Naomi is self-employed. For the year ended 5 April 2016 she made a trading loss of ￡110,000, having made a trading profit of ￡24,000 for the year ended 5 April 2015. Naomi also had employment income of ￡92,000 for the tax year 2014–15.What is the maximum loss relief claim which Naomi can make against her total income for the tax year 2014–15?

1 .Wan ceased trading on 31 December 2015, having been self-employed since 1 January 2003.On 1 January 2015, the tax written down value of her plant and machinery main pool was ￡6,200. On 10 November 2015, Wan purchased a computer for ￡1,600. All of the items included in the main pool were sold for ￡9,800 on 31 December 2015.What is the balancing charge which will arise upon the cessation of Wan’s trade?

A ￡4,716 B ￡3,404 C ￡2,000 D ￡3,600

题型: 单选题 提问时间: 2021-08-24

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2 .Frank has been trading for many years. His recent adjusted trading results are as follows: ￡ Year to 31 March 2014 Loss (17,500) Year to 31 March 2015 Profit 8,250 Year to 31 March 2016 Profit 11,150 The loss is not being relieved against other income or chargeable gains.What is Frank’s assessable trading income for the tax year 2015–16?

A ￡11,150 profit B ￡1,900 profit C ￡6,350 loss D Nil

题型: 单选题 提问时间: 2021-08-24

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3 .A claim to set a trading loss incurred in the tax year 2015–16 against total income must be made by what date?

A 5 April 2016 B 5 April 2017 C 31 January 2017 D 31 January 2018

题型: 单选题 提问时间: 2021-08-24

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4 .Aubrey has been in business for several years. His recent adjusted trading results are as follows: ￡ Year to 30 September 2014 Profit 14,900 Year to 30 September 2015 Loss (19,660) Aubrey has other income of ￡3,900 in the tax year 2014–15 and ￡5,100 in the tax year 2015–16.He wishes to claim maximum loss relief as soon as possible.What is Aubrey’s total income for the tax year 2014–15 (after loss reliefs but before deducting the personal allowance)?

A Nil B ￡3,900 C ￡14,900 D ￡18,800

题型: 单选题 提问时间: 2021-08-24

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5 .Which of the following statements about terminal loss relief is/are correct?(1) Any remaining overlap profits arising from the commencement of trade is deducted from the loss for the last 12 months.(2) This relief is given against trading profits of the tax year of permanent discontinuance and the three preceding tax years on a LIFO basis.

A 1 only B 2 only C Both 1 and 2 D Neither 1 nor 2

题型: 单选题 提问时间: 2021-08-24

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7 .Vanessa and Josh have traded in partnership for several years, preparing accounts to 30 June each year. Phil was admitted to the partnership on 1 November 2015.What is the basis period for Vanessa’s share of the partnership profits for the tax year 2015–16?

A Year to 30 June 2015 B 1 July 2014 to 31 October 2015 C 1 November 2015 to 5 April 2016 D Year to 30 June 2016

题型: 单选题 提问时间: 2021-08-24

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8 .Xavier and Yolanda have traded in partnership for several years. Their profit-sharing arrangements are: Xavier Yolanda Annual salaries ￡6,700 ￡4,400 4% interest on capital account balances of ￡33,000 ￡27,000 Profit-sharing ratio 2 1 The tax adjusted trading profits for the year ended 31 March 2016 were ￡42,300.What amount of profit will be allocated to Xavier for the year ended 31 March 2016?

A ￡27,220 B ￡27,500 C ￡27,920 D ￡28,200

题型: 单选题 提问时间: 2021-08-24

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9 .Larimar and Amber have been in partnership for many years. The partnership agreement allocates partners’ interest at 5% annually on capital invested. The balance of any profits is shared 35% to Larimar and 65% to Amber.On 31 December 2015 Larimar’s capital account had a balance of ￡36,000 and Amber’s balance was ￡24,000. For the year ended 31 December 2015 the partnership had a tax adjusted trading profit of ￡120,000.What is the amount of Larimar’s trading profit for the tax year 2015–16?

A ￡42,750 B ￡43,000 C ￡41,350 D ￡40,950

题型: 单选题 提问时间: 2021-08-24

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10 .Cate and Dani have traded in partnership for several years. Their profit-sharing arrangements are: Cate Dani Annual salaries ￡5,000 ￡4,000 6% interest on capital account balances ￡35,000 ￡20,000 Profit-sharing ratio 3 2 Adjusted trading profits for the year ended 31 March 2016 were ￡33,000.What amount of profit will be allocated to Dani for the year ended 31 March 2016?

A ￡13,200 B ￡13,080 C ￡13,480 D ￡13,600

题型: 单选题 提问时间: 2021-08-24

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