If Thai Curry Ltd does not take up the offer of the internal review, what body is initially likely to hear its appeal?Complex track Standard track
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1 .Which TWO of the following statements about the use of the capital loss in the year ended 31 March 2018 are correct?(1) The capital loss can be carried back against chargeable gains made in the year ended 31 March 2017(2) The capital loss can be set against chargeable gains made in the year ended 31 March 2018(3) The capital loss can be set against total profits in the year ended 31 March 2018(4) The capital loss can be carried forward and set against the first available chargeable gains
A 1 and 2 B 1 and 3 C 2 and 4 D 3 and 4
2 .What is the date by which Thai Curry Ltd’s self-assessment corporation tax return for the year ended 31 March 2017 should be submitted?
A 31 December 2017 B 31 January 2018 C 31 March 2018 D 31 July 2018
3 .What is the total amount of late filing penalties that will be charged on Thai Curry Ltd if it submits its return for the year ended 31 March 2017 and pays the corporation tax due eight months late?
A ￡3,262 B ￡6,525 C ￡6,725 D ￡3,462
4 .How should Thai Curry Ltd’s corporation tax liability for the year ended 31 March 2017 be paid?
A ￡32,624 on 1 January 2018 B ￡11,000 on 31 January 2017 and 31 July 2017, ￡10,624 on 31 January 2018 C ￡8,156 on 14 October 2016, 14 January 2017, 14 April 2017 and 14 July 2017 D ￡5,500 on 14 October 2016, 14 January 2017 and 14 April 2017, ￡16,124 on 14 July 2017
5 .Which TWO of the following statements are correct about the internal review procedure?(1) An internal review is a less costly and more effective way to resolve disputes informally than a formalappeal.(2) The review is carried out by the HMRC officer who has previously dealt with the case.(3) HMRC must usually carry out the review within 45 days.(4) After the review conclusion is notified, the company cannot make a further appeal.
A 1 and 2 B 2 and 3 C 1 and 3 D 2 and 4
7 .Jerome is a value added tax (VAT) registered trader who received an order for goods with a 10% deposit on 18 August 2016. The goods were despatched on 26 August 2016 and an invoice was sent on 2 September 2016. The balancing 90% of the payment was received on 10 September 2016.What are the tax points for the deposit and the balancing payment if Jerome does not use the cashaccounting scheme? Deposit Balancing payment
A 18 August 2016 10 September 2016 B 26 August 2016 26 August 2016 C 18 August 2016 2 September 2016 D 2 September 2016 10 September 2016
8 .Alma runs a financial services business making exempt supplies. Barry runs a children’s clothing shop making zero rated supplies. Chris runs an adult clothing shop making standard rated supplies.Who is making taxable supplies and therefore can reclaim input VAT?
A Alma and Barry B Alma and Chris C Barry and Chris D Chris only
9 .L Ltd is registered for value added tax (VAT). On 1 January 2017 L Ltd purchased a motor car costing ￡18,400 (inclusive of VAT) for the use of its managing director for business and private purposes. The private use is estimated to be 40%. The managing director is provided with free petrol for business and private mileage which cost L Ltd ￡625 (exclusive of VAT). L Ltd wishes to use the fuel scale charge: the?relevant quarterly VAT inclusive scale charge is ￡361.What is L Ltd’s VAT repayment in respect of the motor car and the fuel for the quarter ended 31 March?2017?
A ￡1,905 B ￡3,132 C ￡65 D ￡44
10 .N Ltd prepared a value added tax (VAT) return for the quarter ended 31 May 2016 which showed net VAT payable of ￡2,500.By which dates should this return have been submitted to HM Revenue and Customs (HMRC) and the payment made to HMRC? Return submitted Payment
A 30 June 2016 30 June 2016 B 7 July 2016 7 July 2016 C 7 July 2016 30 June 2016 D 30 June 2016 7 July 2016
