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TAX Ch-4

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Professional Development

1st Grade

Used 2+ times

TAX Ch-4
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following are generally indicative of self-employment rather than employment?

(1) Contract allows a substitute to be provided

(2) Entitled to bonus and overtime

(3) Own equipment provided

(4) Work quoted on a fixed price

  1. 1, 2 and 3

  1. 2, 3 and 4

  1. 1, 3 and 4

  1. 1, 2 and 4

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Robyn is a director of Ragle Ltd, which prepares accounts annually to 31 December. Robyn became entitled to a bonus on 31 January 2024 in relation to the year ended 31 December 2023. The bonus was paid on 15 February 2024 and credited to the accounts on 28 February 2024.

On which date will Robyn be treated as having received the bonus for tax purposes?

  1. 31 December 2023

  1. 31 January 2024

  1. 15 February 2024

  1. 28 February 2024

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following are allowable expenses of employment?

(1) Contributions to an occupational pension scheme

(2) Payroll gift to charity

(3) Entertaining which is treated as allowable by the employer

(4) Professional subscriptions to approved bodies

  1. 1, 2 and 3

  1. 2, 3 and 4

  1. 1, 3 and 4

  1. 1, 2 and 4

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Which of the following types of business travel are allowable expenses of employment?

(1) Travel to visit a client

(2) Travel from home to a temporary workplace

(3) Travel from home to a permanent workplace

  1. 1, 2 and 3

  1. 1 and 2 only

  1. 1 and 3 only

  1. 2 and 3 only

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

  1. Sharon uses her own car for business travel. During the tax year 2023-24, she drove 15,600 miles in the performance of her duties, without any reimbursement from her employer.

  2. What approved mileage allowance can Sharon claim?

6.

MULTIPLE SELECT QUESTION

45 sec • 2 pts

Natalia is a director of Norxen Ltd, which has an accounting reference date of 31 March 2024.

Which TWO of the following costs will be assessable on Natalia for the tax year 2023-24?

  1. A bonus in respect of the year ended 31 March 2023 which was paid on 30 April 2023. The bonus was voted to Natalia on 1 March 2023.

  1. A bonus in respect of the year ended 31 March 2024 which was paid on 30 April 2024. The bonus was voted to Natalia on 1 April 2024.

  1. Director’s fees paid on 10 April 2023 in respect of the year ended 31 March 2023.  The fees were voted to Natalia on 1 March 2023.

  1. Director’s fees paid on 30 April 2024 in respect of the year ended 31 March 2024.  The fees were voted to Natalia on 30 March 2024.

7.

MULTIPLE SELECT QUESTION

45 sec • 2 pts

Natalia is a director of Norxen Ltd, which has an accounting reference date of 31 March 2024.

Which TWO of the following costs will be assessable on Natalia for the tax year 2023-24?

  1. A bonus in respect of the year ended 31 March 2023 which was paid on 30 April 2023. The bonus was voted to Natalia on 1 March 2023.

  1. A bonus in respect of the year ended 31 March 2024 which was paid on 30 April 2024. The bonus was voted to Natalia on 1 April 2024.

  1. Director’s fees paid on 10 April 2023 in respect of the year ended 31 March 2023.  The fees were voted to Natalia on 1 March 2023.

  1. Director’s fees paid on 30 April 2024 in respect of the year ended 31 March 2024.  The fees were voted to Natalia on 30 March 2024.

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