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Self Assessment - Further Aspects (Discovery Assessments (Relief given…
Self Assessment - Further Aspects
Payment on Account
If taxpayer has paid over 80% of tax at source, there is only one POA due - 31 January
If tax liability below £1000, only one POA
TMA 1970 s.59A(1)
Reducing Payment on Account
Usually done to match the next years projected tax liability and POA
TMA 1970 s.59A(4)
Taxpayer can claim to reduce POA
Repayment Interest
Received Tax Free
If tax overpaid, repayment interest added to repayment
Lower interest rate than underpaid tax
FA 2009 Sch 54
Discovery Assessments
Relief given when should not have been
General rule is 4 years to make 'discovery'
Assessment is or has become insufficient
Can be extended to 6 years due to careless behaviour or up to 20 years if loss of tax was deliberate
Amount that has not been assessed