ExpertEasy2 marksMultiple Choice
ACCA · Question 01 · The UK tax system and its administration
Section A
Marcus, a self-employed marine biologist, filed his self-assessment paper tax return for the tax year 2022/23 on 15 December 2023. He paid his outstanding balancing payment of £4,200 on the same day. He had no reasonable excuse for the delay.
What is the total late filing penalty Marcus will be charged by HMRC?
Section A
Marcus, a self-employed marine biologist, filed his self-assessment paper tax return for the tax year 2022/23 on 15 December 2023. He paid his outstanding balancing payment of £4,200 on the same day. He had no reasonable excuse for the delay.
What is the total late filing penalty Marcus will be charged by HMRC?
Answer options:
A.
£0, because he paid his tax before 31 January 2024.
B.
£100
C.
£100 plus daily penalties of £10 per day.
D.
£210 (5% of the tax due).
How to approach this question
Identify the filing deadline for a paper return (31 October). Calculate the delay to 15 December (less than 3 months). Apply the standard initial penalty.
Full Answer
B.£100✓ Correct
For the tax year 2022/23, a paper self-assessment tax return must be filed by 31 October 2023. Marcus filed on 15 December 2023, which is less than three months late. The penalty for a return up to three months late is a fixed £100. The fact that he paid his tax before 31 January 2024 prevents late payment penalties but does not cancel the late filing penalty.
Common mistakes
Students often confuse the 31 October paper deadline with the 31 January online deadline.
Practice the full ACCA TX — Taxation Practice Exam 2
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