UK income tax system and self assessment Flashcards
1
Q
Date return issued
A
- 6th April (following tax year)
2
Q
Paper return deadline
A
- 31st October (following tax year)
3
Q
Electronic return deadline
A
- 30th December (following tax year)
4
Q
Payment dates
A
- 31st January (during tax year)
- 31st July (following tax year)
- PAYE taxpayers can have balancing payment collected on 30th December if less than £3,000 - 31st January (following tax year)
5
Q
Payment amounts
A
- 50% of previous year’s liability (21/22)
- 50% of previous year’s liability (21/22)
- 50% of (22/23) + difference between 22/23 liability and 1+2
6
Q
Penalties for late payment
A
- 5% penalty on amount outstanding after 30 days
- Further 5% penalty after 6 months
7
Q
Penalties for late submission
A
- Fixed £100 penalty for any return not submitted by 31st January
- If return is more than 3 months late, £10 daily penalty is charged for a maximum of 90 days
- If more than 6 months late, penalty of either £300 or 5% (whichever is higher)
- At 12 months, either £500 or 5%
8
Q
Net pay arrangement
A
- Occupational scheme
- Not a basic rate extender
- Deducted from employment income
9
Q
Relief at source
A
- Basic rate extender
- Paid net but extended by gross amount
10
Q
Benefits of Gift Aid
A
- No minimum or maximum payment.
- Donations can be treated as made in the previous tax year, provided the carry-back claim is made no later than the date the donor submits their tax return and, not later than the 31 January tax return submission deadline.
- Individuals can also make gift aid donations to registered community amateur sports
clubs on the same terms as to charities.
11
Q
High income child benefit charge
A
- Applies if receive CB and adjusted income is over £50,000 (after pension conts.)
12
Q
Adjusted Net Income
A
- Used to calculate allowances
- Total taxable income from all sources less charitable gifts and personal
pension contributions
