单选题Lorna has the choice of being either employed or self-employed. If employed, Lorna’s gross annual salary for the tax year 2014–15 will be ￡36,000. If self-employed, Lorna’s trading profit for the year ended 5 April 2015 will be ￡36,000. How much more national insurance contributions will Lorna suffer for the tax year 2014–15 if she chooses to be employed rather than self-employed?

单选题Tett Ltd is a qualified software enterprise set up in Chengdu

单选题TAX RATES AND ALLOWANCES The following tax rates and allowances are to be used in answering the questions. Individual income tax Entrepreneurs who receive production or operation income derived from private industrial or commercial enterprises Individual service income Before tax income Rate Quick deduction factor (RMB) (RMB) Up to and including 20,000 20% 0 Over 20,000 to 50,000 30% 2,000 Over 50,000 40% 7,000 Allowance each time for individual service income, income from manuscripts, royalties and rental of property RMB4,000 and below RMB 800 Over RMB4,000 20% Income from manuscripts, royalties, interest, dividends, rental of property, transfer of property, incidental income and other income 20% Donations of individuals Limited to: 30% of the taxable income; or 100% if the donation is made to certain funds approved by the government Value added tax (VAT) Rate For importation of goods depending on the itemised goods 17%/13% For small-scale taxpayers and simplified method 3% For general taxpayers for the sale of itemised goods, processing, and repairing 17% for the sale or import of itemised goods 13% input tax credit for agricultural products 13% VAT pilot programme Industries Rate Transportation, postal and certain telecom services 11% RD and technical services, IT services, cultural and innovation services, logistics auxiliary services, attestation and consulting services, and broadcasting, film and television services, certain telecom services 6% Tangible movable property leasing services 17% Note: The above rates are based on the pilot rules published by 30 September 2014. The new rules effective from 1 October 2014 are not examinable in the 2015 exams. Business tax Industries Rate Construction, culture and sports 3% Finance and insurance, services, transfer of intangible property, sale of immovable property 5% Entertainment 5%~20% Exchange rate USD1 = RMB

单选题Alice is in business as a sole trader. On 13 May 2014, she sold a freehold warehouse for ￡184,000, and this resulted in a chargeable gain of ￡38,600. Alice purchased a replacement freehold warehouse on 20 May 2014 for ￡143,000.Where possible, Alice always makes a claim to roll over gains against the cost of replacement assets. Both buildings have been, or will be, used for business purposes by Alice. What is the base cost of the replacement warehouse for capital gains tax purposes?

单选题Which classes of national insurance contribution is an employer responsible for paying?

单选题Smell Fast Food (SFF) is a small-scale taxpayer for value added tax (VAT) purposes

单选题For the tax year 2013–14, Willard filed a paper self-assessment tax return on 10 August 2014. What is the deadline for Willard to make an amendment to his tax return for the tax year 2013–14, and by what date will HM Revenue and Customs (HMRC) have to notify Willard if they intend to carry out a compliance check into this return? Amendment Compliance check

单选题For the year ended 30 June 2014, Forgetful Ltd had a corporation tax liability of ￡166,250, which it did not pay until 31 July 2015. Forgetful Ltd is not a large company. How much interest will Forgetful Ltd be charged by HM Revenue and Customs (HMRC) in respect of the late payment of its corporation tax liability for the year ended 30 June 2014?

单选题Which of the following statements correctly explains the difference between tax evasion and tax avoidance?

单选题Rust Ltd lost some inventory during a snowstorm in January 2018

单选题On 31 March 2015, Jessica sold a copyright for ￡28,800. The copyright had been purchased on 1 April 2009 for ￡21,000 when it had an unexpired life of 15 years. What is Jessica’s chargeable gain in respect of the disposal of the copyright?

单选题Heng is a wealthy 45 year old who would like to reduce the potential inheritance tax liability on her estate when she dies. Which of the following actions will NOT achieve Heng’s aim of reducing the potential inheritance tax liability on her estate when she dies?

单选题Mammoth Ltd commenced trading on 1 January 2012. The company’s augmented profits have been as follows: Period ￡ Year ended 31 December 2012 524,000 Year ended 31 December 2013 867,000 Year ended 31 December 2014 912,000 Throughout all of these periods, Mammoth Ltd had one associated company. What is the first year for which Mammoth Ltd will be required to pay its corporation tax liability by quarterly instalments?

单选题Violet Ltd provides one of its directors with a company motor car which is used for both business and private mileage.For the quarter ended 31 March 2015, the total cost of petrol for the car was ￡600, of which 30% was for private use by the director. The relevant quarterly scale charge is ￡408. Both these figures are inclusive of value added tax (VAT). What output VAT and input VAT entries will Violet Ltd include on its VAT return for the quarter ended 31 March 2015 in respect of the company motor car?

单选题What is the statute of limitation on the collection of taxes underpaid concerning tax evasion and transfer pricing adjustments respectively? Tax evasion Transfer pricing

单选题Quinn will not make the balancing payment in respect of her tax liability for the tax year 2013–14 until 17 October 2015. What is the total percentage of penalty which Quinn will be charged by HM Revenue and Customs (HMRC) in respect of the late balancing payment for the tax year 2013–14?

单选题Mr Wu and Ms Yu are partners in a partnership business providing consultancy services sharing profits equally

单选题Which of the following are NOT deducted when calculating the value of a person’s chargeable estate for inheritance tax purposes? (1) An outstanding repayment mortgage (2) Funeral expenses (3) An outstanding interest-only mortgage (4) An outstanding endowment mortgage (5) A verbal promise to pay a friend’s debt (6) Credit card debts

单选题Arthur Ltd is a monthly taxpayer for value added tax (VAT) and the withholding agent in respect of individual income tax (IIT) for its employees

单选题Weke Ltd acquired land use rights for RMB100 million from the local government on 1 January 2000 and from this date, the land was idle