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Chapter 22 - Self-assessment and company's payment - Coggle Diagram
Chapter 22 - Self-assessment and company's payment
Self assessment for companies
Notify 1st accounting period: 3 months from the start of accounting period
Notice of chargeability to CT: If no notice issued, notify HMRC within 12 months from the end of accounting period
Filing tax returns: Due date is later of: 12 months after the end of period, or 3 months from notice of HMRC
Amending a return: Company may amend 12 months from due date, HMRC may amend 9 months of actual filing date
Records: Keep until latest of 6 yrs from end of acc period, date any compliance completed, date of compliance may not commence
Compliance check: Notice given first anniversary of: due date (group companies) or actual date (other companies)
If returns delivered after due filing date, compliance check made 1 year after quarter date
Payment of tax: due 9 months and 1 day after end of acc period (for non-large company)
Interest: late payment 3.25%, early 0.5%
Penalties
Failures to notify first accounting period: 300 + 60 per day. Up to 3,000 for fraudulent information
Late filing
Up to 3 months: 100
Up to 6 months: 200
Up to 12 month: 200 + 10% unpaid tax
Over 12 months: 200 + 20% unpaid tax
If return for the previous year is also late, then 100 and 200 pen increased to 500 and 1,000
Failure to keep records: up to 3,000
Errors in returns
Augmented profit = total taxable profit + dividend from unrelated companies
4 quarterly installment made in month 7, 10, 13, 16 following the start of the period
Due on 14th.
Short period of account: each installment = 3 * CT / months. Final installment always due 14th of the 4th month from the end of period