Final important - POT

Question 1

VAT payments on account are … of prior year and made in…. month

Answer 1

1/24th of prior year
made in 2nd and 3rd month

Question 2

Overpayment relief can be claimed up to … years after the end of period of account / tax year

Answer 2

4 years

Question 3

VAT Points expire if not reached threshold …

Answer 3

2 years from the month after failure to submit

Question 4

VAT points reset if reached threshold when

Answer 4

all returns submitted in period of compliance (Tax tables)
all returns in last 24 months are now submitted

Question 5

HMRC can correct errors within … months of actual filing date

Answer 5

9 months

Question 6

Taxpayer can correct errors within …. months of normal submission date (31/1) or three months after return is issued

Answer 6

12 months

Question 7

Corporation tax records must be kept for … years after the end of accounting period

Answer 7

6 years

Question 8

Income and capital gains records must be kept for those in business until

Answer 8

5th anniversary of 31/1 after the TY

Question 9

Income and capital gains records must be kept by those not in business unitl

Answer 9

1 anniversary of 31/1 after the TY

Question 10

VAT records must be kept for

Answer 10

6 years

Question 11

Income tax and Class 4 NIC payments on account are made on
….
….
and balancing payment ….

Answer 11

31/1 in tax year
31/7 after tax year
balancing 31/1 after tax year
50% PY

Question 12

Voluntary payrolling available for all benefits aside from

Answer 12

living accommodation
beneficial loan

Question 13

Allowable / disallowable
Pension advice available to all employees < 500

Answer 13

Allowable

Question 14

allowable disallowable
Non cash gift from client < 250

Answer 14

allowable

Question 15

allowable / disallowable
1 medical check up pa

Answer 15

allowed

Question 16

Employer can pay PAYE quarterly if PAYE + NIC

Answer 16

are less than 1500

Question 17

Discovery assessment - HMRC can collect extra tax up to … years after POA / TY / VAT period for
not careless/deliberate errors

Answer 17

4 years

Question 18

Discovery assessment - HMRC can collect extra tax up to … years after POA / TY / VAT period for
careless

Answer 18

6 years

Question 19

Discovery assessment - HMRC can collect extra tax up to … years after POA / TY / VAT period for
deliberate errors

Answer 19

20 years

Question 20

On VAT registration a claim can be made for goods / capital items purchased in the last…years still hedl

Answer 20

4 years

Question 21

On VAT registration, a claim can be made for services within the last … month

Answer 21

6 months

Question 22

PAYE is due by the … of the ….
if you pay monthly

Answer 22

22nd of the next tax month

Question 23

PAYE is due by the … after the end of the …
if you pay quarterly

Answer 23

22nd after the end of the quarter

Question 24

HMRC can make an enquiry into a return submitted on time by

Answer 24

the first anniversary of actual submission date

Question 25

HMRC can open enquiry into return submitted after the due submission date...

Answer 25

the quarter day following the first anniversary of the actual submission date 31 Jan 30 April 31 July 31 October

Question 26

PAYE is payable...

Answer 26

17 days after the end of each tax month - 22nd april

Question 27

Interest on discovery assessments runs from ... to

Answer 27

due filing date until day before the tax is paid

Question 28

T/F A taxpayer must first apply for an internal review before making an appeal to the first tier tribunal

Answer 28

False - internal review is optional

Question 29

T/F A sole trader not in first year is required to make payments on account

Answer 29

True 31/1/23 31/7/23 31/1/24

Question 30

When an employee reaches state pension age the Class 1 NIC they pay

Answer 30

are no longer paid

Question 31

When an employee reaches state pension age the employer class 1 NIC

Answer 31

are still paid

Question 32

Voucher exchanged for cash taxable amount is

Answer 32

cash can be exchanged for

Question 33

Voucher for credit token / goods services

Answer 33

cost to employeer

Question 34

If accommodation rented by employer, benefit is the

Answer 34

higher of annual value and rent paid

Question 35

Taxable benefit/Non-taxable Heat and lighting Council tax and water Cleaning repairs maintenance and decoration

Answer 35

Taxable

Question 36

Asset available for private use Taxable/non-taxable

Answer 36

Taxable - annual value is 20% of MV asset when first provided for private use to any employee

Question 37

Taxable/exempt Trivial < £50 not cash or cash voucher and provided for non work reasons

Answer 37

exempt

Question 38

Taxable exempt Annual social events paid for up to £150 per head per tax year

Answer 38

Exempt if more than 150 whole amount is taxable

Question 39

Taxable/exempt Entertainment provided by third party

Answer 39

exempt

Question 40

Taxable/exempt non cash gift from third party up to £250 per tax year

Answer 40

exempt

Question 41

Taxable exempt awards up to 5k made under staff suggestion scheme

Answer 41

exempt

Question 42

Taxable/exempt Personal incidental expenses while required to stay away overnight £5/night UK 10/night abraod

Answer 42

exempt

Question 43

Taxable/exempt reasonable removal expenses up to 8000

Answer 43

Exempt

Question 44

trading profits allow/disallow Gifts of trade samples

Answer 44

allowable

Question 45

trading profits allow/disallow Gifts to customers incorporation conspicuous advertisement not food drink tobacco or vouchers and total cost < £50

Answer 45

allowable

Question 46

trading profits allow/disallow Gifts to employees

Answer 46

Allowable

Question 47

trading profits allow/disallow Legal cost relating to renewing short term lease

Answer 47

allow

Question 48

trading profits allow/disallow Cost of registration of patent/copyright

Answer 48

allow

Question 49

trading profits allow/disallow Incidental cost of raising LT finance

Answer 49

allow

Question 50

Polluting car lease limit

Answer 50

above 50g/km

Question 51

Good taken for own use nothing recorded in accounts

Answer 51

add back selling price

Question 52

Good taken for own use treated as drawings at cost

Answer 52

add back profit

Question 53

Recourse factoring bad debts are …

Answer 53

Passed back to client

Question 54

Non recourse factoring Bad debts are

Answer 54

Not suffered by client, 100% bad debt insurance