Capital Allowances

Capital Allowances

University

15 Qs

quiz-placeholder

Similar activities

New Year Quiz

New Year Quiz

University

16 Qs

Can/Cant (reading comprehension)

Can/Cant (reading comprehension)

12th Grade - University

11 Qs

CAN - CAN'T

CAN - CAN'T

University

10 Qs

PAST SIMPLE _ REVIEW

PAST SIMPLE _ REVIEW

University

19 Qs

Vocabulary: Relationships

Vocabulary: Relationships

University

10 Qs

like, alike, as

like, alike, as

12th Grade - University

12 Qs

EAP 4: Week 1 Checkpoint

EAP 4: Week 1 Checkpoint

University

10 Qs

Q:Skills Advanced Reading Unit 1 Vocabulary #1

Q:Skills Advanced Reading Unit 1 Vocabulary #1

University

12 Qs

Capital Allowances

Capital Allowances

Assessment

Quiz

English

University

Practice Problem

Hard

Created by

Morag Matson

Used 8+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Writing down allowances are scaled down if the length of the chargeable period is less than 12 months but are not scaled up if the length of the chargeable period exceeds 12 months.

True

False

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

John, a sole trader has elected to apply GAAP. His business bought the following assets during the year ended 31 December 2024. If John wanted to maximise capital allowances, which would be allocated to the main pool for capital allowance purposes?

A car for a staff member with emission rating of 0g/km

A car for a staff member with emission rating of 42g/km

A car for a staff member with emission rating of 72g/km

A car for John which he will use for business and personal purposes with emission rating of 35g/km

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A balancing charge is deducted from trading profits for tax purposes.

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Fiona prepared accounts for the 5 months ended 31 March 2025. Fiona has elected to apply GAAP. She has no capital allowance pools brought forward. Her only capital acquisition in the period was a car for a staff member purchased on 1 February 2025 for £24,000 with emissions of 75g/km. Maximum capital allowances that can be claimed for the period to 31 March 2025 are:

£24,000

£1,440

£600

£1,800

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Joe prepares accounts to 31 March each year. Joe has elected to apply GAAP. He bought plant for £5,000 in March 2024. The plant was sold for £5,400 in December 2024. How should this disposal be included in the capital allowances computation for the year ended 31 March 2025?

Disposal proceeds of £5,400 deducted from the main pool

Disposal proceeds of £5,400 deducted against Annual Investment allowances for the y/e 31 March 2025

Disposal proceeds of £5,000 deducted from the main pool

Disposal proceeds of £5,000 deducted from the special rate pool

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Andrew prepares accounts to 31 December each year. Andrew has elected to apply GAAP. During the year ended 31 December 2024, he bought a car that he will use for both business and private purposes. The car cost £48,000 and has emissions of 120g/km. Private use of the car has been agreed at 20%. The maximum capital allowances that Andrew can get relief for on the car for the year to 31 December 2024 are:

£2,304

£48,000

£2,880

£6,912

7.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Alice owns a property which was first let on 1 May 2024 for an annual rental of £9,000 payable yearly in advance. £9,000 was therefore received on 1 May 2024. Expenditure paid during the period from 1 May 2024 to 5 April 2025 was: - insurance £600 - minor repairs £820 -improvement to the property £4,000 - advertising for tenants £240. Alice adopts the cash basis for property income, what is Alice's property income for 2024/25?

£6,590

£7,340

£6,340

£3,340

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?