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Since 2002 policy cues have been given using the income tax system to encourage the purchase of company and personal cars with low emissions. [15] [16] In March 2005, a graduated vehicle excise duty system, with tax bands based on CO 2 ratings, was introduced as an incentive to purchase vehicles with lower emission ratings. [17]
Under MTD, taxpayers will send HMRC summaries of their income and expenditure at least four times a year. HMRC says this will enable a more ongoing and accurate projection of tax due, as opposed to the current system of one tax bill at the end of the year. To do this, taxpayers will need to integrate their accounts with software in some way.
Tax returns must be completed by 31 January following the end of the relevant tax year for those who complete the tax return online and by 31 October following the end of the tax year for those who file by a paper return. Once registered, tax payers can submit their tax return online directly via the HMRC website, or from online platforms.
The tax year is sometimes also called the "fiscal year". A company's accounting year, which has some relevance for corporation tax purposes, can be chosen by the company and often runs from 1 April to 31 March, in line with the fiscal year. The British personal tax year runs from 6 to 5 April in the following year. [32]
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
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Up until 1999 no corporation tax was due unless HMRC raised an assessment on a company. Companies were, however, obliged to report certain details to HMRC so that the right amount could be assessed. This changed for accounting periods ending on or after 1 July 1999, when self-assessment was introduced. [192]
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