ACCA F6 UK tax - Due dates for tax payments 2015/16

In ACCA F6 paper , which is about UK taxation , remembering key due dates is very important . The current UK tax year runs from 6 April 2015 to 5 April 2016 and we have to pay tax for this tax year according to HMRC preset due dates . In every ACCA F6 exam these tax payment dates are examined 2 to 3 marks.


In ACCA , you can not think about loosing even 1 good  mark , because every mark counts here to pass your exam. So you need to remember these dates to get these easy 2 to 3 marks.But i know remembering these dates is a glitch and some kind of complex .So to solve this problem i prepared this post for you , here in this post i tried my best to make it easy for you to remember these dates to get these 2-3 good marks in exams and get passed your paper . Best of Luck !!!

Individuals:


Self  assessment tax return:

* Paper filing 31st October 2015
* Electronic filing 31st January 2016

Payments on accounts (P.O.A):

*First P.O.A  31st January 2015
*Second P.O.A 31st July 2015 

Balancing payments:

*31st January 2016 



Losses:


Carry forward and Terminal loss:

*Claiming date: 4 tax years from the ending date of the tax year in which loss incurred for example ( 05 April 2020 for 2015/16 tax year )

Current year carry back  and Opening year loss:

*Within twelve months from the tax payment date of the tax year in which loss incurred for example loss incurred in the tax year of 2015/16 payment date starts : 31st January 2017 and loss can be claimed till 31st January 2018 



Value added tax (VAT):

Quarter basis:

*1 month 7 days from quarter ending 

Annual accounting scheme:

*VAT return file on 28th February 
*Installment of 10% of  VAT payable will be paid from April to December
*Balancing payment will be paid on next year 28th February


Corporation tax:



Self assessment:

*12 months from the ending date of financial year.

Tax payments:

Small companies: 9 months 1 day
Large companies: 4 equal installments from the starting of financial year:
*14th of month 7
*14th of month10
*14th of month 13
*14th of month 16


Capital gains tax (C.G.T): 

*31st January 2016


Inheritance tax (I.H.T):


Lifetime gifts:

*06 April - 30 September - Following year 30th April
*1st October - 05 April - After 6 months from the month of the gift

Deaths:

*After 6 months from the month of the gift

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