’s Too Complex to Understand)
Self-Assessment
How is Each Payment on Account Calculated?
As 50% of the Previous Years’ Income Tax Liability.
Due 31 January & July.
Self-Assessment
Payments on Account Are Not Required if:
- Tax Due From The Previous Year is Less Than £1,000; or
- More Than 80% of The Tax Liability is Collected at Source.
Self-Assessment
Late Payment Interest is Calculated Between The:
- Normal Tax Due Date; and
- Actual Date of Payment.
Self-Assessment
The Interest Rate Charged on Late Payments is Made of:
- The Bank’s Base Rate; and
- An Additional 2.5%.
