Self-Assessment System for Companies (1) Flashcards
What does self-assessment system rely upon?
The company completing and filing a tax return and paying the tax due
When must a company notify HMRC?
It becomes chargeable to corporation tax within three months of the beginning of its first accounting period
When will HMRC issue the company?
With a notice to file a corporation tax return
if HMRC haven’t notified company about corporation tax?
The company must notify HMRC within 12 months of the end of the accounting period
When does an obligation to file a return arise/
Only when the company receives a notice requiring a return
When is a return required?
For each accounting period ending during or at end of period specified in notice requiring a return
What is the filing date normally the later of?
12 months after end of relevant period of account return relates
Three months from date on which notice requiring return was made
What happens in a long period of account?
Filing date for both returns is 12 months after the end of thje period of account
What must all limited companies file?
THeir return online and pay their corporation tax electronically
When may a company amend a return?
Within 12 months of the filing date
What may HMRC amend?
A return to correct any obvious errors
How must claims be made?
On a tax return or on an amendment to it and must be quantified at the time the return is made
What must companies keep records of?
Six years from end of acocunting period
Date any complanice check enquiries are completed
Date after which a compliance check enquiry may not be commenced
What must be kept?
All business records and accounts
Information showing company has prepared a complete and correct tax return
What if a return is demanded more than six years after the end of the accounting period?
Any records or info which company still has must be kept until later of the end of a compliance check enquiry and the expiry of the right to start one
