Tax-stuff not included in tables!

Question 1

VAT tax return and filing dates.(1)

Answer 1

1 month and 7 days after quarter end (same as payment date)

Question 2

Failure to notify penalty for VAT.(1)

Answer 2

VAT due since should have been registered

Question 3

Failure to notify penalty for Income tax.(1)

Answer 3

Tax unpaid at 31 Jan following tax y/e

Question 4

When can HMRC make amendments to income tax return or corporation tax?

Answer 4

9 months from actual filing date

Question 5

When can the tax payer make amendments to income tax return or corporation tax?

Answer 5

12 months from due submission date (usually 31st jan for income tax)

Question 6

When can overpayment relief claims be made for income or corporation tax?

Answer 6

Within 4 years from end of tax year for income tax and within 4 years from end of accounting period for corporation tax

Question 7

Payments on income tax.(2)

Answer 7

POAs are 50% of previous year’s tax payable including class 4 NICs- Due 31st Jan and 31st July following

Balancing payment plus all CGT on class 2 due on 31 Jan following tax year

Question 8

Late payment interest for income and corporation tax.(1)

Answer 8

From due date to day before tax paid

Question 9

Late payment interest for VAT.(1)

Answer 9

May be charged on assessments/errors reported separately from date VAT should have been paid until date of payment.

Question 10

Repayment interest on overpaid income tax.(1)

Answer 10

From later of actual date paid/due payment date to day before payment

Question 11

Repayment interest on overpaid corporation tax.(1)

Answer 11

From later of actual date paid/due payment date to day before payment

Question 12

Repayment interest on overpaid VAT.(1)

Answer 12

From later of actual date paid/due payment date to day before payment
ONLY if a HMRC error!

Question 13

Time limit for keeping records on income tax.(2)

Answer 13

Business-5 years form 31 Jan following end tax year
Personal- 1 year from 31 Jan following end of tax year

Question 14

Time limit for keeping records on corporation tax.(1)

Answer 14

6 years from end of accounting period

Question 15

Time limit for keeping records on VAT.(2)

Answer 15

6 years

Question 16

Enquiries into IT/CT returns that were returned on time for income or corporation tax?(1) What about if late?(1)

Answer 16

Can start within 12 months after actual submission date

Can start by quarter day following 12 months after actual submission date (quarter days are 31/1 30/4 31/7 31/10)

Question 17

When can determinations be made?(1)

Answer 17

If return not received by filing date, HMRC can make a determination of tax due. Must be made within 3 years of the filing date

Question 18

When can HMRC raise a discovery assessments?(3)

Answer 18

Due to incomplete disclosure by taxpayer. Assessments can normally be raised by HMRC up to 4 years from end of tax year/AP/VAT period.

If ‘careless’ 6 years

If ‘deliberate’ 20 years.

Question 19

Filing returns

Answer 19

The normal due date for filing a paper return is 31 October following the end of the tax year. However, where the notice to make a return is issued after 31 July following the end of the tax year, the deadline is extended to three months after the issue of the notice ie, 28 February 2023.

F 28 February 2023

The due date for filing online is 31 January following the end of the tax year or three months after the issue of the notice, ie, 28 February 2023.

Question 20

Remember employer allowance

Answer 20

calculate liability FIRST and then deduct 4k!

Entitled to the employment allowance as the company has an employee in addition to the director.

Question 21

Tax points

Answer 21

Basic tax point for goods on sale or return is the adoption date (maximum of 12 months after despatch). Invoice date is less than 14 days later so actual tax point is the invoice date or payment whichever is first.