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都薇老师解析ACCA考试F6 Tax Return

来源:中博 | 更新:2016/8/15 0:00:00 | 关键词:Tax return

摘要:Tax return is regularly examined by Multiple Choice Questions in the Paper F6 (UK) exam. The article is intended to explain and clarify the tax return (NOT PAYMENT) requirement of different taxes to help candidate to deal with the questions in examinations.

Tax Return

Tax return is regularly examined by Multiple Choice Questions in the Paper F6 (UK) exam. The article is intended to explain and clarify the tax return (NOT PAYMENT) requirement of different taxes to help candidate to deal with the questions in examinations.

Generally, candidates need to gain the knowledge of 3 types of tax returns:

1. Income and capital gains tax returns

2. Corporation tax returns

3. Value added tax returns

1. Income and capital gains tax returns

1.1 Time limits for submission

If a taxpayer wants to complete and file a traditional paper tax return, the filing date will normally be 31 October following the tax year.

So for 2015–16, the deadline for paper tax returns will be 31 October 2016.

Taxpayers submitting a paper tax return by the 31 October following the tax year will have the option of HMRC preparing a self-assessment on their behalf.

If a taxpayer wants to complete and file the tax return online using HMRC’s website the filing date will be 31 January following the tax year.

So for 2015–16, the deadline for tax returns filed online will be 31 January 2017.

For tax returns filed online, a self-assessment is automatically provided as part of the filing process.

If a taxpayer wishes to make an amendment to his 2015-16 tax return after submission, the deadline for doing so is 31 January 2018, which is 12 months from the latest(online) due filing date.

1.2 Penalties for late submission

There will be an initial £100 penalty if a self-assessment tax return is filed after the due date.

If a return is more than 3 months late then there will be a daily penalty of £10 per day (for a maximum of 90 days).

If a return is more than 6 months late a penalty of 5% of the tax due will be charged (subject to a minimum of £300).

If a return is more than 12 months late a further penalty of 5% of the tax due will be charged.

1.3 HMRC compliance check

HMRC have the right to carry out a compliance check for the completeness and accuracy of any tax return. Such a check may be made on a completely random basis.

However, compliance checks are generally carried out because of a suspicion that income has been undeclared or because deductions have been incorrectly claimed. For example, where accounting ratios are out of line with industry norms.

If HMRC intend to carry out a compliance check into a taxpayer’s tax return, they will have to notify the taxpayer within 12 months of the date that they receive the return.

Example 1

For the tax year 2015–16, Willard filed a paper self-assessment tax return on 10 August 2016. What is the deadline for Willard to make an amendment to his tax return for the tax year 2015–16, and by what date will HMRC have to notify Willard if they intend to carry out a compliance check into this return?

Amendment Compliance check

A 10 August 2017 31 January 2018

B 10 August 2017 10 August 2017

C 31 January 2018 10 August 2017

D 31 January 2018 31 January 2018

Answer: C

2. Corporation tax returns

2.1 Time limits for submission

The due date of a Corporation tax return is 12 months after the end of the accounting period.

All limited companies must file their corporation tax returns online using the software provided by HMRC. The amount of corporation tax payable is calculated as part of the filing process.

Along with the tax return, limited companies must also submit supporting tax computations and a copy of their accounts to HMRC. These must be submitted online using inline eXtensible Business Reporting Language (iXBRL).

A company may amend a return within12 months of the due filing date.

2.2 Penalties for late submission

£100 penalty for the delay not more than 3 months. If the return is the 3rd (or more) consecutive one to be late, the penalty is £500.

£200 penalty for the delay more than 3 months but less than 6 months. If the return is the 3rd (or more) consecutive one to be late, the penalty is £1,000.

£200+10% of the tax liability if unpaid for 6 months as tax geared penalty.

£200+20% of the tax liability if unpaid for 12 months as tax geared penalty.

2.3 HMRC compliance check

HMRC may decide to conduct a compliance check enquiry on a return, claim or election that has been submitted by a company, in the same way as for individuals.

Example 2

For the year ended 30 June 2015, Lateness Ltd had a corporation tax liability of £166,250, which it did not submit the return until 17 December 2016. It is the first time that Lateness Ltd delayed in submission.

How much penalty will Lateness Ltd be charged by HMRC in respect of the late submission of its corporation tax return for the year ended 30 June 2015?

A £100 B £200 C £500 D £1,000

Answer: B

3. VAT returns

3.1 Time limits for submission

VAT returns are normally completed on a quarterly basis.

VAT returns have to be filed online within one month and seven days of the end of the relevant quarter. Any VAT payable is due at the same time, and must be paid electronically.

For example, for the quarter ended 31 March 2016 a business will have until 7 May 2016 to file an online VAT return and pay any VAT that is due.

3.2 Penalties for late submission

A default occurs when a VAT return is not submitted on time and VAT is paid late.

A surcharge liability notice will be issued by HMRC.

The surcharge period is one year from the date of the notice.

If a further default occurs during the specified surcharge period, the original surcharge period will be extended to the anniversary of the new default. And surcharge penalty will be charged.

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If the surcharge penalty is less than £400, no payment has to be made for the first and second default.

Example 3

For the quarters ended 30 September 2014 and 30 June 2015, Glacier Ltd was one month late in submitting its VAT returns and in paying the related VAT liabilities. All of the company’s other VAT returns have been submitted on time.

What surcharge penalty could Glacier Ltd be charged if the company is one month late in paying its VAT liability for the quarter ended 31 March 2016?

A 5% of the VAT liability

B 2% of the VAT liability

C There will be no penalty

D 10% of the VAT liability

Answer: A (Second default during surcharge period)

4. Penalties for incorrect tax returns

A common penalty regime for errors in tax returns for income tax, corporation tax and value added tax. As follows:

The amount of penalty for incorrect tax return is based on the amount of tax understated as follows:

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While the actual penalty payable is linked to the taxpayer’s behavior. The penalty will be substantially reduced where a taxpayer makes disclosure, especially when this is unprompted by HMRC.

An unprompted disclosure is one made at a time when the taxpayer has no reason to believe HMRC has discovered, or is about to discover, the error. Otherwise, the disclosure will be a prompted disclosure. The minimum penalties that can be imposed as follows:

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Example 4

Sue is a sole trader and higher rate tax payer. Sue has deliberately increased this loss by £ (12,000) and has submitted false figures in support of her claim. HMRC initiate a review into Sue's return and in reply Sue then makes a disclosure of the error

State the maximum and actual penalties that could be charged by HMRC on Sue for her error.

Answer:

The understated tax as a result of Sue's error is £4,800 (£12,000 40%).

Sue's error is deliberate and concealed so the maximum penalty for the error is £4,800 (£4,800 100%).

Sue has made a prompted disclosure so the actual penalty for the error is £2,400 (£4,800 50%).

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