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?

1 .Abdul’s tax liabilities for the tax years 2014–15 and 2015–16 are as follows: 2014–15 2015–16 ￡ ￡ Income tax payable 300 2,400 Class 4 national insurance contributions 320 1,260 Capital gains tax liability 240 0 ———— ———— 860 3,660 ———— ———— What payment on account will Abdul have to make on 31 July 2016 in respect of his tax liability for the tax year 2015–16?

A ￡310 B ￡1,830 C ￡430 D Nil

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2 .For the tax year 2015–16, what are the latest dates by which a taxpayer, who does not wish to incur a penalty, should file a self-assessment tax return on paper or online?

A Paper tax return 31 October 2016; Online tax return 31 January 2018 B Paper tax return 31 October 2016; Online tax return 31 January 2017 C Paper tax return 31 October 2017; Online tax return 31 January 2017 D Paper tax return 31 October 2017; Online tax return 31 January 2018

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3 .Mammoth Ltd commenced trading on 1 January 2013. The company’s profits have been as follows: Period ￡ Year ended 31 December 2013 524,000 Year ended 31 December 2014 867,000 Year ended 31 December 2015 912,000 Throughout all of these periods, Mammoth Ltd had one related 51% group company.What is the first year for which Mammoth Ltd will be required to pay its corporation tax liability by quarterly instalments?

A Year ended 31 December 2014 B None of the years ended 31 December 2013, 2014 or 2015 C Year ended 31 December 2015 D Year ended 31 December 2013

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4 .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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5 .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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7 .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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8 .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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9 .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?

A ￡30 B ￡60 C ￡65 D ￡360

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10 .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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