Tax Rate Quiz

What is the tax rate for the Basic rate band?

• 10%

• 20%

• 30%

• 40%

At what income does the Higher rate tax band start?

• £12,570

• £50,271

• £125,140

• £150,000

What is the tax rate for income over £125,140?

• 35%

• 40%

• 45%

• 50%

What is the taxable income range for the Basic rate band?

• Up to £12,570

• £12,571 to £50,270

• £50,271 to £125,140

• Over £125,140

What is the standard rate of VAT on goods and services?

• 5%

• 10%

• 15%

• 20%

For which type of materials is the VAT rate reduced to 5%?

• Luxury goods

• Energy-saving materials

• Electronics

• Clothing

What is the VAT rate for new builds?

• Standard rate

• Reduced rate

• Zero-rated

• Increased rate

What is the first step to take when becoming self-employed in the UK?

• Submit Self-Assessment tax returns

• Register as self-employed via HMRC

• Pay Income Tax

• Keep records of income

How often must self-employed individuals submit their Self-Assessment tax returns?

• Monthly

• Quarterly

• Annually

• Every two years

For how many years should self-employed individuals keep records of income and expenses?

• 2 years

• 3 years

• 5 years

• 7 years