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Chapter 17 - Self-assessment and individual's payment - Coggle Diagram
Chapter 17 - Self-assessment and individual's payment
Notification of liability to income tax and CGT: For those who do not receive a tax return must give notice to HMRC within 6 months from the end of tax year (5 Oct 2020 for 19/20
Returns
Deadline for paper returns: 31 Oct following tax year
Deadline for electronic returns: 31 Jan following tax year
Three months from notice of HMRC if later than 31 Oct/31 Jan
Payment of tax
Income tax due date: 31 Jan following tax year for first installment, 31 July following tax year for second installment, and 31 Jan after tax year for balancing payment
CGT tax due date: 31 Jan after the end of tax year of disposal
Class 2 NIC: 31 Jan after the end of tax year
Amendment and compliance check
HMRC may correct obvious errors within 9 months of actual filing date
Taxpayers may make amendments within 12 months from the due filing date
Compliance check: Within 12 months if it is on or before due date, within 12 months after quarter date if file late
Records must be kept 5 years if in business, 1 year otherwise
Interest and penalties
Late returns
Up to 3 months: 100
3 - 6 months: 100 + 10 per day
6 - 12 months: 5% of tax due (min. 300)
Interest on late payment: 3.25% * n/12
Penalty for late balancing payment
<5 months: 5% of unpaid tax
5 - 11 months: 10% of unpaid tax
11 months: 15% of unpaid tax
Penalty date is 30 days after the due date of tax