Self Assessment System Flashcards
1
Q
who is a chargeable person
A
a person who has another source of income not subject to PAYE
2
Q
when do tax returns need to be filed
A
31 October of year following tax period
3
Q
When is the extension for filing tax returns
A
mid november
4
Q
you also have to pay preliminary tax for current tax year when you file tax return
what are the three options for preliminary tax payment
A
100% of prior year
90% of estimated current year
105% of pre preceding year (only if tax paid by DD)
usually a person pays the lowest of the 3
5
Q
if late with filing what is the penalty
A
Sur charge
5% of tax liability for the year if <2 months late
10% of tax liability for the year if >2 months late
6
Q
if there is a late payment of preliminary fees, what is the penalty
A
interest charge
