Filing & Penalties Flashcards
(29 cards)
Single company Less than 12 month poa - deadline for filing and paying CT?
Paying CT - 9 months and 1 day
Filing - 12 months
How soon must a company notifiy HMRC of its chargeability to tax?
Within 3 months of the start of an accouting period
If a company receives a filing notice late, what is the due date of submission?
3 months from the receipt of the filing notice
Where a company has a long period of account and thus two CT periods, what are the due dates for submission of CT600?
A single date - 12 months from the end of the period of account.
When is the tax due for a company with a long period of account?
Once split into periods, work out 9 months and 1 day after the end of each split period.
How long do HMRC have to make amendments?
9 months from the actual filing date
How long does a company have to make amendments to a return?
12 months from the DUE filing date.
How long do HMRC have to start an enquiry it filed on time?
12 months from the date the return is received for small companies. 12 months from the due filing date for larger companies.
How long do HMRC have to start an enquiry it filed late?
12 months and then to the end of the quarter from the date of submission.
What are the quarter days?
31 Jan, 30 Apr, 31 July, 31 Oct
How long must a company keep requires re a correct and complete CT600?
Six years from the end of the period
Where is the discovery assessment legislation?
FA 1998 Sch 18 Para 41 - 46
What is the limit when deciding profit levels for large companies?
£1,500,000 proportionaly reduced by accounting period and number of companies in group
What profits are used for deciding the profit level for a large company?
Augmented which is TTP + Dividends received.
What are the instalment due dates for large companies?
- 14th day of month 7 from start of AP
- 3 months after previous instalment
- 3 months after previous instalment
- Final payment due 3 months plus 13 days from the end of the accounting period
What is the formulae for instalments?
3/n x estimated CT liability where n is number of months in AP
What do we remove from agumented profits in group companies?
Inter company dividends
Where is the penalty legislation for late filing?
FA 2008 Sch 41 para 6 and 13
What is the first penalty for a late return
£100
What if the return is three months late?
£10 per day can be charged up to 90 days
What if it is more than 6 months late?
An additional 5% of any CT liability
What if it is more than 12 months late?
Another % depending on type of error shown in FA2009 Sch 55 para 14 (eg D&C, DBC etc)
What is the most a company can be fined?
100% of the liability to tax
How long do companies have to pay late filing penalties?
30 days
