Test Your Tax Trivia

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| By Lilyhowes
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Lilyhowes
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Quizzes Created: 4 | Total Attempts: 4,388
| Attempts: 341
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  • 1/10 Questions

    When does the tax year for corporations run between?

    • 6 April to 2 March
    • 3 April to 2 March
    • 1 April to 31 March
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About This Quiz

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.

Taxation Quizzes & Trivia

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  • 2. 

    When does the tax year for individual taxpayers run between?

    • 1 April to 31 March

    • 6 April to 5 April

    • 3 April to 2 March

    Correct Answer
    A. 6 April to 5 April
    Explanation
    The tax year for individual taxpayers runs from 6 April to 5 April. This is based on the UK tax year, which begins on 6 April and ends on 5 April of the following year. This specific period is chosen because it aligns with the start of the financial year and allows for a consistent and standardized timeframe for tax calculations and reporting.

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  • 3. 

    James files his tax return on 1 February, what penalty does he incur?

    • Imprisonment

    • 5% of the tax due

    • £100

    Correct Answer
    A. £100
    Explanation
    James incurs a penalty of £100 for filing his tax return on 1 February. This penalty is likely for filing the tax return after the deadline or late submission.

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  • 4. 

    What is the latest date an online tax return can reach HMRC?

    • 31 January at midnight

    • 31 October at midnight

    • 31 December at midnight

    Correct Answer
    A. 31 January at midnight
    Explanation
    The latest date an online tax return can reach HMRC is 31 January at midnight. This is the deadline for submitting self-assessment tax returns in the UK. It is important to submit the tax return by this date to avoid any penalties or late filing fees.

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  • 5. 

    Natalia’s tax code is 117L, what does this mean?

    • She is entitled to the basic Personal Allowance and £1,170 must be taken away from her total taxable income

    • She is entitled to the full Personal Allowance and £1.17 must be taken away from her total taxable income

    • She is entitled to the basic Personal Allowance and £117 must be taken away from her total taxable income

    Correct Answer
    A. She is entitled to the basic Personal Allowance and £1,170 must be taken away from her total taxable income
    Explanation
    The tax code 117L indicates that Natalia is entitled to the basic Personal Allowance, which means she can earn a certain amount of income without paying any tax. In this case, £1,170 must be deducted from her total taxable income before calculating her tax liability.

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  • 6. 

    What is the latest date a paper tax return can reach HMRC?

    • 31 December at midnight

    • 31 January at midnight

    • 31 October at midnight

    Correct Answer
    A. 31 October at midnight
    Explanation
    The correct answer is 31 October at midnight. This is the latest date that a paper tax return can reach HMRC. After this date, paper tax returns will not be accepted. It is important to submit the tax return before the deadline to avoid any penalties or late fees.

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  • 7. 

    How much has the tax-free allowance increased by for the next year (2014-15) for people born after 5 April 1948? 

    • £590

    • £560

    • £520

    Correct Answer
    A. £560
    Explanation
    In 2013/14 the allowance was £9,440 but it has now been increased to £10,000

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  • 8. 

    Vashil is a self-employed accountant and makes an annual profit of £28,450. How much National Insurance does he pay?

    • £2.75 a week

    • £2.75 a week and 9% of profits between £7,956 and £41,865

    • £2.75 a week 9% of profits between £7,956 and £41,865 and 2% over that amount

    Correct Answer
    A. £2.75 a week and 9% of profits between £7,956 and £41,865
    Explanation
    Vashil pays £2.75 a week for National Insurance. In addition to that, he also pays 9% of his profits between £7,956 and £41,865. This means that he pays 9% of the portion of his profit that falls within this income range.

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  • 9. 

    Which tax generates the most revenue for the UK government each year?

    • Income tax

    • Value added tax

    • Corporation tax

    Correct Answer
    A. Income tax
    Explanation
    Income tax generates the most revenue for the UK government each year. This is because income tax is a tax imposed on individuals and businesses based on their income or profits. As the UK has a progressive income tax system, higher earners pay a higher percentage of their income in taxes. This allows the government to generate a significant amount of revenue from income tax, making it the largest source of tax revenue in the country.

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  • 10. 

    Marie earns £50,000 a year, on what slice of her income does she pay 40% income tax?

    • £8,135

    • £8,120

    • £8,240

    Correct Answer
    A. £8,135
    Explanation
    The personal allowance for 2014-15 is £10,000. Therefore Marie’s taxable income equals £40,000. According to the 2014/15 rates £31,865 of Marie’s income will be taxed at 20% so that leaves £8,135 taxed at 40%.

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Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 26, 2014
    Quiz Created by
    Lilyhowes
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