Test Your Tax Trivia
As the new tax year begins, have you brushed up on the new rates and thresholds introduced this financial year? Put your knowledge – and memory – to the test.
- 1.How much has the tax-free allowance increased by for the next year (2014-15) for people born after 5 April 1948?
- A.
£590
- B.
£560
- C.
£520
- 2.Marie earns £50,000 a year, on what slice of her income does she pay 40% income tax?
- A.
£8,135
- B.
£8,120
- C.
£8,240
- 3.What is the latest date a paper tax return can reach HMRC?
- A.
31 December at midnight
- B.
31 January at midnight
- C.
31 October at midnight
- 4.What is the latest date an online tax return can reach HMRC?
- A.
31 January at midnight
- B.
31 October at midnight
- C.
31 December at midnight
- 5.Vashil is a self-employed accountant and makes an annual profit of £28,450. How much National Insurance does he pay?
- A.
£2.75 a week
- B.
£2.75 a week and 9% of profits between £7,956 and £41,865
- C.
£2.75 a week 9% of profits between £7,956 and £41,865 and 2% over that amount
- 6.James files his tax return on 1 February, what penalty does he incur?
- A.
Imprisonment
- B.
5% of the tax due
- C.
£100
- 7.Natalia’s tax code is 117L, what does this mean?
- A.
She is entitled to the basic Personal Allowance and £1,170 must be taken away from her total taxable income
- B.
She is entitled to the full Personal Allowance and £1.17 must be taken away from her total taxable income
- C.
She is entitled to the basic Personal Allowance and £117 must be taken away from her total taxable income
- 8.Which tax generates the most revenue for the UK government each year?
- A.
Income tax
- B.
Value added tax
- C.
Corporation tax
- 9.When does the tax year for individual taxpayers run between?
- A.
1 April to 31 March
- B.
6 April to 5 April
- C.
3 April to 2 March
- 10.When does the tax year for corporations run between?
- A.
6 April to 2 March
- B.
3 April to 2 March
- C.
1 April to 31 March
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