Self-Assessment System for Companies (4)

Question 1

What happens if failure to notify and provide information about the first accounting period?

Answer 1

A penalty of £300 plus £60 per day the information is outstanding

Question 2

Penalty of up to £3000 for frauduently or negligently giving incorrect information?

Answer 2

A penalty of up to £3000

Question 3

If deadline for is filing is not met penalty (up to three months late)

Answer 3

£100

Question 4

If deadline for is filing is not met penalty (up to six months late)

Answer 4

£200

Question 5

If deadline for is filing is not met penalty (up to twelve months late)

Answer 5

£200 + 10% of tax unpaid six months after the return was due

Question 6

If deadline for is filing is not met penalty (over twelve months late)

Answer 6

£200 + 20% of tax unpaid six months after the return was due

Question 7

What if the return for each of the two previous accounting periods were also late?

Answer 7

£100 and £200 penalties are increased to £500 and £1000

Question 8

What is a failure to keep records?

Answer 8

Can lead to a penalty of up to £3000 for each accounting period affected