ACCA F6 UK TAX －Tax management

　　ACCA F6 UK TAX －Tax management
　　
　　转自 Claire栾青 发布于2014年12月1日 13:30
　　
　　Taxmanagement for individuals
　　
　　Paper tax return due date: 31/10/2014
　　
　　Online tax return due date: 31/01/2015
　　
　　Compliance check enquiry:
　　
　　·        within 12 months of the filingdate;
　　
　　·        reason: random check orsuspicion of underpayment of tax
　　
　　Tax return amendment period: within 12months of filing date
　　
　　Recovery of previously overpaid tax: within4 years from the end of the tax year
　　
　　Tax payment due dates:
　　
　　1st payment on account ：31/01/2014    50%tax payable of previous year
　　
　　2nd payment on account ：31/07/2014
　　
　　Balancing payment  ：31/01/2015
　　
　　Penalty for late tax return
　　
　　Date return is filed
　　
　　Penalty
　　
　　Within 3 months of due date
　　
　　￡100 fixed penalty
　　
　　Between 3-6 months of due date
　　
　　Daily penalties of ￡10 per day (max of 90 days)
　　
　　Between 6-12 months of due date
　　
　　Additional 5% of tax due (min of ￡300)
　　
　　More than 12 months after due date (careless)
　　
　　Additional penalty of 5% of tax due (min of ￡300)
　　
　　More than 12 months after due date and tax payer is withholding information by failing to submit the return
　　
　　Withholding is deliberate and concealed = 100%
　　
　　Withholding is deliberate but not concealed =70%
　　
　　In either case, min of ￡300.
　　
　　Penalties for late payment
　　
　　This applies to balancing payments ofIncome tax and Class 4 NIC and CGT.
　　
　　Surcharge does not apply to payments onaccount.
　　
　　Tax paid
　　
　　Penalty (% of tax due)
　　
　　More than 1 month late
　　
　　5%
　　
　　More than 6 months late
　　
　　Additional 5%
　　
　　More than 12 months late
　　
　　Additional 5%
　　
　　Penalty for incorrect tax return
　　
　　Amount of penalty is based on taxunderstated.
　　
　　Tax payer behavior
　　
　　% of understated tax
　　
　　Simply make a mistake
　　
　　No penalty
　　
　　Fail to take reasonable care
　　
　　Up to 30%
　　
　　Deliberate error
　　
　　Up to 70%
　　
　　Deliberate and conceal the error
　　
　　Up to 100%
　　
　　Company tax management
　　
　　iXBRL
　　
　　·        A standard for reportingbusiness information, using a tag that can be read by computer
　　
　　·        Company can use the softwareprovided by HMRC or any third party, which can automatically produce accountsand tax computation.
　　
　　Tax return due date: 12 months followingthe end of accounting period
　　
　　Tax payment due date
　　
　　·        Small and medium company-9months+1 day following the end of accounting period
　　
　　·        Large company：
　　
　　-        Pay tax at main rate, and alarge company for previous year
　　
　　-        Exception: become large infirst year unless augmented profit is more than ￡10m.
　　
　　-        Tax payment due date:installment, 14 of 7th, 10th, 13th and 16th month
　　
　　Compliance check enquiry：
　　
　　·        within 12 months from actualfiling date
　　
　　·        reason:  random check, orsuspicious of underpayment of tax
　　
　　Penalty for late tax return
　　
　　Offence
　　
　　Penalty
　　

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　　Tax payer behavior
　　
　　% of understated tax
　　
　　Simply make a mistake
　　
　　No penalty
　　
　　Fail to take reasonable care
　　
　　Up to 30%
　　
　　Deliberate error
　　
　　Up to 70%
　　
　　Deliberate and conceal the error
　　
　　Up to 100%
　　
　　VAT
　　
　　Quarterly vat return submitted online andvat paid electronically, due date one month plus 7 days following the end ofthe quarter
　　
　　VAT registration:
　　
　　·        taxable turnover for last12months exceeds 79,000
　　
　　-        notify HMRC for registrationwithin following 30 days
　　
　　-        registration start from firstday of next month following the 30 days.
　　
　　·        the expected taxable suppliesin next 30 days above 79,000
　　
　　-        notify HMRC for registrationwithin following 30 days
　　
　　-        registration start from thefirst day of the 30 days, i.e. from now on.
　　
　　De-registration :
　　
　　·        deregister when ceased taxablesupply
　　
　　·        notify HMRC within 30 daysafter ceased trading.
　　
　　·        VAT cancelled from date ofcessation or agreed later date
　　
　　·        Accounting for output vat forthose remaining assets which had claimed input vat
　　
　　·        Disposal of business as goingconcern is out of vat scope.
　　
　　VAT invoice
　　
　　·        vat invoice must be issuedwithin 30 days of supply.
　　
　　·        A less detailed invoice forsales no more than GBP250
　　
　　·        No vat invoice need if sales nomore than GBP25, e.g. car park, telephone
　　
　　·        Content of vat invoice:
　　
　　-        name and address of supplier
　　
　　-        vat registration number
　　
　　-        vat invoice number and date
　　
　　-        description of goods or serviceprovided
　　
　　-        vat rate for each supply
　　
　　-        vat exclusive amount for eachsupply
　　
　　-        total vat exclusive amount
　　
　　-        total vat amount
　　
　　-        customer name and address
　　
　　errors in vat return
　　
　　·        small error (lower than thehigher of 10,000 and 1% taxable turnover for the quarter）：adjusteddirectly in next quarter vat return, no penalty no interest
　　
　　·        big error(higher than thehigher of 10,000 and 1% taxable turnover for the quarter) : making a separatereturn to HMRC, interest will be charged for underpaid vat
　　
　　·        error found out by HMRC: bothpenalty and interest charged.
　　
　　special accounting scheme
　　
　　1.       cash accounting scheme
　　
　　-        condition: annual taxableturnover less than 1.35million, vat return and payment up to date
　　
　　-        advantage: output vat delayed;automatic bad debt relief
　　
　　-        disadvantage: input vat delayed
　　
　　-        suit business with lots ofcredit sales and bad debt
　　
　　-        not good for business with cashsales or zero rated sales
　　
　　2.       annual accounting scheme
　　
　　-        condition: annual taxableturnover less than 1.35million, vat payment up to date
　　
　　-        advantage: one vat return forwhole year, saving administrative work and cost, easy to do cash budget
　　
　　-        disadvantage: no correlationbetween vat payment and sales
　　
　　3.       flat rate scheme
　　
　　-        condition: small business withannual turnover no more than 150,000
　　
　　-        advantage: simplify vat administrativework
　　
　　-        choose to use flat rate schemeif less vat paid than normal.