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Hi Guys,
Just wondering if someone can help me with the dates on certain things. I cant seem to find them in my notes and i know it can be easy marks if they get asked.
CT Payment – 9 mth 1 day if small/medium and 4 installments if large (on 2nd yr of being large)
IHT on lifetime gifts – if gift between april – sep due 31st jan following yr if oct – march 6 months after gift
IHT on death – 6 months eom after date of death
Group relief – 2 years after year end dateDeed of variation ???? how long do you have to change?
Gift Relief??? When do you need to tell HMRC by?Any more please these will be helpful
Thanks
CGT: 31st of January
If installments:
1. proceeds over £18m: 1/ spread over 8 years or 2/ period over payment of disposal proceeds
2: gifts (no GR): 10 equal installmentsSDLT: withing 1m after completion date
IT: 31 january
VAT: 1m and 7 days of end of return period
NICS: Employer primary and secondary class 1 at weekly/ monthly pay date. End of PAYE month.
Class 1A: anually by 19th JulyHi thanks for this,
when you say gifts (no gr) do you mean that gr is not allowable because its not a BA or they just have not elected to claim it?
tA
Thanks,
So many things to remember i think my brain is at full capacity.
With CT and the payment rules if your large on 2nd year of being large pay in installments- what defines large is it the upper limit? and if so how do you work this for groups???? Do you have to work out each one and pay them separately?
thanks
it;s the upper limit. for group, you divide the numbers of associated companies for UL and LL
sorry i am not understanding or maybe im not explaining myself very well.
If you have a group with A) TTP £1,000,000
B) TTP £100,000I know you divide upper limits so upp 750000 and lower 150000
Do i add the 2 together or pay tax on them separately? what i need to know is how do you define large is A large and B small? so i have to pay tax at diff times????
Sorry if im being a pain
Gifts that have no GR.
for example, gifts no qualified for GR. not a qualifying asset or something.Large companies pay CT in 4 instalments month 7,10,13 and 16 after there year end
small companies pay 9 months 1 day after year endlarge company is defined by its tax rate so 24% and small company 20%
IHT can be paid in 10 equal instalments 6 months after the month of death of the individual, this mainly relates to land and buildings and unquoted shares that are more than 20,000
2 years for variation of will for IHT purposes and the variation must state that it is because of tax reasons. This is generally to skip a generation when it comes to IHT
for individuals income tax is returns are due October 31st paper and January 31st for electronic
tax payments are 31st january and then a balancing payment for 50% of the last income tax payment is due in June (tough one to remember I don’t think they will ask it)
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