Module 5

Question 1

What is the Gig Economy?

Answer 1

A labour market characterised by the prevalence of short term contracts or freelance work as opposed to permanent jobs.

Question 2

What are the advantages of choosing an accounting date earlier in the tax year?

Answer 2

1) A longer interval between earning profits and paying tax on these profits

2) A longer time span in which to prepare accounts

3) Tax return can be completed using actual figures rather than estimates