tx_uk_flashcards_final

Question 1

Agree the amount of trading losses to carry forward - Income Tax

Answer 1

4 years from the end of the tax year in which the loss arose. For 2023/24: 5 April 2028

Question 2

Current and prior year set‐off of trading losses against total income (and chargeable gains) - Income Tax

Answer 2

12 months from 31 January following the end of the tax year in which the loss arose. For 2023/24: 31 January 2026

Question 3

Three year carry back of trading losses in the opening years - Income Tax

Answer 3

12 months from 31 January following the end of the tax year in which the loss arose. For 2023/24: 31 January 2026

Question 4

Three year carry back of terminal trading losses in the closing years - Income Tax

Answer 4

4 years from the end of the last tax year of trading. For 2023/24: 5 April 2028

Question 5

Class 1 employee and employer’s pay days - National Insurance Contributions

Answer 5

17 days after the end of each tax month under PAYE system (14 days if not paid electronically). Due: 22nd of each month

Question 6

Class 1A NIC pay day - National Insurance Contributions

Answer 6

22 July following end of tax year (19 July if not paid electronically). For 2023/24: 22 July 2024

Question 7

Class 2 NICs pay day - National Insurance Contributions

Answer 7

Paid under self‐assessment with balancing payment. For 2023/24: 31 January 2025

Question 8

Class 4 NICs pay days - National Insurance Contributions

Answer 8

Paid under self‐assessment with income tax. See self-assessment deadlines

Question 9

Replacement of business asset relief for individuals (Rollover relief) - Capital Gains Tax

Answer 9

4 years from the end of the tax year in which the disposal occurred or the replacement asset was acquired, whichever is later. For 2023/24: 5 April 2028

Question 10

Gift holdover relief of gain on the gift of a business asset (Gift relief) - Capital Gains Tax

Answer 10

4 years from the end of the tax year in which the disposal occurred. For 2023/24: 5 April 2028

Question 11

Business asset disposal relief - Capital Gains Tax

Answer 11

12 months from 31 January following the end of the tax year in which the disposal occurred. For 2023/24: 31 January 2026

Question 12

Determination of main private residence - Capital Gains Tax

Answer 12

2 years from the acquisition of the second property

Question 13

Pay days for income tax and class 4 NIC - Self-assessment (individuals)

Answer 13

1st instalment: 31 January in the tax year, 2nd instalment: 31 July following the end of tax year, Balancing payment: 31 January following the end of tax year. For 2023/24: 31 January 2024, 31 July 2024, 31 January 2025

Question 14

Pay day for CGT on residential property disposals - Self-assessment (individuals)

Answer 14

60 days after the disposal

Question 15

Pay day for CGT (balance) and class 2 NIC - Self-assessment (individuals)

Answer 15

31 January following the end of tax year. For 2023/24: 31 January 2025

Question 16

Filing dates (paper return) - Self-assessment (individuals)

Answer 16

31 October following end of tax year. For 2023/24: 31 October 2024

Question 17

Filing dates (electronic return) - Self-assessment (individuals)

Answer 17

31 January following end of tax year. For 2023/24: 31 January 2025

Question 18

Retention of business records - Self-assessment (individuals)

Answer 18

5 years from 31 January following end of the tax year. For 2023/24: 31 January 2031

Question 19

Retention of personal records - Self-assessment (individuals)

Answer 19

12 months from 31 January following end of the tax year. For 2023/24: 31 January 2026

Question 20

HMRC right of repair - Self-assessment (individuals)

Answer 20

9 months from date the return was filed

Question 21

Taxpayer’s right to amend a return - Self-assessment (individuals)

Answer 21

12 months from 31 January following end of the tax year. For 2023/24: 31 January 2026

Question 22

Taxpayer’s claim for overpayment relief - Self-assessment (individuals)

Answer 22

4 years from the end of the tax year. For 2023/24: 5 April 2028

Question 23

HMRC can open an enquiry - Self-assessment (individuals)

Answer 23

12 months from submission of the return

Question 24

HMRC can raise a discovery assessment - Self-assessment (individuals)

Answer 24

No careless or deliberate behaviour: 4 years from the end of the tax year. Careless behaviour: 6 years. Deliberate behaviour: 20 years. For 2023/24: 5 April 2028, 5 April 2031, 5 April 2043

Question 25

Taxpayer’s right of appeal against an assessment - Self-assessment (individuals)

Answer 25

30 days from the assessment – appeal in writing

Question 26

Replacement of business asset relief for companies (Rollover relief) - Corporation Tax

Answer 26

4 years from the end of the accounting period: in which the disposal occurred or the replacement asset was acquired whichever is later

Question 27

Offset trading losses brought forward against total profits (income and gains) - Corporation Tax

Answer 27

2 years from the end of the accounting period in which the loss is relieved

Question 28

Current year set‐off of trading losses against total profits (income and gains) - Corporation Tax

Answer 28

2 years from the end of the accounting period in which the loss arose

Question 29

Surrender of trading losses to other group companies (Group relief) - Corporation Tax

Answer 29

2 years after the claimant company’s accounting period

Question 30

Election for transfer of capital gain or loss to another company within the gains group - Corporation Tax

Answer 30

2 years from the end of the accounting period in which the disposal occurred by the company actually making the disposal

Question 31

Pay day for small and medium companies - Self-assessment (companies)

Answer 31

9 months and one day after the end of the accounting period

Question 32

Pay day for large companies - Self-assessment (companies)

Answer 32

Instalments due on 14th day of: Seventh, tenth, thirteenth, and sixteenth month after the start of the accounting period

Question 33

Filing dates - Self-assessment (companies)

Answer 33

Later of: 12 months from the end of the accounting period, or 3 months from the issue of a notice to deliver a corporation tax return

Question 34

Company’s claim for overpayment relief - Self-assessment (companies)

Answer 34

4 years from the end of the accounting period

Question 35

HMRC can open an enquiry - Self-assessment (companies)

Answer 35

12 months from the actual submission of the return

Question 36

Retention of records - Self-assessment (companies)

Answer 36

6 years from the end of the accounting period

Question 37

Compulsory registration (Historic test) - Value Added Tax

Answer 37

Notify HMRC: 30 days from end of the month in which the threshold was exceeded. Charge VAT: First day of second month after the month when taxable supplies exceeded the threshold

Question 38

Compulsory registration (Future test) - Value Added Tax

Answer 38

Notify HMRC: 30 days from the date it is anticipated that the threshold will be exceeded. Charge VAT: The date it is anticipated that the threshold will be exceeded (i.e. the beginning of the 30 day period)

Question 39

Compulsory deregistration - Value Added Tax

Answer 39

Notify HMRC 30 days from cessation

Question 40

Filing of VAT return and payment of VAT - Value Added Tax

Answer 40

One month and seven days after the end of the return period