Andre’s income tax liability of ￡12,000 which was due for payment on 31 January 2016 was not paid until 31 March 2016.How much interest will Andre be charged by HM Revenue and Customs in respect of the late payment of this income tax liability?

1 .During the year ended 31 March 2016, Luck Ltd received the following dividends: ￡ From unconnected companies 4,680 From a company in which Luck Ltd has a 80% shareholding 3,870 From a company in which Luck Ltd has a 45% shareholding 1,260 These figures are the actual cash amounts received.What is the amount of Luck Ltd’s franked investment income (FII) for the year ended 31 March 2016?

A ￡6,600 B ￡10,900 C ￡5,940 D ￡5,200

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2 .Bluish Ltd has prepared its corporation tax return for the year ended 31 March 2016. Jasmine, a sole trader for many years, has just finished preparing her accounts to 31 December 2015.To which dates must Bluish Ltd and Jasmine keep their business records in respect of the above periods?

A Bluish Ltd 31 March 2021; Jasmine 31 January 2022 B Bluish Ltd 31 March 2021; Jasmine 31 January 2023 C Bluish Ltd 31 March 2022 ; Jasmine 31 January 2022 D Bluish Ltd 31 March 2022; Jasmine 31 January 2023

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3 .Andrew has been trading for many years. His adjusted trading profits for the tax year 2015–16 are ￡25,000.What is the total amount of national insurance contributions payable by Andrew for the tax year 2015–16?

A ￡1,525 B ￡1,671 C ￡2,250 D ￡2,396

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4 .Lorna has the choice of being either employed or self-employed. If employed, Lorna’s gross annual salary for the tax year 2015–16 will be ￡36,000. If self-employed, Lorna’s trading profit for the year ended 5 April 2016 will be ￡36,000.How much more national insurance contributions will Lorna suffer for the tax year 2015–16 if she chooses to be employed rather than self-employed?

A ￡838 B ￡934 C ￡692 D ￡1,080

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5 .Landsend Ltd is a “small” company not required to pay corporation tax by instalments. It estimated its corporation tax liability for the year ended 31 December 2014 to be ￡90,000 and paid this on 1 November 2015. After filing the company’s return, the corporation tax liability was amended to ￡102,000. The company paid the ￡12,000 further tax due on 31 January 2016.How much is the interest on late paid tax?

A ￡90 B ￡120 C ￡225 D ￡345

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7 .Esther, a higher-rate taxpayer, submitted her tax return for the tax year 2015–16 on 1 December 2016.. She had omitted to include rental income of ￡18,000 because she did not want to disclose this source of income to HM Revenue and Customs (HMRC).In response to HMRC’s enquiries into her return Ethel made full disclosure of the rental income.What is the minimum amount of penalty that HMRC could charge Esther for her misdeclaration?

A ￡1,260 B ￡2,520 C ￡5,040 D ￡4,500

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8 .For the tax year 2014–15, Willard filed a paper self-assessment tax return on 10 August 2015.What is the deadline for Willard to make an amendment to his tax return for the tax year 2014–15, and by what date will HM Revenue and Customs (HMRC) have to notify Willard if they intend to carry out a compliance check into this return?

A Amendment 10 August 2016; Compliance check 31 January 2017 B Amendment 10 August 2016; Compliance check 10 August 2016 C Amendment 31 January 2017; Compliance check 10 August 2016 D Amendment 31 January 2017; Compliance check 31 January 2017

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9 .Quinn will not make the balancing payment in respect of her tax liability for the tax year 2014–15 until 17 October 2016.What is the total percentage of penalty which Quinn will be charged by HM Revenue and Customs (HMRC) in respect of the late balancing payment for the tax year 2014–15?

A 15% B 10% C 5% D 30%

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10 .For the year ended 30 June 2015, Forgetful Ltd had a corporation tax liability of ￡166,250, which it did not pay until 31 July 2016. Forgetful Ltd is not a large company.How much interest will Forgetful Ltd be charged by HM Revenue and Customs (HMRC) in respect of the late payment of its corporation tax liability for the year ended 30 June 2015?

A ￡1,801 B ￡2,909 C ￡5,403 D ￡1,662

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