AAT Business Tax Assessment Quiz

What is the main rate of corporation tax from 1 April 2023?

• 19%

• 25%

• 40%

• 33.75%

When is the filing date for sole traders/partners?

• 31 October following the end of the tax year

• 9 months + 1 day after end of the accounting period

• 12 months after end of AP

• 31 January following the end of the tax year

What is the rate of Class 2 contributions for sole traders/partners?

• 9%

• 12%

• 18%

• 20%

What is the penalty for failure to produce enquiry documents for companies?

• £100

• £300 + £60 per day

• 10% of unpaid tax

• 30%

What is the annual exempt amount for capital gains tax?

• £1,000,000

• £12,570

• £6,000

• £1,000

What is the penalty for late filing for sole traders/partners after 12 months?

• 70% of tax due (or £300 if greater) if deliberate and concealed

• 10% of unpaid tax

• £100

• 5% of tax outstanding at that date

What is the small pools allowance for writing down allowance on cars?

• 18%

• 10%

• 5%

• 3%

What is the upper limit for the annual investment allowance on assets other than cars?

• £250,000

• £1,000

• £12,570

• £1,000,000

What is the maximum penalty for deliberate error and concealed behavior in incorrect returns for AAT?

• 30%

• 50%

• 70%

• 100%

What is the rate of interest charged daily on late payment for companies?

• £300 + £60 per day

• £100

• 10% of unpaid tax

• 5% of tax outstanding at that date