Understanding UK Taxation and HMRC

What is the main purpose of taxation in the UK?

• To fund public services and infrastructure

• To increase the wealth of the government officials

• To discourage people from working

• To reduce the population

Which of the following is a type of tax in the UK?

• Income Tax

• Sales Tax

• Property Tax

• Inheritance Tax

What is the basic rate of Income Tax in the UK for the 2023/24 tax year?

• 10%

• 20%

• 25%

• 30%

At what income level does the higher rate of Income Tax start in the UK for the 2023/24 tax year?

• £37,700

• £50,270

• £60,000

• £75,000

What is the purpose of National Insurance Contributions (NICs)?

• To fund the NHS and state pensions

• To pay for road maintenance

• To support local councils

• To finance the military

At what age do individuals in the UK start paying National Insurance Contributions?

• 16

• 18

• 21

• 25

What is the deadline for submitting a paper tax return in the UK?

• 31st January

• 31st October

• 31st December

• 5th April

What is the deadline for submitting an online tax return in the UK?

• 31st January

• 31st October

• 31st December

• 5th April

Which organisation is responsible for collecting taxes in the UK?

• HM Treasury

• HMRC

• The Bank of England

• The Department for Work and Pensions

What does HMRC stand for?

• Her Majesty's Revenue and Customs

• Her Majesty's Royal Court

• Her Majesty's Resource Centre

• Her Majesty's Revenue Commission