Tx notes fa22 Final

5. Late filing of returns 
๏
There will be an initial penalty of £100 if the return is filed after the due date.
๏
If a return is more than three months late then there will be a daily penalty of £10 per day (for a 
maximum of 90 days).
๏
If a return is more than six months late a further penalty of 5% of the tax due on the return will 
be charged (subject to a minimum of £300).
๏
If a return is more than twelve months late a further penalty of 5% of the tax due can be 
charged, although a higher percentage will be charged if the failure to submit is deliberate.

---

126
Only on 
OpenTuition
you can find: Free ACCA notes 
•
Free ACCA lectures 
•
Free ACCA tests 
•
Free ACCA tutor support 
•
The largest ACCA community
June 2023 to March 2024 exams
Watch free ACCA TX lectures
6. Records 
(a)
Records must be retained until five years after the filing date, which is 31 January 2029 for the 
year 2022/23 if the tax payer has a business or has properties to let. However records must be 
retained for only one year after the filing date, which is 31 January 2025 for the year 2022/23 if 
not in business.
(b)
Note therefore that if a person is in business and has non business income then all records 
must be maintained for the same 5 year period.
(c)
A failure to retain records can result in a penalty of up to £3,000. 
The maximum penalty will only be charged in serious cases.
7. Claims 
(a)
All claims and elections which can be made in a tax return must be made in this manner if a 
return has been issued.
(b)
The time limit for making a claim is 4 years from the end of the tax year, unless a di
ff
erent limit 
is specifically set.