SELF ASSESSMENT-COMPANIES

FACTOR DUE DATE COMMENTS PENALTIES

NOTIFICATION OF 12 MONTHS FROM THE END
TAXABLE SOURCE OF OF THE ACCOUNTING
INCOME PERIOD IN WHICH THE
LIABILITY ARISES
THE LEVEL OF PENALTY IS A
% OF THE TAX UNPAID 12
MONTHS AFTER THE END OF
THE ACCOUNTING PERIOD
AND DEPENDS ON THE
BEHAVIOUR OF THE
TAXPAYER
GENUINE MISTAKE=NO
PENALTY
FAILURE TO TAKE
REASONABLE CARE=30%
SERIOUS OR DELIBERATE
UNDERSTATEMENT=70%

SERIOUS OR DELIBERATE
UNDERSTATEMENT WITH
CONCEALMENT=100%

PENALTIES CAN BE
REDUCED WHERE THE
TAXPAYER MAKES FULL
DISCLOSURE AND
COOPERATES WITH HMRC
TO ESTABLISH THE AMOUNT
OF UNPAID TAX
TAX RETURNS WITHIN 12 MONTHS AFTER 0-3MONTHS=£100(£500)
THE END OF THE BALANCE
SHEET DATE OR 3 MONTHS 3-6 MONTHS £200(£1000)
AFTER THE ISSUE OF A
RETURN IF THIS IS LATER 6-12 MONTHS = 10%OF THE
THAN THE NORMAL TAX UNPAID 6 MONTHS
SUBMISSION DATE AFTER THE FILING DATE

>12 MONTHS 20% OF THE

TAX UNPAID 6 MONTHS
AFTER THE FILING DATE

PAYMENT DATES SMALL AND MEDIUM INSTALMENTS BASED ON INTEREST FOR ANY LATE
SIZED-9 MONTHS FROM THE PROJECTED TAX LIABILITY PAYMENTS
ACCOUNTING PERIOD END AND PAYABLE ON 14TH OF
MONTHS 7,10,13 AND 16 OMITTING INFORMATION
LARGE COMPANIES –TAX FOLLOWING THE START OF OR FALSE
PAYABLE IN QUARTERLY THE ACCOUNTING PERIOD INFORMATION=DIFFERENCE
INSTALMENTS BETWEEN THE TAX DUE AND
THE TAX PAID
CLAIMS INCLUDED IN THE TAX CLAIM QUANTIFIED
RETURN OR SEPARATE
CLAIM IN WRITING
HMRC AMENDMENTS TO 9 MONTHS FROM DATE
RETURN RETURN IS FILED
TAXPAYER AMENDMENTS 12 MONTHS FROM FILING
TO RETURN DATE
ERROR OR MISTAKE CLAIM WITHIN 4 YEARS FROM THE
END OF THE ACCOUNTING
PERIOD CONCERNED

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RECORDS KEPT 6 YEARS FROM THE END OF
THE ACCOUNTING PERIOD
CONCERNED
HMRC ENQUIRIES 12 MONTHS FROM THE
DATE THE RETURN IS
ACTUALLY FILED
HMRC DETERMINATIONS 3 YEARS FROM THE
CORPORATION TAX FILING
DATE
HMRC DISCOVERY 4 YEARS FROM THE END OF
ASSESSMENTS THE ACCOUNTING PERIOD
CONCERNED, 6 YEARS IF
THERE IS A CARELESS ERROR
AND 20 YEARS IF THERE IS A
DELIBERATE ERROR OR
FAILURE TO NOTIFY
CHARGEABILITY TO TAX
PENALTIES FOR
INCORRECT RETURNS
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UP TO £3000 PER YEAR OF
ASSESSMENT
DEADLINE IS EXTENDED IF A
RETURN IS FILED LATE OR
AMENDED IE 12 MONTHS
FROM THE END OF THE
RELEVANT QUARTER IN
WHICH THE RETURN IS
SUBMITTED OR
AMENDMENT MADE
A DETERMINATION CANNOT
BE APPEALED AGAINST. IT
CAN ONLY BE REDUCED BY
AN ACTUAL SUBMISSION OF
THE TAX RETURN
THE LEVEL OF PENALTY IS A GENUINE MISTAKE=NO
% OF THE REVENUE LOST AS PENALTY
A RESULT OF THE
INACCURACY OR UNDER FAILURE TO TAKE
ASSESSMENT AND DEPENDS REASONABLE CARE=30%
ON THE BEHAVIOUR OF THE
TAXPAYER SERIOUS OR DELIBERATE
UNDERSTATEMENT=70%
SERIOUS OR DELIBERATE
UNDERSTATEMENT WITH
CONCEALMENT=100%
PENALTIES CAN BE
REDUCED WHERE THE
TAXPAYER MAKES FULL
DISCLOSURE AND
COOPERATES WITH HMRC
TO ESTABLISH THE AMOUNT
OF UNPAID TAX