State the due dates for payments for tax year 2022/23 and the amount of payment due on each
due date.
37. Enquiries
HMRC must give written notice before starting an enquiry into a self assessment personal tax return.
(a)
State the date by which the written notice must normally be given
(b)
State the circumstances under which HMRC can extend the above deadline and the time
limits for this extension.
(c)
State the three main reasons for the commencement of an enquiry.
(d)
Explain the choices available to a taxpayer who is notified of an additional liability as a
result of an enquiry.
38. Cannock Limited
Cannock Ltd had Taxable Total Profits (TTP) in year ended 31 March 2023 of £2.4M having
previously had a TTP of £2M in the year ended 31 March 2022.
Calculate the corporation tax liability of Cannock Limited for the accounting period ended 31
March 2023 and state when this liability is due for payment and the filing date for the
corporation tax return.
315
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June 2023 to March 2024 exams
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PRACTICE ANSWERS
1. Kate
Kate Income tax computation 2022/23
Income Tax
(W1)
The basic rate band is extended by the gross amount of the gift aid payment:
37,700 + (2,000
×
100/80) = 40,200
Non
savings Savings Dividends
Total
£
£
£
£
Trading profit
38,000
38,000
Employment Income
8,000
8,000
Interest
3,500
3,500
Dividends
7,000
7,000
Total Income
46,000
3,500
7,000
56,500
Less: Reliefs - Qualifying Interest
(1,000)
(1,000)
Net Income
45,000
3,500
7,000
55,500
Less: Personal Allowance
(12,570)
(12,570)
Taxable income
32,430
3,500
7,000
42,930
(W1) (revised BRB limit = 40,200)
32,430 @ 20%
6,486
Savings (note 1)
500 @ 0%
0
3,000 @ 20%
600
Dividends (note 2)
2,000 @ 0%
0
2,270 @ 8.75%
198
2,730 @ 33.75%
921
Income Tax liability
8,205
Less: tax deducted at source: PAYE
(505)
Tax payable
7,700
316
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