ICAEW CFAB PoT Revision Class - Tax Admin
Authored by Hanan Suffian
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33 questions
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1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Christian's total income tax liability for 2022/23 was £30,000 and his Class 4 NIC liability was £4,000. During 2022/23 Christian paid £12,000 of his income tax liability by deductions at source. Christian's capital gains tax liability for 2022/23 was £1,000.
What is Christian's first payment on account for 2023/24? £
(a)
2.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Dave started to trade as a sole trader on 1 January 2024. He had previously been an employee paying all of his tax under the PAYE system.
Dave must notify HMRC of his liability to income tax by:
A 5 October 2024
B 31 January 2025
Dave must pay his first payment of income tax under the self-assessment system by:
C 31 July 2024
D 31 January 2025
5 October 2024
31 January 2025
31 July 2024
31 January 2025
3.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Nanette's tax payable by self-assessment for 2022/23 was £12,000. She paid two equal payments on account of £6,000 on 31 January 2024 and 15 September 2024 in respect of 2023/24.
Nanette's actual tax payable by self-assessment for 2023/24 is £16,000. She made a balancing payment of £4,000 on 31 January 2025.
Which of the following statements are correct?
Nanette is liable to a penalty for late payment in respect of the payment made on 15 September 2024.
A Correct
B Incorrect
Nanette will be charged interest in respect of the first payment on account, on tax underpaid of £2,000, from 1 February 2024 to 30 January 2025.
C Correct
D Incorrect
Correct
Incorrect
Correct
Incorrect
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Erin submitted her electronic tax return for 2022/23 on 12 February 2024.
HMRC must give notice of an intention to enquire into the return by:
31 January 2025
12 February 2025
28 February 2025
30 April 2025
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Kalim has made the following payments of tax in relation to 2022/23.
· 1st payment on account £3,500 paid on 31 January 2023
· 2nd payment on account £3,500 paid on 30 September 2023
· Balancing payment £2,000 paid on 27 February 2024. The payments on account were the correct amount based on the 2021/22 tax payable.
Assume interest on late paid tax is levied at 6.75% pa.
The amount of interest Kalim has to pay on his late paid tax is £
(a)
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A notice to make a 2023/24 tax return was issued to Herbert on 25 August 2024.
Herbert should file his tax return by:
31 October 2024 if he wants to submit a paper return, and by 31 January 2025 if he wishes to submit his return electronically
25 November 2024 if he wants to submit a paper return, and by 31 January 2025 if he wishes to submit his return electronically
25 November 2024 if he wants to submit a paper return, and by 25 November 2024 if he wishes to submit his return electronically
31 January 2025 if he wishes to submit his return electronically. There is no option to submit a paper return
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Jack's tax position for 2023/24 and the previous year is as follows. (refer picture)
Jack made a payment on account for 2023/24 on 31 January 2024. To avoid any interest charges you advised that he should make a payment on that date of what amount?
£5,050
£6,700
£7,850
£7,975
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