Tax administration for individuals

I strongly believe you should learn this chapter, as all it includes is dates, which you might get a very easy ONE mark for.

For example, they may ask you calculate someone’s income tax and ask when it is due, or corporation tax and when it is due, or capital gains tax and when it is due. This is typical of the examiner in most questions.

Here are the dates, please take note:

CAPITAL GAINS TAX – 31st Jan after the end of the tax year to which the capital gain relates.

CORPORATION TAX – 9 months and 1 day after the end of accounting period.

INHERITANCE TAX – 6 months after death or 30th April, whichever is later

VAT – Quarterly (monthly or yearly)

INCOME TAX – Consider for the tax year 2013/2014

First payment is due on 31st January during the year of assessment, which is the first payment on account, second payment is due on 31st July after the year of assessment which is the second payment on account and the final balancing payment is on the 31st January after the year of assessment.

If you do not know how to prepare an income tax computation, a corporation tax computation, a CGT computation, an IHT computation or VAT calculation, a Capital Allowances computation or adjustment of profit statement then absolutely these should take priority to the administration system! The most important things from the admin then to learn are simply the normal due dates for the payment of each tax.