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The Technical Quiz – 6 December

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

The Technical Quiz MM 480

Question 1: Harold owns a second property which is let out. He has opted to accept HMRC’s “wear and tear” allowance against his rental income. How much can he deduct each year against his rental income for “wear and tear”?

A) 5%

B) 10%

C) 15%

D) 25%

Question 2: If an individual fails to submit your self assessment form by 31st January he will suffer an automatic fine. How much is that fine?

A) £100

B) £200

C) £300

D) £500

Question 3: The system for deducting tax and national insurance from the earnings of an employee is known as?

A) Self assessment

B) Pay As You Go

C) Pay As You Earn

D) The Accruals basis

Question 4: Which of the following would be considered to be tax evasion?

A) Investing in a personalised portfolio bond

B) Opening a Swiss bank account

C) Artificially inflating deductions from self employed earnings

D) Transferring capital to a spouse

Question 5: The IR35 rules are anti-avoidance rules aimed at?

A) People from the Republic of Ireland

B) Those who operate through one person companies

C) Those who hold offshore bank accounts

D) The self-employed in the construction industry

Questions supplied by Technical Connection

_________

Answers
1 B
2 A
3 C
4 C
5 B

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