Examinable Documents (Important Figures) (2)

Question 1

Approved mileage allowances for cars (up to 10000 miles)

Answer 1

45p

Question 2

Approved mileage allowances for cars (over 10000 miles)

Answer 2

25p

Question 3

Plant and machinery main pool rate of allowance (capital allowance)

Answer 3

18%

Question 4

Plant and machinery special ratepool rate of allowance (capital allowance)

Answer 4

6%

Question 5

New cars with zero CO2 emissions (capital allowances)?

Answer 5

100%

Question 6

Second-hand cars with zero CO2 emissions (capital allowances)?

Answer 6

18%

Question 7

CO2 emissions between 1 and 50 grams per kilometre (capital allowances)?

Answer 7

18%

Question 8

CO2 emissions over 50 grams per kilometre (capital allowances)?

Answer 8

6%

Question 9

Rate of allowance in annual investment allowance (capital allowances)?

Answer 9

100%

Question 10

Expenditure limit in annual investment allowance (capital allowances)?

Answer 10

£1000000

Question 11

Structures and buildings allowance straight line allowance (capital allowances)?

Answer 11

3%

Question 12

Revenue limit in cash basis accounting?

Answer 12

£150000

Question 13

Small profits rate for corporation tax (2021)

Answer 13

N/A

Question 14

Small profits rate for corporation tax (2022)

Answer 14

N/A

Question 15

Small profits rate for corporation tax (2023)

Answer 15

19%

Question 16

Main rate for corporation tax (2021)

Answer 16

19%

Question 17

Main rate for corporation tax (2022)

Answer 17

19%

Question 18

Main rate for corporation tax (2023)

Answer 18

25%

Question 19

Lower limit for corporation tax (2021)

Answer 19

N/A

Question 20

Lower limit for corporation tax (2022)

Answer 20

N/A

Question 21

Lower limit for corporation tax (2023)

Answer 21

£50000

Question 22

Upper limit for corporation tax (2021)

Answer 22

N/A

Question 23

Upper limit for corporation tax (2022)

Answer 23

N/A

Question 24

Upper limit for corporation tax (2023)

Answer 24

£250000

Question 25

Standard fraction for corporation tax (2021)

Answer 25

N/A

Question 26

Standard fraction for corporation tax (2022)

Answer 26

N/A

Question 27

Standard fraction for corporation tax (2023)

Answer 27

3/200

Question 28

Marginal relief equation?

Answer 28

(upper limit - augmented profits) * standard fraction * (taxable total profits/augmented profits)

Question 29

Profit threshold for quarterly instalments?

Answer 29

£1500000

Question 30

VAT standard rate?

Answer 30

20%

Question 31

VAT registration limit?

Answer 31

£85000

Question 32

VAT deregistration limit?

Answer 32

£83000

Question 33

Penalty for late VAT payments (up to 15 days)

Answer 33

None

Question 34

Penalty for late VAT payments (16 to 30 days)

Answer 34

2%

Question 35

Penalty for late VAT payments (30+ days)

Answer 35

4% plus a 4% daily penalty

Question 36

Cap on income tax reliefs?

Answer 36

Reliefs are capped at the higher of £50000 or 25% of income

Question 37

Nil rate band for inheritance tax?

Answer 37

£325000

Question 38

Residence nil rate band for inheritance tax?

Answer 38

£175000

Question 39

Rate of tax on excess for inheritance tax (lifetime rate)

Answer 39

20%

Question 40

Rate of tax on excess for inheritance tax (death rate)

Answer 40

40%

Question 41

Inheritance tax taper relief (More than 3 but less than 4 years before death)

Answer 41

20%

Question 42

Inheritance tax taper relief (More than 4 but less than 5 years before death)

Answer 42

40%

Question 43

Inheritance tax taper relief (More than 5 but less than 6 years before death)

Answer 43

60%

Question 44

Inheritance tax taper relief (More than 6 but less than 7 years before death)

Answer 44

80%