Lucky Ltd was incorporated on 20 July 2019, and commenced trading on 1 December 2019.
The end of the accounting period is 31 March 2020.
Required:
(c) Advise Lucky Ltd as to how long it must retain the records used in preparing its self-assessment corporation tax return for the four-month period ended 31 March 2020, and the potential consequences of not retaining the records for the required period. (2 marks)
For the tax year 2013–14, Alfred wants to file his self-assessment tax return online, whilst Edward wants to file a paper tax return and have HM Revenue and Customs prepare a self-assessment on his behalf.
Alfred is self-employed
Edward is employed
Required:
(i) Advise Alfred and Edward King of the latest dates by which their respective self-assessment tax returns for the tax year 2013–14 should be filed given their stated preferences. (2 marks)
(ii) Advise Alfred and Edward King as to how long they must retain the records used in preparing their respective tax returns for the tax year 2013–14.
Note: You should ignore the possibility of HM Revenue and Customs carrying out a compliance check.