AN INTRODUCTION TO SELF-ASSESSMENT

Front

When must taxpayers notify HMRC of their chargeability to income

tax?

Back

By 5 October following the end of the tax year.

Front

What is the minimum penalty for unprompted disclosure of failure to

notify within 12 months?

Back

Nil.

Front

By when must paper tax returns be submitted to HMRC?

Back

By 31 October following the tax year.

Front

By when must electronic tax returns be submitted to HMRC?

Back

By 31 January following the tax year.

Front

What is the initial penalty for filing a tax return more than 3 months

late?

Back

£100.00

Front

What daily penalty applies for a tax return that is over 6 months

late?

Back

£10 per day, up to a maximum of 90 days.

Front

How long must a sole trader, partner, or letting property owner keep

records?

Back

Five years from 31 January following the tax year

Front

How long must anyone else keep records?

Back

One year from 31 January following the tax year

Front

To whom are appeals made in the first instance?

Back

HMRC

Front

Can the penalty for a careless action be suspended?

Back

Yes, it can be suspended for two years