Tax admin Flashcards
What are the dates for Discovery Assessment?
4 years from end of period (no careless behaviour)
6 years from end of period (for careless behaviour)
20 years from end of period (for deliberate behaviour)
What are the relevant periods for income tax, CGT, corp tax, VAT?
o Tax year- income tax and CGT
o Accounting period- corp tax
o Quarter- VAT
Taxpayer can appeal what and when?
o Anything doc related including discovery and VAT assessment.
o Within 30 days
What are the dates surrounding amending tax returns?
o HMRC can correct within 9 months of filing date
o Taxpayer can amend within 12 months and claim over-payment relief within 4 years
When does interest on late payments run for interest tax?
From due date to date of payment (number of days not incl due date or payment date)
Describe when you can get charged penalty
o Inaccuracy in returns
o Failure to notify within 30 days
Describe characteristics associated with penalties (inc careless, deliberate and concealed, deliberate and not concealed)
o Careless- failure to check and compare
o Deliberate but not concealed- paying wages without operating PAYE/NIC, excluding income
o Deliberate and concealed- false invoice, destroy evidence
What is the van scale charge
o Private use= £3960
o Fuel private use= £757
When is income tax and NIC paid to HMRC
14th day, i.e. 19th of every month.
22nd for electronic
How do you calc PAYE codes?
o If allowances are more than deductions
Use total, remove last number, add L at end(M for receiving Marriage PA)
o If deductions greater than allowance
Use total, remove last digit, minus 1, add K at start
What is the date of disposal
o When contract is made
o Or when conditions of contract met
When is CGT due?
31 Jan after end of tax year
When is P11D forms due?
6 July next year
When are annual accounting returns made?
2 months of Y/E
What are the retention periods for tax?
Income tax/CGT- 5 years from 31 Jan
Corporation tax - 6 years from end of period
VAT - 6 years
Income tax for personal records is one year from 31 Jan
What is the formula for marginal relief in relation to augmented profits?
(U-A) x (TTP/A) x 3/200
U- £250,000
Who pays payments on account accounts?
Self-employed on income tax and class 4 NICs
-Unless under £1000 liability for PY or less than 20% of total income and class 4 liability
What are the rules for registration and submission for corporation tax for companies?
Register within 3 months of start of AP and submit return within 12 months of end of period
What are the rules for notice of enquiry to return?
Generally 12 months from filing date if on time
If not on time, it is by quarter day after 12 month anniversary i.e. 31 Jan 30 April 31 July 31 October
What are substantial traders and when are their payments due
VAT liability over £2.3m and pay 1/24 of PY in month 3 and 4
When does balancing charge apply
if disposal higher than twdv bf
when does trading income have -ve
when unsure of treatment. There will only be 0s no +ves
