Module 7

Question 1

Taxpayers records retained until later of?

Answer 1

5 years after 31 Jan following fiscal year when taxpayer in business
1 year after 31 Jan otherwise

Enquiry notice given before this date, time after which enquiries can no longer be commenced unless completed

Question 2

Class 2 NIC and capital gains tax don’t have

Answer 2

Payments on account

Simply 31 Jan

Question 3

Payments on account when?

Answer 3

31 Jan in fiscal year
31 July following end
31 Jan following end

Question 4

Payments on account are each?

Answer 4

50% of the relevant amount for the previous year

Not required if relevant amount falls below 1000
Not for taxpayers who paid 80% or more through PAYE or other at source

Question 5

What is the relevant amount?

Answer 5

Prior year income tax and class 4 NIC not paid at source