COM23172 - Assessing: CTSA assessments: revenue determinations: Example 1
Example 1Â
A large company with an established tax
history makes up its accounts to 31 December annually. Its first Accounting Period (AP) is from 01/01/2019 to 31/12/2019 and COTAX identifies it as a 바카라 사이트˜Potential바카라 사이트™
Quarterly Payer.Â
In January 2020, COTAX:Â
-
c
reates the next AP from 01/01/2020 to 31/12/2020Â -
s
ets the Quarterly Payer signal to 바카라 사이트˜Potential바카라 사이트™ based on the value of the signal for the previous APÂ -
i
ssues instalment payslips from June 2020 for the AP ending 31/12/2020Â
In December 2020:Â
-
t
he company delivers its return and self assessment for the AP 01/01/2019 to 31/12/2019 with no entry in the Quarterly Instalment Payments box -
COTAX
processing automatically changes the value of the Quarterly Payer signal from
바카라 사이트˜Potential바카라 사이트™ to 바카라 사이트˜No바카라 사이트™ for the AP ended 31/12/201
9Â
Please note that:Â COTAX
does not amend the signal for AP ended 31/12/2020 from 바카라 사이트˜Potential바카라 사이트™ to 바카라 사이트˜No바카라 사이트™. That AP
keeps its inherited value until it is changed manually, or by the capture of a
return for that periodÂ
In July 2022:Â
-
t
he AP ended 31/12/2020 appears on the Determination Required No Return List (DRNR) as the company has not delivered its return -
t
he Technical Caseworker decides to make a Revenue Determination for the APÂ
After reviewing the company바카라 사이트™s record and
previous history, the Technical Caseworker uses Function RAMA (Record/Amend
Assessment) to estimate the company바카라 사이트™s profits at £525,000. This exceeds
the upper limit, as reduced by 1 plus the number of associated companies shown
in the 2019
return. The Technical Caseworker changes the Quarterly Payer signal from
바카라 사이트˜Potential바카라 사이트™ to 바카라 사이트˜Yes바카라 사이트™.Â
COTAX compares the determination figures with the value of the Quarterly Payer signal and displays a warning message, 바카라 사이트˜The figures entered indicate that the QP signal for this AP is incorrect바카라 사이트™.Â
It does that because COTAX has no information
about franked investment income or associated companies, unless you have
activated the [Switch to Full] button on screen COT122N to see the 바카라 사이트˜full바카라 사이트™ form
and entered information such as the number of associated companies as shown in
the 2019
return.Â
The Technical Caseworker confirms the Quarterly Payer status as 바카라 사이트˜Yes바카라 사이트™ and finishes making the Revenue Determination with Function RAMA.Â
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