Finance for Students UK

Where is the Bank of England

• Threadneedle St, London

• City Street, London

• Peoples Square, West London

• Westminster, London

What does HMRC do?

• Takes money from the Government and gives it to the people

• Takes money from the People and gives it to the Government

• Speculates on international money markets

• It helps banks save our money

What is Interest when considering your finances

• It is how much money the HMRC deducts from your salary

• It is the money you save buy purchasing online

• It is the money you make when winning the lottery

• It is what you earn when you save or what you pay if you borrow

Which one of these is a criminal offence

• Not doing what your teacher asks you to do

• Trying to use tax laws to reduce what you pay in tax

• Trying to evade legislation which governs tax

• Not paying tax from your Saturday job

Which of these are examples of tax avoidance (select all correct answers please!)

• Paying the decorator in cash for doing up your house

• Saving money in an ISA (Independent Savings Account)

• Not declaring all your earnings to the HMRC

• Paying lower tax offshore (in another country)

Which of these are examples of tax evasion (select all correct answers please!)

• Paying the decorator in cash for doing up your house

• Saving money in an ISA (Independent Savings Account)

• Not declaring all your earnings to the HMRC

• Paying lower tax offshore (in another country)

What is Compound Interest

• It is what what a Bank charges you when you save money with them and keep your savings and interest with them year after year

• It is what what a Bank charges you when you borrow money from them and and do not pay them back

• It is what what a Bank pays you when you save money with them and keep your savings and interest with them year after year

• It is what what a Bank pays you when you make payments using a debit card

What are tax free earnings

• It is the allowance of your salary which is not taxed

• It is savings been paid net of interest

• It is the amount large companies keep in tax havens

• It is the amount earned after the basic tax is deducted

What does HMRC stand for

• Higher Main Revenue Contribution

• His Masters Revenue and Customs

• Her Majesty's Revenue and Customs

• Her Ministers Revenue and Customs

If the Employee Personal Allowance is £11,850 per year and the Basic tax rate up to £34,500 is 20% which of these is correct (you have 60 seconds to answer!)

• An annual salary of £11,500 will have tax of £1,150 per year

• An annual salary of £32,850 will have tax of £4,200 per year

• An annual salary of £31,850 will have tax of £4,200 per year

• An annual salary of £15,350 will have no tax in a year