Losses and National Insurance 25/26

If Biba has a trading loss and decides to make a s83 loss relief claim against future years, it must be set against the first available:

• Trading profits arising from the same trade

• Trading profits arising from any trade

• Total income

• Taxable income

Under s64, a trading loss may be set against total income of

• tax year in which loss arose only

• tax year following the year loss arose

• previous tax year to the year in which loss arose only

• tax year in which loss arose and the previous tax year

Under s72 trading losses incurred in the first ---- tax years may be carried back against total income of the three preceding tax years. Fill in the blank.

• Two

• Three

• Four

• Five

Terminal trade loss relief is given against any trading profits of the tax year in which the cessation occurs and the previous three tax years. Relief is given against earlier years first.

• True

• False

Alison is an employee, which Class of national insurance contributions will she personally pay?

• Class 4

• Primary Class 1

• Secondary Class 1

• Primary Class 1 and Class 1A

A self employed person may potentially pay which Class (es) of national insurance contributions

• Class 2 only

• Class 4 only

• Class 2 and Class 4

Class 4 national insurance contributions are calculated at a flat rate of 6%

• True

• False

In 2025/26, Angie is provided with a petrol motor car by her employer which she estimates she uses 75% for business purposes and 25% for personal purposes. Angie is also provided with all fuel by her employer. Angie fully reimburses her employer for the cost of private fuel. Angie will have the following benefit(s) in relation to the car:

• Car benefit only

• Fuel benefit only

• Car benefit and Fuel benefit

• No benefits re the car

In the year ended 5 April 2026, Grant's employer provided him with a mobile telephone which he uses mainly for business purposes. His employer had purchased the phone at a cost of £1,500 in March 2025. Grant will have a taxable benefit in 2025/26 of...

• £300

• £1,500

• £nil

• £150

The second payment on account for tax year 2024/25 was payable on:

• 31 July 2024

• 31 July 2025

• 31 January 2025

• 31 January 2026