TIME LIMITS AND ELECTION DATES Income tax Election/claim Time limit For 2020/21 ‘Agree the amount of trading _| 4 years from the end of the tax year in 5 April 2025, losses to carry forward which the loss arose Current and prior year set-off | 12 months from 31 January following the _ | 31 January 2023 of trading losses against total _| end of the tax year in which the loss arose income (and chargeable gains) Three year carry back of 112 months from 31 January following the | 31 January 2023 trading losses in the opening _| end of the tax year in which the loss arose years Three year carry back of ‘4 years from the end of the last tax year of | 5 April 2025 terminal trading losses in the | trading closing years National Insurance Contributions Class 1 employee and 17 days after the end of each taxmonth __| 22nd of each ‘employer's under PAYE system month ~ pay days (14 days if not paid electronically) Class 1A NIC— pay day 22 July following end of tax year 22 July 2021, (19 July if not paid electronically) Class 2 NICs — pay day Paid under self-assessment with balancing | 31 January 2022 payment Class 4 NICs — pay days Paid under self-assessment with income __| See self- tax assessment Capital gains tax Replacement of business asset relief for individuals 4 years from the end of the tax year: — in which the disposal occurred or 5 April 2025 for 2019/20 sale end of the tax year in which the disposal occurred (Rollover relief) _ and 2020/2 the replacement asset was acquired | 2 auistion whichever is later Holdover relief of gain on the | 4 years from the end of the tax year in 5 April 2025 gift of a business asset which the disposal occurred (Gift relief) Business asset disposal relief | 12 months from 31 January following the _ | 31 January 2023, Determination of principal private residence 2 years from the acquisition of the second property‘TX-UK: TAXATION (FA2020) Self-assessment — individuals Election/claim Time limit For 2020/21 Pay days for income taxand | ist instalment: class 4 NIC 31 January in the tax year 31 January 2021, 2nd instalment: 31 July following the end of tax year 31 July 2022 Balancing payment: 311 January following the end of tax year_| 31 January 2022 ay day for CGT on residential | 30 days after the disposal property disposals Pay day for CGT (balance) and | 31 January following the end of tax year] 31 January 2022 class 2.NIC Filing dates If notice to file issued by Paper return: 2 October following end of | 31 october following end of tax year 31 October 2021 ax year ve Electronic return: 31 January following end of tax year 31 January 2022 If notice to file issued after 31 October following end of | 3 ™onths from the date of issue of the tax year notice to file Retention of records Business records 5 years from 31 January following end of | 31 January 2027 the tax year Personal records 12 months from 31 January following —_| 31. January 2023 end of the tax year HMRC right of repair ‘9 months from date the return was filed Taxpayer's right to amenda | 12 months from 31 January following _| 31 January 2023 return end of the tax year Taxpayer's claim for 4 years from the end of the tax year 5 April 2025 overpayment relief HMRC can open an enquiry __| 12 months from submission of the return HIMRC can raise a discovery assessment — Nocareless or deliberate | 4 years from the end of the tax year 5 April 2025 behaviour — Taxlost due to careless _| 6 years from the end of the tax year 5 April 2027 behaviour — Tax lost due to deliberate | 20 years from the end of the tax year | S April 2041, behaviour Taxpayer's right of appeal _| 30 days from the assessment against an assessment = __appeal in writingTIME LIMITS AND ELECTIONS DATES Corporation tax Election/claim Time limit Replacement of business asset relief for companies (Rollover relief) 4 years from the end of the accounting period: — in which the disposal occurred or — the replacement asset was acquired whichever is later Offset trading losses brought forward against total profits (income and gains) 2 years from the end of the accounting period in which the loss is relieved Current year set-off of trading losses against total profits (income and gains), and 12 month carry back of trading losses against total profits (income and gains) 2 years from the end of the accounting period in which the loss arose Surrender of trading losses to other group companies (Group relief) 2 years after the claimant company’s accounting period Election for transfer of capital gain or loss to another company within the gains group 2 years from the end of the accounting period in ‘which the disposal occurred by the company actually making the disposal Self-assessment — companies Election/claim Time limit Pay day for small and medium companies 9 months and one day after the end of the accounting period Pay day for large companies Instalments due on 14th day of: = Seventh, tenth, thirteenth, and sixteenth. month after the start of the accounting period Filing dates Later of: — 12 months from the end of the accounting period = 3months from the issue of a notice to deliver a corporation tax return ‘Company's claim for overpayment relief 4 years from the end of the accounting period HMRC can open an enquiry 12 months from the actual submission of the return Retention of records 6 years from the end of the accounting period‘TX-UK: TAXATION (FA2020) Value added tax Election/claim Time limit Compulsory registration Historic test: — Notify HMRC 30 days from end of the month in which the threshold was exceeded — Charge VAT First day of second month after the month ‘when taxable supplies exceeded the threshold Future test: — Notify HMRC 30 days from the date it is anticipated that the threshold will be exceeded — Charge VAT The date it is anticipated that the threshold will be exceeded (i.e. the beginning of the 30 day period) Compulsory deregistration Notify HMRC 30 days from cessation| Filing of VAT return and payment of VAT | One month and seven days after the end of the return period