Self assessment and payment of tax Flashcards
when do you need to tell HMRC you will be filing a tax return
5th of October 2020
when must paper returns be filed by for individuals
later 31 October following the tax year or 3 months after receiving notice you must file
when must electronic returns be filed by for individuals
31 Jan after end of tax return or 3 months after receiving notice you must file
when are the two payments of account due
31 Jan during the current tax year
31 July after tax year
when is the balancing payment due
31 Jan after the tax year
what is the penalty for filing up to 3 months late
£100
what is the penalty for filing between 3 and 6 months late
£100 and £10 per day for a max of 90 days
what is the penalty for filing between 6 and 12 months late
5% of tax due ( minimum of £300)
what is the penalty for late notification of new income if there is a reasonable excuse
no penalty
what is the penalty for late notification of new income if if it was un deliberate
up tp 30% of tax unpaid
what is the penalty for late notification of new income if if it was deliberate
up tp 70% and up to 100% if deliberate and concealed
penalty on late payment of balancing payment up to 5 months
5% of unpaid tax
penalty on late payment of balancing payment between 5-11 months
10% of unpaid tax
penalty on late payment of balancing payment over 11 monthslate
15% of unpaid tax
how many days can you pay late before you pay a penalty
31 days
