F6-chapter 17
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Delay <5 mths after penalty date
5-11mths after penalty date
Surcharge Tax payable * 5% Tax payable * 10% Tax payable * 15%
>11 mths after penalty date
Self assessment and payment of tax by individuals
1.2 Penalties for late submisห้องสมุดไป่ตู้ion of tax returns
≤3 months 3-6 months 6-12 months ₤100 ₤100+ ₤10 per day (for a maximum of 90 days) 5% of tax due (minimum of ₤300)
Chapter 17 Self assessment and payment of tax by individuals
Self assessment and payment of tax by individuals
1. Income Tax returns 1.1 Time limits for submission of tax returns • If a taxpayer wants to complete and file a traditional paper tax return, the filing date will normally be 31 October following the tax year. So for 2014-15, the deadline for paper tax returns will be 31 October 2015. Taxpayers submitting a paper tax return by the 31 October following the tax year will have the option of HMRC preparing a self-assessment on their behalf. • If a taxpayer wants to complete and file the tax return online using HMRC’s website the filing date will be 31 January following the tax year. So for 2014-15, the deadline for tax returns filed online will be 31 January 2016. For tax returns filed online, a self-assessment is automatically provided as part of the filing process. A single tax return is used to report income and capital gains for the tax year.
Self assessment and payment of tax by individuals
4. Keeping records (2014-15) • Business records: 5 years after 31 Jan. following the tax year. (e.g. 2021.1.31) • Other records: 1 year after 31 Jan. following the tax year. (e.g. 2017.1.31)
Self assessment and payment of tax by individuals
3. Other penalties 3.1 Penalty for failure to notify a new taxable activity No penalty Reasonable excuse 30% of unpaid tax Non-deliberate 70% of unpaid tax Deliberate 100% of unpaid tax Concealment 3.1 Penalty for incorrect return No penalty Simply 30% of understated tax Careless 70% of understated tax Deliberate 100% of understated tax Concealment Penalty will be reduced where a taxpayer makes disclosure especially if unprompted by HMRC.
Penalty date is 30 days after the due date for tax Penalty does not apply to POA Interest is chargeable on late payment of both POA and BP In both cases interest runs from the due date until the actual date of payment.
2. Income Tax payment Income tax: 2 payments on account and 1 final balancing payment. All Capital Gains Tax is due on 31 January following the end of the tax year. 2.1 Payments on account and final payment • 31 January in the tax year – 1st payment on account • 31 July following the tax year – 2nd payment on account • 31 January following the tax year – balancing payment Please refer to illustration on Page (* Two POA are based on last year’s tax payable & Class 4 NIC)
Self assessment and payment of tax by individuals
For the tax year 2014-15, POA are not required if the tax paid by assessment for the tax year 2013-14 was less than ₤1,000 or if more than 80% of the tax liability for 2013-14 was deducted at source. 2.2 Penalty on late Balancing payment
5-11mths after penalty date
Surcharge Tax payable * 5% Tax payable * 10% Tax payable * 15%
>11 mths after penalty date
Self assessment and payment of tax by individuals
1.2 Penalties for late submisห้องสมุดไป่ตู้ion of tax returns
≤3 months 3-6 months 6-12 months ₤100 ₤100+ ₤10 per day (for a maximum of 90 days) 5% of tax due (minimum of ₤300)
Chapter 17 Self assessment and payment of tax by individuals
Self assessment and payment of tax by individuals
1. Income Tax returns 1.1 Time limits for submission of tax returns • If a taxpayer wants to complete and file a traditional paper tax return, the filing date will normally be 31 October following the tax year. So for 2014-15, the deadline for paper tax returns will be 31 October 2015. Taxpayers submitting a paper tax return by the 31 October following the tax year will have the option of HMRC preparing a self-assessment on their behalf. • If a taxpayer wants to complete and file the tax return online using HMRC’s website the filing date will be 31 January following the tax year. So for 2014-15, the deadline for tax returns filed online will be 31 January 2016. For tax returns filed online, a self-assessment is automatically provided as part of the filing process. A single tax return is used to report income and capital gains for the tax year.
Self assessment and payment of tax by individuals
4. Keeping records (2014-15) • Business records: 5 years after 31 Jan. following the tax year. (e.g. 2021.1.31) • Other records: 1 year after 31 Jan. following the tax year. (e.g. 2017.1.31)
Self assessment and payment of tax by individuals
3. Other penalties 3.1 Penalty for failure to notify a new taxable activity No penalty Reasonable excuse 30% of unpaid tax Non-deliberate 70% of unpaid tax Deliberate 100% of unpaid tax Concealment 3.1 Penalty for incorrect return No penalty Simply 30% of understated tax Careless 70% of understated tax Deliberate 100% of understated tax Concealment Penalty will be reduced where a taxpayer makes disclosure especially if unprompted by HMRC.
Penalty date is 30 days after the due date for tax Penalty does not apply to POA Interest is chargeable on late payment of both POA and BP In both cases interest runs from the due date until the actual date of payment.
2. Income Tax payment Income tax: 2 payments on account and 1 final balancing payment. All Capital Gains Tax is due on 31 January following the end of the tax year. 2.1 Payments on account and final payment • 31 January in the tax year – 1st payment on account • 31 July following the tax year – 2nd payment on account • 31 January following the tax year – balancing payment Please refer to illustration on Page (* Two POA are based on last year’s tax payable & Class 4 NIC)
Self assessment and payment of tax by individuals
For the tax year 2014-15, POA are not required if the tax paid by assessment for the tax year 2013-14 was less than ₤1,000 or if more than 80% of the tax liability for 2013-14 was deducted at source. 2.2 Penalty on late Balancing payment