Tax Flashcards
When are self-assessment returns due?
Electronic returns: 31 Jan after tax year end
Paper returns: 31 October after tax year end
What is the CGT annual exemption amount?
12,300
In May 2020, a man opened a small woodworking shop near Manchester in which he sells hand-made furniture. Business has been brisk and it started turning a profit within its first month of operation. Now that he is trading, he has asked his solicitor when the first tax payment is due and what the deadline is for submission of his tax return for tax year 2020/21.
When was the man’s first tax payment due and what was the deadline for submission of his tax return for tax year 2020/21?
In the first year of trade, no payments are required.
Since trading started during tax year 2020/21, the man would have had to pay any tax owed on his trade income by 31 January 2022 and submit an online tax return by that same date
