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Tax
Payment of Taxes, Penalties and Tax Evasion & Avoidance
| Question | Answer |
|---|---|
| self assessment taxpayers payments | 31 Jan - 1st payment on account 31 Jul - 2nd payment on account 31 Jan - Balance |
| ways to lower tax penalties | - taxpayer contacts HMRS - assists HMRC - allowing access to records |
| late filing penalty (0-3 months) | £100 |
| tax avoidance is | legal |
| tax evasion is | illegal |
| steps HMRC take when enquiring about tax evasion / avoidance | - issue a determination - carry out a compliance check - issue a discovery assessment |
| easiest way to lower penalty | be cooperative |
| enquiries must meet 2 conditions | - opened within 12 months of date filing should have been returned - taxpayer notified in writing |
| what is tax avoidance | bending rules of system to gain unintended advantage e.g., Jersey and Isle of Man setting up business |
| what is tax evasion | would be manipulating figures e.g., increased expenses or lower sales to decrease tax liability |
| disclosure of tax avoidance | legally obligated to go to HMRC with possible tax avoidance schemes -> they will immediately shut it down |
| when to breach confidentiality | - client being investigated for money laundering - accountant being investigated by legal body |
Created by:
amyperston
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