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The Technical Quiz: 31 October

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions.

The following questions all relate to business taxes.


QUESTION 1

Which of the following would never be subject to corporation tax?

A) A charity

B) Tractor Ltd

C) The local working men’s club

D) The ABC Partnership

QUESTION 2

If a company makes a loss in its final year of trading, how can this loss be relieved?

A) Against profits of the current year

B) Against profits made in all or any of the previous three years 

C) Against profits made in all or any of the previous five years

D) Against profits made in all or any of the previous seven years

 

QUESTION 3

By when must a small company pay any corporation tax due?

A) 12 months after the end of the end of the accounting period

B) 6 months and 5 days after the end of the accounting period

C) 7 months and one day after the end of your accounting period

D) 9 months and one day after the end of your accounting period

QUESTION 4

A company cannot have an accounting period which is longer than:

A) 2

B) 12 months

C) 18 months

D) 22 months

QUESTION 5

Certain machinery bought for use in the business is subject to what:

A) Capital allowances

B) A wear and tear allowance

C) The cost is deducted from the profits

D) All of the above

_________

Answers

1 D
2 B
3 D
4 B
5 A

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