Which TWO of the following have legal force?(1) Revenue and Customs Brief(2) A Statutory Instrument(3) An Act of Parliament(4) An Extra Statutory Concession
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1 .Which one of the following is NOT true of entities in the charity sector?
A Their objective is to provide services to recipients and not to make a profit. B They have to be registered. C Their revenues arise mainly from contributions rather than sales. D They have only a narrow group of stakeholders to consider.
2 .Which one of the following is the main aspect in which public sector bodies differ from charities?
A Importance of budgeting B Funded by government C Performance measured by KPIs D No requirement to earn a return on assets
3 .Although the objectives and purposes of not-for-profit entities are different from those of commercial entities, the accounting requirements of not-for-profit entities are moving closer to those entities to which IFRSs apply.Which of the following IFRS requirements would NOT be relevant to a not-for-profit entity?
A Preparation of a statement of cash flows B Requirement to capitalise a leased asset C Disclosure of dividends per share D Disclosure of non-adjusting events after the reporting date
4 .Which of the following statements about a not-for-profit entity is valid?
A There is no requirement to calculate an earnings per share figure as it is not likely to have shareholders who need to assess its earnings performance. B The current value of its property, plant and equipment is not relevant as it is not a commercial entity. C Interpretation of its financial perfo...
5 .Which TWO of the following statements are true about inheritance tax?(1) It is an indirect tax.(2) It is a progressive tax.(3) It is an environmental tax.(4) It is a redistributive tax.
A 1 and 3 B 1 and 4 C 2 and 3 D 2 and 4
7 .F plc wishes to appeal against the assessment of ￡10,000,000 of corporation tax by HM Revenue and Customs.By whom is F plc’s appeal most likely to be heard?
A By the First Tier Tribunal B By the Upper Tribunal C By the Supreme Court D By the Court of Appeal
8 .Daren made a chargeable gain of ￡50,000 on 30 June 2016. This was Daren’s only disposal in the tax year 2016/17. He had previously paid his income tax through deduction at source so has not had to submit a self-assessment tax return.By what date must Daren notify HM Revenue and Customs (HMRC) of his chargeability to capital gains tax in relation to the gain made on 30 June 2016 and by what date must he pay the capital gains tax liability? Notification Payment
A 31 January 2018 31 January 2018 B 5 October 2017 31 January 2018 C 5 October 2017 31 July 2018 D 31 January 2018 31 July 2018
9 .Sarah received NS&I investment account interest of ￡5,300 in the tax year 2016/17 which she deliberately omitted from her self-assessment tax return for that tax year. She did not attempt to conceal the omission.HM Revenue and Customs (HMRC) discovered the error from records collected from NS&I and Sarah then made a prompted disclosure of the error. Sarah is a higher rate taxpayer and she had already used her savings income nil rate band on other income.What is the minimum penalty that HMRC may impose on Sarah in respect of this error?
A ￡742 B ￡1,484 C ￡424 D ￡1,855
10 .J plc is required to pay corporation tax by instalments. It had prepared accounts to 31 March each year but decided to prepare accounts for the 10 month period to 31 January 2017. J plc’s corporation tax liability for the period to 31 January 2017 was ￡500,000.What is the amount of the final instalment of corporation tax for the period ended 31 January 2017 and when is it due?
A ￡125,000 due on 1 November 2017 B ￡166,667 due on 14 January 2017 C ￡50,000 due on 14 May 2017 D ￡150,000 due on 14 May 2017
