The following questions all relate to business taxes
Brick Ltd sold an investment property. What tax would be payable on any gain?
A) Income tax
B) Corporation tax
C) Capital Gains tax
D) Value Added Tax
Morris Ltd makes a £11,000 chargeable event gain on encashment of an offshore bond – how is this treated?
A) Under the capital gains tax rules
B) Under the chargeable event gain rules
C) Under the loan relationship rules
D) Under the investment income rules
A company cannot have a period of account which is longer than:
A) 6 months
B) 12 months
C) 18 months
D) 22 months
Which of the following would usually be deductible in arriving at a company’s profit figure?
A) Bank interest
B) Debenture income
C) Property income
D) Gift aid donations
Stuart is a director of Fringe Ltd. The company pays a nominal pension contribution on behalf of Stuart. How is this treated?
A) Corporation tax would be payable on the whole amount
B) The whole amount would normally be deductible for corporation tax purposes
C) The whole amount would not be deductible for corporation tax and will be subject to National Insurance Contributions
D) The amount would only be subject to National Insurance Contributions