BTC & PTC Due Dates & Penalties

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Beth
Beth Registered Posts: 40 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
Hi,

I'm sitting the BTC and PTC papers next week and i'm having real trouble getting the dates and penalties into my head for due and late notification, filing and payments...

Does anybody have any tips?!

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  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    S/A Filing date is 31/1 penality is £100 for first six months late £100 for the next six months the 12 months onwards it is tax geared.
  • timgriff
    timgriff Registered Posts: 55 Regular contributor ⭐
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    Hi Beth, i was getting confused with dates so I wrote them all down on one piece of paper to help me remember. Don't know if the attached will help.... think it will be one of the last things i'll revise and try and memorise it before I go in!

    Ps might want to double check themas they may not be 100% correct!

    Tim
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    thats a fab post :)
  • Beth
    Beth Registered Posts: 40 Regular contributor ⭐
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    Thanks Tim that looks like what i've been trying to do but consolidating all the info is soo hard! I'm currently on 4 pieces of paper lol.

    Will definitely try to get this in my short term memory for Tuesday :-s
  • EAP
    EAP Registered Posts: 63 Regular contributor ⭐
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    Hi Tim
    Just wanted to say thanks for this attachment. If I know nothing else tomorrow, at least I will know the payment dates and penalties!
    good luck to all with BTC tomorrow
  • timgriff
    timgriff Registered Posts: 55 Regular contributor ⭐
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    Hi no probs, hopefully this time tomorrow we'll be able to burn all our textbooks.... Good luck everyone - and remember the saying 'tax doesn't have to be taxing' grrr!
  • val0123
    val0123 Registered Posts: 42 Regular contributor ⭐
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    Hiya, ta for the link, it's fab !! Just wanted to clarify something tho if pos:

    In my notes i've got that companies need to file their return 12 months from the end of their financial period, not Chargeable Accounting Period. So if for example a company had financial accounts of say 16 months that ended 31st December 2009, then the return would be due on 31st December 2010 for two CAP's (being the first 12 months of the financial accounting period, and the balancing period of 4 months). Is this correct ?

    Thanks
  • EAP
    EAP Registered Posts: 63 Regular contributor ⭐
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    val0123 wrote: »
    Hiya, ta for the link, it's fab !! Just wanted to clarify something tho if pos:

    In my notes i've got that companies need to file their return 12 months from the end of their financial period, not Chargeable Accounting Period. So if for example a company had financial accounts of say 16 months that ended 31st December 2009, then the return would be due on 31st December 2010 for two CAP's (being the first 12 months of the financial accounting period, and the balancing period of 4 months). Is this correct ?

    Thanks

    I agree
    Long accounting period = two CAPS, two payment dates but only one filing date
  • timgriff
    timgriff Registered Posts: 55 Regular contributor ⭐
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    ahh i see what you mean, thanks :)
  • lewpylew
    lewpylew Registered Posts: 216 Dedicated contributor 🦉
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    Thanks for that! I am really struggling with this as think I failed on the theory part of section 2 in Dec : ) x

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