Self-Assessment (1) Flashcards
Where does the taxpayer have a duity?
To notify liability to income tax and/or CGT to HMRC by 5 October following end of tax year
An exception for the taxpayer’s duty to notify?
They have received a notice from HMRC to file a self-assessment tax return
When does a taxpayer not have to give notice of chargeability
If they have no chargeable gains and are not liable to higher rate tax
What must income sources be for a taxpayer to not have to give notice of chargeability?
Taken into account under PAYE
From a source of income not subject to tax
Has had income tax deducted at source
What does a common penalty regime apply for?
Failure to notify chargeability to or liability to register for income tax, NIC, CGT, corporation tax and VAT
If thre is non-deliberate failure to notify?
Up to 30% of PLR
If thre is deliberate failure to notify?
Up to 70% of PLR, increased to 100% if concealed
When can penalties be reduced?
If taxpayer makes disclosure and are more generious if disclosure is unprompted
Filing date for paper returns to HMRC
Must usually be filed by 31 October following the end of the tax year
Filing date for electronically delivered returns to HMRC
Must be filed by 31 January following end of tax year
What inromation does the return require when relating to the taxpayers?
Income and gains
Personal allowances and reliefs
What does the tax return compromise of?
A basic return form with supplementary pages for particular sources of income and for chargeable gains
Penalties for late filing (0-3 months)
£100
Penalties for late filing (3-6 months)
Further penalty: £10 per day (maximum 90 days)
Penalties for late filing (6-12 months)
Further penalty: Greater of 5% of unpaid tax and £300
