The UK tax system and its administration

Section A Marcus, a self-employed marine biologist, filed his self-assessment paper tax return for the tax year 2022/23 on 15 December 2023. He paid his outstanding balancing payment of £4,200 on the same day. He had no reasonable excuse for the delay. What is the total late filing penalty Marcus will be charged by HMRC?

Section A Which of the following scenarios is an example of tax evasion rather than tax avoidance?

Section A Marcus is a freelance AI developer. He submitted his electronic self-assessment tax return for the tax year 2022/23 on 14 August 2024. He had paid all his tax liabilities on time. What is the total late filing penalty Marcus will be charged by HM Revenue & Customs (HMRC)?

Section A 'Green Acres Co-op' is an agricultural cooperative operating as a partnership. For the tax year 2023/24, by what date must the partnership retain its business records to comply with HMRC requirements?

Section A HM Revenue & Customs (HMRC) has the power to raise a discovery assessment if they discover a loss of tax. If the loss of tax was brought about carelessly by the taxpayer, what is the maximum time limit for HMRC to raise a discovery assessment?

Section A Under the VAT penalty regime for late payment, a taxpayer is 35 days late in paying their VAT liability of £10,000. They have not proposed a Time to Pay arrangement. What is the first late payment penalty percentage applied to the outstanding amount at day 30?

Section A What is the statutory requirement for a self-employed individual (sole trader) regarding the retention of business records for tax purposes?

Section B - Case 3: Titanium Forging PLC Titanium Forging PLC is a heavy manufacturing company. It recently changed its accounting date, resulting in a 15-month period of account from 1 January 2023 to 31 March 2024. Titanium Forging PLC is classified as a 'large' company for quarterly installment payment (QIP) purposes. For its 12-month accounting period ended 31 December 2023, when is the final (fourth) quarterly installment payment due?

Section A: Objective Test Marcus runs an agricultural consultancy as a sole trader. He submitted his self-assessment tax return for the tax year 2023/24 electronically on 15 December 2024. Until what date must Marcus retain his business records for the 2023/24 tax year to comply with HMRC requirements?

Section A: Objective Test Which of the following statements regarding the penalty for late payment of Corporation Tax is correct?

Section B: Case 3 - SteelForge Partners Scenario: SteelForge Partners is a partnership manufacturing specialized alloys. On 1 May 2023, the partnership sold its old factory for £800,000, realizing a chargeable gain of £150,000. On 1 October 2023, they purchased a new factory for £700,000. Question: If the partnership had instead sold a residential property (not qualifying for PPR) on 1 May 2023, by what date must the Capital Gains Tax on that residential property disposal be paid to HMRC?

Quantum AI Ltd, a tech startup, commenced trading on 1 January 2023 and prepared its first set of accounts for the 15-month period ended 31 March 2024. What is the filing deadline for the company's Corporation Tax return(s) for this period?

Marcus, a freelance graphic designer, had an income tax and Class 4 NIC liability of £6,000 for the tax year 2022/23. His total liability for 2023/24 is £7,500. Assuming he made the required payments on account on time, what is the balancing payment due on 31 January 2025 for the 2023/24 tax year?