IN CLASS TEST

Question 1

married couples joint income

Answer 1

split

Question 2

Personal allowance below £100,000

Answer 2

£11,500

Question 3

Personal Allowance above £100,000

Answer 3

is 0.5 of anything above £11,500

Question 4

Personal Allowance above £123,000

Answer 4

is £nil

Question 5

Income Tax Basic Rate

Answer 5

20% up to £33,500

Question 6

Income Tax Higher Rate

Answer 6

40% between £33,500 and £150,000

Question 7

Income Tax Additional Rate

Answer 7

45% above £150,000

Question 8

Personal Savings Allowance

Answer 8

BR - £1,000, HR - £500, AR - £nil

Question 9

Dividends Tax Exemption

Answer 9

First £5,000 isnt taxed

Question 10

Dividend Tax

Answer 10

BR - 7.5%, HR - 32.5%, AR - 38.1%

Question 11

Company Debenture

Answer 11

is * 100/80 and 20% is added back

Question 12

Gift Aid Donation

Answer 12

treated as net and 20% is collected from the government

Question 13

Lease Premium

Answer 13

P * (L-1) * 2%

Question 14

Self Employed Taxable Income

Answer 14

Start with net profit, add back non allowable expenses and deduct non trading income

Question 15

Expensive Living Accommodation

Answer 15

interest% * (money spent on property - 75000) * months

Question 16

Assets taxed at

Answer 16

20%

Question 17

Mileage

Answer 17

45p up to 1,000. Anything Above is 25p mile

Question 18

CO2 emissions maximum

Answer 18

37%

Question 19

Diesel Cars Supplement

Answer 19

3%

Question 20

Fuel for private use

Answer 20

% * 22,600 * Months

Question 21

CO2 emissions

Answer 21

50 - 9%, to 75 - 13%, to 94 - 15%, 95+ 18%

Question 22

Class 1

Answer 22

12 % of employees income

Question 23

Class 2

Answer 23

Self employed flat rate £2.58 pw

Question 24

Class 4

Answer 24

Self employed percentage

8164-45000 9% then 12%

Question 25

Class 3

Answer 25

Unemployed voluntary

Question 26

Exempt from CGT

Answer 26

motor cars, chattels less than 6000, gilt edged securities, premium bonds and winnings

Question 27

CGT Annual Exemption

Answer 27

£11,300

Question 28

Capital Gains Taxed

Answer 28

10% or 20%

Question 29

Residential Properties Taxed

Answer 29

18% or 28%

Question 30

Allowable Expenditure (this is subtracted)

Answer 30

acquisition cost, legal fees, enhancement costs

Question 31

Part disposal of Asset

Answer 31

A/A+B
A= disposal value
B=value of part remaining

Question 32

disposal value =

Answer 32

sales proceeds

Question 33

gifted assets

Answer 33

market value is used

Question 34

Chattel exemption is lower of

Answer 34

chargeable gain or

5/3 * (gross proceeds - 6000)

Question 35

always work out property chargeable gain first, then

Answer 35

subtract annual exemption and any losses

Question 36

market value of shares =

Answer 36

lowest price + 0.5( difference between higher and lower price)

Question 37

PPR =

Answer 37

whole gain * length of residence/ length of ownership

Question 38

letting relief is lowest of

Answer 38

40,000 or PPR or gain on property

Question 39

part disposal of land

Answer 39

cost * proceeds/ proceeds + remaining

Question 40

last 18 months

Answer 40

of a property count if its been the main residence at some point

Question 41

Main pool

Answer 41

18%

Question 42

Special rate pool

Answer 42

8%

Question 43

Capital allowance first 200,000

Answer 43

is annual investment allowance

Question 44

cars > 130

Answer 44

are in the special rate pool

Question 45

mortgage is taxed at

Answer 45

75%

Question 46

for cars always use

Answer 46

list price

Question 47

government gilts or bonds are

Answer 47

value * 100/80

Question 48

PA over 100,000

Answer 48

11500-(salary-100,000)/2

Question 49

gift aid donations

Answer 49

subtract before work out PA and extend basic rate when working out tax liability

Question 50

less tax paid at source

Answer 50

PAYE, 20% of gment gilts and 20% of 25% of loans and mortgage

Question 51

add disallowed expenses (8)

Answer 51

drawings, cap expenditure, private use, bad debt, legal fees, depreciation, sale of assets, GAD

Question 52

less non trading income (3)

Answer 52

bank interest, property income, sale of NCA