Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
32 Cards in this Set
- Front
- Back
CT600 TAX RETURN MUST BE FILED BY WHEN?
|
-12 MONTHS FROM END OF PERIOD OF ACCOUNT
- 3 MONTHS FROM THE DATE OF NOTICE |
|
PENALTIES FOR LATE FILING-
IMMEDIATE PENALTY IS? |
£100
|
|
PENALTIES FOR LATE FILING-
A DELAY OF MORE THAN 3 MONTHS WILL RESULT IN WHAT PENALTY? |
£10 PER DAY
MAX 90 DAYS (£900) |
|
PENALTIES FOR LATE FILING-
A DELAY OF MORE THAN 6 MONTHS WILL RESULT IN WHAT PENALTY? |
5% OF TAX DUE
MIN OF £300 |
|
PENALTIES FOR LATE FILING-
A DELAY OF MORE THAN 12 MONTHS WITH NO DELIBERATE WITHHOLDING OF INFORMATION WILL RESULT IN WHAT PENALTY? |
5% OF TAX DUE
MIN OF £300 |
|
PENALTIES FOR LATE FILING-
A DELAY OF MORE THAN 12 MONTHS WITH DELIBERATE WITHHOLDING OF INFORMATION WILL RESULT IN WHAT PENALTY? |
70% OF TAX DUE
MIN OF £300 |
|
PENALTIES FOR LATE FILING-
A DELAY OF MORE THAN 12 MONTHS WITH DELIBERATE WITHHOLDING OF INFORMATION AND CONCEALMENT WILL RESULT IN WHAT PENALTY? |
100% OF TAX DUE
MIN OF £300 |
|
HOW LONG DO COMPANIES HAVE TO AMEND A RETURN?
|
12 MONTHS FROM THE FILING DATE
|
|
HOW LONG DO HMRC HAVE TO AMEND A RETURN FOR OBVIOUS ERRORS?
|
-9 MONTHS FROM FILING DATE
-9 MONTHS FROM THE DATE A AMENDMENT WAS FILED |
|
COMPANIES CAN REJECT A HMRC AMENDMENT, HOW LONG DO THEY HAVE TO DO THIS?
|
- THE NORMAL TIME LIMIT FOR AMENDMENTS
IF EXPIRED THEN - 3 MONTHS FROM DATE OF CORRECTION |
|
A COMPANY CAN MAKE A CLAIM FOR TAX WHICH THEY BELIEVE WAS NOT DUE, HOW LONG DO THEY HAVE?
|
4 YEARS FROM END OF ACCOUNTIONG PERIOD
|
|
AN APPEAL AGAINST HMRCS DECISION TO REFUND A CLAIM CAN BE MADE WITHIN WHAT TIME?
|
WITHIN 30 DAYS
|
|
INTEREST IS CHARGED ON LATE PAID TAX, FROM WHAT PERIOD?
|
FROM THE DUE DATE TO DATE OF PAYMENT
|
|
INTEREST IS PAID ON OVERPAID TAX, FROM WHAT PERIOD?
|
FROM THE LATER OF NORMAL DUE DATE AND DATE OF OVERPAYMENT TO DATE IT WAS REFUNDED
|
|
PENALTIES FOR INCORRECT RETURNS-
THE PENALTY FOR A MISTAKE IS? |
NO PENALTY
|
|
PENALTIES FOR INCORRECT RETURNS-
THE PENALTY FOR FAILURE TO TAKE REASONABLE CARE IS? |
30% OF TAX LOST
|
|
PENALTIES FOR INCORRECT RETURNS-
THE PENALTY FOR DELIBERATE UNDETSTATEMENT IS? |
70% OF TAX LOST
|
|
PENALTIES FOR INCORRECT RETURNS-
PENALTY FOR DELIBERATE UNDERSTATEMENT WITH CONCEALMENT IS? |
100% OF TAX LOST
|
|
PENALTIES FOR INCORRECT RETURNS-
THE PENALTY FOR FAILURE TO TAKE REASONABLE CARE IS (UNPROMPTED)? |
JUST FIRST 30% OF TAX LOST
|
|
PENALTIES FOR INCORRECT RETURNS-
THE PENALTY FOR FAILURE TO TAKE REASONABLE CARE IS (PROMPTED)? |
FIRST 30% AND EXTRA 15% OF TAX LOST
|
|
PENALTIES FOR INCORRECT RETURNS-
THE PENALTY FOR DELIBERATE UNDETSTATEMENT IS (UNPROMPTED)? |
FIRST 70% AND EXTRA 20% OF TAX LOST
|
|
PENALTIES FOR INCORRECT RETURNS-
THE PENALTY FOR DELIBERATE UNDETSTATEMENT IS (PROMPTED)? |
FIRST 70% AND EXTRA 35% OF TAX LOST
|
|
PENALTIES FOR INCORRECT RETURNS-
PENALTY FOR DELIBERATE UNDERSTATEMENT WITH CONCEALMENT IS (UNPROMPTED)? |
FIRST 100% AND EXTRA 30% OF TAX LOST
|
|
PENALTIES FOR INCORRECT RETURNS-
PENALTY FOR DELIBERATE UNDERSTATEMENT WITH CONCEALMENT IS (PROMPTED)? |
FIRST 100% AND EXTRA 50% OF TAX LOST
|
|
HMRC COMPLIANCE CHECKS-
WHEN RETURN IS FILED ON TIME HOW LONG DO HMRC HAVE TO GET THE NOTICE? |
12 MONTHS OF ACTUAL FILING DATE
|
|
HMRC COMPLIANCE CHECKS-
WHEN RETURN IS FILED LATE HOW LONG DO HMRC HAVE TO GET THE NOTICE? |
WITHIN A YEAR OF THE 31 JAN, 30 APR, 31 JUL OR 31 OCT FOLLOWING THE ACTUAL DATE RETURN WAS FILED
|
|
HMRC COMPLIANCE CHECKS-
HMRC CAN DEMAND A COMPANY TO PRODUCE DOCUMENTS FOR INSPECTION, FAILURE TO DO SO WILL RESULT IN WHAT PENALTY? |
£300 PLUS £60 A DAY
|
|
RECORD KEEPING-
COMPANIES MUST KEEP RECORD FOR HOW LONG? |
UNTIL THE LATEST OF
- SIX YEARS FROM END OF ACCOUNTING PERIOD - DATE OF ANY EQUIRES ARE COMPLETED - THE DATE AFTER NO MORE ENQUIRES CAN COMMENCE |
|
RECORD KEEPING-
FAILURE TO KEEP RECORD CAN RESULT IN WHAT PENALTY? |
£3000 FOR EACH PERIOD AFFECTED
|
|
PAYMENT OF TAX-
HOW LONG DO COMPANIES NORMALLY HAVE TO PAY TAX? |
9 MONTHS AND 1 DAY
|
|
PAYMENT OF TAX-
LARGE COMPANIES HAVE TO PAY IN INSTALLMENT OF PROFITS EXCEED THE UPPER LIMIT, BUT DONT HAVE TO IN WHAT EXEPTIONS? |
-IF IN FIRST PERIOD OF BEEN LARGE AND PROFIT DONT EXCEED 10 MIL
- IF QUARTERLY INSTALLMENT DONT EXCEED £10000 |
|
PAYMENT OF TAX-
WHEN ARE INSTALLEMT PAYMENTS MADE? |
- FIRST PAYMENT IS 14TH OF 7TH MONTH
- OTHER PAYMENTS ARE DUE ON THE 14TH DAY OF MONTHS 10, 13 AND 16 MONTHS ARE FROM START OF PERIOD |