23.09.19 Business Tax

Which of the following leased vehicles will require 15% of the lease rental payment to be disallowed?

• 51 g/km of CO2 leased for 45 days or less

• 51 g/km of CO2 leased for over 45 days

• 50 g/km

• 40 g/km

Which of the following should be disallowed?

• A £5 calendar which includes the business name

• A £20 umbrella branded with the company name

• A £40 luxury food hamper

• A sports shop gifting 20 footballs to a local registered amateur sports club

Does an adjustment need to be made in respect of trade bad debts being written off?

• Yes

• No

Do we need to make an adjustment for an increase in specific bad debt provisions?

• Yes, we need to make an adjustment
• No, we don't need to make an adjustment
• Maybe, it depends on the situation

If we have a decrease in general bad debt provision, what adjustment do we need to make?

• None

• Add back

• Deduction

We have a trading loss of £100,000 this year and investment income of £20,000. What is the maximum amount of trade losses that can be carried back to last year?

• None, it is not possible to carry trade losses back

• £100,000

• £80,000

• £20,000

A company wants to make a terminal loss relief claim. For how many years can we carry back the loss of the last 12 months of trade?

• 1

• 2

• 3

• 4

Which of the following legal expenses are allowable?

• Acquiring a short (50 years or less) lease

• Acquiring a long lease

• Renewing a long lease

• Renewing a short (50 years or less) lease

Do we deduct Qualifying Charitable Donations (QCDs) from taxable total profits?

• Yes

• No