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”?
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?
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