Business Tax week 1

Question	Answer
What is the deadline for submitting a paper tax return	31 October following the end of the tax year
What is the dates for corporation tax financial years that HMRC uses?	From 1 April to 31 March the following year
What is the deadline for payment of corporation tax	Final payment to be nine months and one day after end of the CAP
Self employed sole traders and partnerships pay national insurance on profits. What are class 2 contributions?	A flat rate of £3.05 per week for profits above £6,515
HMRC describes a tax scheme that relies on concealment, pretence, non-disclosure or misrepresentation as what?	Illegal tax evasion
Failure to keep adequate tax records will result in a fine of up to how much?	£3,000
Is rent received classed as a type of trading income?	No, it is property Income
Is an increase in a specific proviosion for bad debts allowable trading expenditure?	Yes
Are employers NI contributions an allowable expense?	Yes
How do you treat an expense for entertaining customers which has been included in the PoL?	Add it back
When can a trading loss be carried back?	The loss needs to be offset against TTP in the current year before carrying it back.

Resource summary

	Created by ross young about 5 years ago