Icaew Cfab Pot 2018 Tax Tables
Icaew Cfab Pot 2018 Tax Tables
Icaew Cfab Pot 2018 Tax Tables
FA2017
SYLLABUS AREA: ADMINISTRATION
SUBMISSION DATES
Submission dates for 2017/18 personal self-assessment tax returns
(1) If HMRC is to calculate tax due on a paper return, the filing date is the later of 31 October 2018 and two months
from the date the notice to make a return was issued.
Submission dates for corporation tax returns
Must be filed by 12 months from the end of the period of account.
Submission dates for PAYE information: Real Time Information
PAYMENT DATES
Payment dates for income tax
(1) Interim payments are not required if the tax paid by assessment for the previous year was less than:
£1,000; or
20% of the total tax liability (income tax and Class 4).
Payment dates for capital gains tax
Capital gains tax is payable by 31 January following the tax year end.
Payment dates for corporation tax
Corporation tax Nine months and one day after the end of an accounting period
Corporation tax by instalments The 14th day of months 7, 10, 13 and 16 counted from the start
of a 12-month accounting period
Due date
Electronic payment 7 calendar days after the last day of the month following the
end of the return period
Direct debit payment Collected automatically 3 working days after electronic
payment due date
INDIVIDUALS: PENALTIES
Offence Penalty(1)
Late return, up to 3 months late £100 fixed penalty, or £500 for persistent failure
Return more than 3 months late £200 fixed penalty, or £1,000 for persistent failure
Return filed more than 18 months but less Tax geared penalty of 10% of tax unpaid 18 months
than 24 months after end of return period after end of return period
Return filed more than 24 months after end Tax geared penalty of 20% of tax unpaid 18 months
of return period after end of return period
(1) The tax geared penalty is charged in addition to the fixed penalty but only one of each type of penalty is charged.
Default involving late payment of VAT in the Surcharge as a percentage of the VAT
surcharge period(1) outstanding at the due date
First 2%(2)
Second 5%(2)
Third 10%(3)
Fourth 15%(3)
(1) Default if late payment of VAT or filing of VAT return and surcharge liability notice issued, but default surcharge
only on late payment.
(2) No surcharge if would be less than £400.
(3) Minimum £30 payable.
VAT errors
An error made on a VAT return can be corrected on the next return provided it was not deliberate and does
not exceed the greater of:
£10,000 (net under-declaration minus over-declaration); or
1% x net VAT turnover for return period (maximum £50,000)
Alternatively, a ‘small’ error which is not deliberate may be corrected via the submission of form VAT652.
Errors which are not ‘small’ or errors which are deliberate should be notified to HMRC on form VAT652.
VAT
Standard rate of VAT 20%
Reduced rate of VAT 5%
(1) The personal allowance of any individual with adjusted net income above £100,000 is reduced by £1 for every £2 of
adjusted net income above the £100,000 limit.
(2) A spouse or civil partner who is a basic rate taxpayer or who has income of less than the personal allowance is
allowed to transfer £1,150 (ie 10%) of their personal allowance to their spouse/civil partner provided the recipient
spouse is a basic rate taxpayer.
(3) This is the income limit for abatement of the married couple’s allowance by £1 for every £2 over the limit.
PAYE CODES
L tax code with personal allowance
M tax code with personal allowance plus claiming marriage allowance
N tax code with personal allowance less surrendered marriage allowance
K total allowances are less than total deductions
T tax code includes other calculations to work the personal allowance, for example it has been
reduced because estimated annual income is more than £100,000
CAPITAL ALLOWANCES
PAYMENT DATES
Payment dates for corporation tax
Corporation tax Nine months and one day after the end of an accounting period
Corporation tax by instalments The 14th day of months 7, 10, 13 and 16 counted from the start
of a 12-month accounting period
Cash accounting £
Turnover threshold to join scheme 1,350,000
Turnover threshold to leave scheme 1,600,000
Annual accounting
Turnover threshold to join scheme 1,350,000
Turnover threshold to leave scheme 1,600,000