Test Your Tax Trivia

10 Questions | Total Attempts: 155

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Tax Quizzes & 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.


Questions and Answers
  • 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. 
    James files his tax return on 1 February, what penalty does he incur?
    • A. 

      Imprisonment

    • B. 

      5% of the tax due

    • C. 

      £100

  • 6. 
    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

  • 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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