COM1140 - Accounting periods: company accounting periods: superseded APs - late filing penalties

When an Accounting Period (AP) is superseded, there may be issues if it is potentially liable to penalties, or a penalty determination has already been charged.

If a case is in this position, COTAX gives a penalty determination warning when any of the following happen:

  • you amend the AP record using function MAPD (Maintain AP Dates)
  • the AP record is automatically amended when a date of liquidation and type of liquidation is entered in function ACTP (Amend CT Payer Details)
  • the AP record is automatically amended when a date of administration is entered in function ACTP
  • you enter new AP dates and successfully create a new AP using function LRTN (Log Return)

When you see the warning, read COM101140 before you take any action.

You can view penalty details for superseded and superseding APs using functions DAPD (Display AP Details) or function DPEN (Display Penalty Determination). These functions display the following details:

DAPD 

  • penalty stage reached, meaning that there is a potential liability to penalties
  • penalty stage charged, meaning that penalties have been determined
  • inhibit penalty indicator set - superseding AP

DPEN 

  • penalty made and issue dates
  • penalties charged

See:

  • COM1041 for a list of forms relevant to this subject
  • COM1021 for a list of functions to use in particular situations
  • COM1022 for legislation applying to this subject