Incorrect questions

Question 1

what is the late payment fee for corp tax

Answer 1

3.25% for the full year

Question 2

what is the profit threshold for a large company

Answer 2

1,500,000

Question 3

when does a large company have to pay tax in installments

Answer 3

in the second year of being a large company

Question 4

is VAT a capital or revenue tax

Answer 4

neither

Question 5

is inheritance a capital or revenue tax

Answer 5

capital

Question 6

is NI a capital or revenue tax

Answer 6

revenue

Question 7

what dividends must be added to the total profits of a company

Answer 7

any recieved from unconnected companies and companies you have less than 51% share in

Question 8

what type of year is income tax liability calculated

Answer 8

fiscal years

Question 9

who is VAT administered by

Answer 9

HMRC

Question 10

what is the rent a room relief

Answer 10

its annual allowance is 7500

Question 11

is staff entertainment an allowable expense

Answer 11

yes

Question 12

does a car being used for private use by an employee affect the WDA

Answer 12

NO

Question 13

does a car being used for private use by the owner of the business affect the WDA

Answer 13

yes

Question 14

do premises qualify for any capitl allowances

Answer 14

no

Question 15

is AIA available for motor cars

Answer 15

no

Question 16

is AIA time apportioned

Answer 16

yes

Question 17

is FYA time apportioned

Answer 17

no

Question 18

do all partners in a partnership have to use the same relief

Answer 18

no

Question 19

two types of income which are exempt from income tax

Answer 19

premium bond prizes

dividends on shares held in an ISA

Question 20

what is the average method for calculating loan methof

Answer 20

(beginning balance + end balance of loan) x 2.5%

Question 21

when calculating the average method for loan benefit, what must you do if the ending balance is 0

Answer 21

use the balance before the previous repayment

Question 22

how must you calculate the loan benefit if an employer loans an employee money

Answer 22

calculate strict and average

Question 23

do employee contributions count towards the allowance

Answer 23

yes

Question 24

how long can the annual pension allowance be carried forward for

Answer 24

3 years

Question 25

is the annual allowance for pensions available if they are not a member of a pension scheme

Answer 25

no

Question 26

what happens if tax relievable pension contributions exceed the annual allowance

Answer 26

theres a charge to income tax

Question 27

what is the annual pension allowance

Answer 27

40000

Question 28

when do you need to taper the pension allowance

Answer 28

when someone earns over 40000

Question 29

what is the rent a room relief

Answer 29

if you rent out a room in your house, there is 7500 annual allowance

Question 30

do you need to add back customer entertainment to profit

Answer 30

yes

Question 31

how do you calculate amount needed to be deducted from premium from a lease

Answer 31

premium amount x 2% x (y`ears of premium - 1)

Question 32

when can overlap profits be relieved

Answer 32

against trading income on cessation

Question 33

ij rob related accom cost the employer more than 75000 what must you do

Answer 33

cost - 75000 *2.5%

Question 34

what is the fuel benefit

Answer 34

emission rate * 24100

Question 35

is staff entertainment an allowable expense

Answer 35

yes

Question 36

does integral features go in the special rate pool

Answer 36

yes

Question 37

what is the cap on trading losses relieved against total income

Answer 37

higher of 50000 or 25% of total income

Question 38

if you pass the future VAT test on the 30th july when do you need to inform HMRC

Answer 38

29th august

Question 39

if you pass the future VAT test on the 30th july when is your registration effective from

Answer 39

30th july

Question 40

who has to disclose use of a tax avoidance scheme

Answer 40

taxpayer and promoter

Question 41

if an individual is in business, when must they keep any income records until

Answer 41

5th anniversary

Question 42

how much is the residence nil rate band

Answer 42

lower or 150000 or value of property

Question 43

who is the residence nil rate band available to

Answer 43

direct descendants only

Question 44

how much a house be gifted if you want to use the residence nil rate band

Answer 44

150000

Question 45

when can you claim relief on impairment loss for vat

Answer 45

when the invoice was due for payment at least 6 months prior

Question 46

what is the annual exempt amount for chargeable gains

Answer 46

12000

Question 47

what is an exempt long service award

Answer 47

have to have a period of service for at least 20 years and the award cannot be more than £50 per year

Question 48

how can a loan be tax exempt

Answer 48

under 10000 in a year

Question 49

how many years is exempt for PPR for the house to be unoccupied for no reason

Answer 49

3 years

Question 50

what happens when a depreciating asset is purchased to replace a non depreciating asset

Answer 50

the gain on the sale is deferred until the earlier of: sale of depreciating asset or ceasing to use depreciating asset or 10 years after purchase of depreciating asset

Question 51

what are gains subject to entrepreneurs relief taxed at

Answer 51

10%

Question 52

Annual exempt amount

Answer 52

12000

Question 53

if you have a gain subject to entrepreneurs relief, should you use the AE on it

Answer 53

no

Question 54

when is the earliest date you can make an acquisition for a new qualifiying business asset

Answer 54

12 months before disposal

Question 55

when is the latest date you can make an acquisition for a new qualifiying business asset

Answer 55

3 years after disposal

Question 56

when can you claim your spouses unused nil rate band by

Answer 56

2 years from end of the death of the second partner ( not first )

Question 57

are savings included in your chargeable estate

Answer 57

yes

Question 58

when must a trustee of the trust make the inheritance payment

Answer 58

end of the 9 months after death