Sophie is self-employed and prepares accounts to 5 April. Her tax liabilities for 2014–15 areas follows: The two payments on account for the tax year 2014–15 are ￡3,240 each. No income tax has been deducted at source. What is the balancing payment which Sophia will have to make on 31 January 2016?

1 .Vanessa and Josh have traded in partnership for several years, preparing accounts to 30 Juneeach year. Phil was admitted to the partnership on 1 November 2014. What is the basis period for Phil’s share of the partnership profits for the tax year 2014–15?

A A Year to 30 June 2014 B B 1 November 2014 to 5 April 2015 C C Year to 30 June 2015 D D 1 November 2014 to 31 October 2015

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2 .From 6 April 2011 Edward was provided with a home entertainment system by his employer.The home entertainment system had been purchased on 6 April 2011 for ￡5,200. Thecompany gave the home entertainment system to Edward on 6 April 2014 for no charge,although its market value at the time was ￡1,900. What is Edward’s taxable benefit in respect of the acquisition of the homeentertainment system for the tax year 2014–15?

A A Nil B B ￡1,040 C C ￡1,900 D D ￡2,080

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3 .During the tax year 2014–15, Arkady received bank interest of ￡13,780 (net). He is entitledto the personal allowance of ￡10,000. What amount of income tax is payable/refundable for the tax year 2014–15?

A A ￡3,445 payable B B ￡1,157 payable C C Nil D D ￡2,288 refundable

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4 .From 6 April 2014 Samuel was provided with living accommodation valued at ￡143,000. Hisemployer had purchased the property in 2007 for ￡89,000. The annual value of the propertyis ￡4,600. What is Samuel’s taxable benefit in respect of the living accommodation provided forthe tax year 2014–15?

A A ￡2,210 B B ￡4,600 C C ￡6,810 D D ￡9,247

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5 .Shaun commenced self-employment on 1 January 2015, preparing accounts to 30 April.On 1 February 2015 he purchased a motor car with CO2 emission rate of 155 grams perkilometre for ￡18,750. 40% of the mileage is for private journeys. What is the maximum amount of capital allowance which Shaun can claim in respect ofthe motor car for the period ended 30 April 2015?

A A ￡300 B B ￡500 C C ￡675 D D ￡900

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7 .On 18 September 2014 Gregory sold 25,000 ￡1 ordinary shares in Daub Ltd, an unquotedtrading company, for ￡240,000. The shares had been given to Gregory by his father, Derek,on 10 June when the market value was ￡200,000. Derek had subscribed for the shares at paron 1 July 2004. Derek and Gregory elected to hold over the gain as a gift of a business asset.Gregory made no other capital disposals in 2014–15.What is Gregory’s taxable gain in respect of the sale of the shares?

A A Nil B B ￡29,000 C C ￡204,000 D D ￡215,000

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8 .The corporation tax computation of Gullible Ltd for the year ended 31 March 2015 shows thefollowing:Gullible Ltd has one 100% subsidiary company.What amount of marginal relief can be applied in the calculation of Gullible Ltd’scorporation tax payable for the year ended 31 March 2015?

A A ￡770 B B ￡814 C C ￡824 D D ￡2,543

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9 .During the tax year 2014–15, Roman made the following cash gifts to his grandson, Stephen:Assuming Roman always utilises his annual exemption against other gifts, which of theabove gifts will be exempt from inheritance tax?

A A 1 and 4 B B 2 and 3 C C 1 and 3 D D 2 and 4

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10 .On 29 October 2014, Jennifer made a cash gift to a trust of ￡650,000 (after deducting allavailable exemptions).Her only previous chargeable transfer was made in January 2009 and had a gross value (afterexemptions) of ￡125,000.What amount of inheritance tax is payable in respect of Jennifer’s gift to the trust on 29October 2014?

A A ￡81,250 B B ￡90,000 C C ￡112,500 D D ￡162,500

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