CrtBussStartUp U3: LEGAL & FIN CONSD FOR A BUSS STARTUP - DAY 1

What will businesses likely be required to do with their records in the next few years?

• Keep them in paper form

• Keep them digitally

• Destroy them after 3 years

• Share them publicly

How are dividends from the profits of the company taxed?

• They are not taxed

• They are taxed as income

• They are taxed at a lower rate

• They are taxed as capital gains

By when must a partnership be registered in the second tax year of the business?

• 5th April

• 5th October

• 1st January

• 31st December

What is the deadline for registering a partnership in the second tax year?

• 5th April

• 5th October

• 1st January

• 31st December

How long after registering with Companies House will a company receive a UTR?

• 7 days

• 14 days

• 30 days

• 60 days

What is the main reason directors might not need to file tax returns?

• They have no taxable income

• They are not UK residents

• They are part-time directors

• They are under 18

What happens if a tax return is more than three months late?

• The fine decreases

• The fine increases

• The fine stays the same

• The fine is waived

What is the deadline for submitting the tax return?

• January 1st

• January 15th

• January 31st

• February 1st

What must businesses provide to buyers when charging VAT?

• A receipt

• A VAT invoice or VAT till receipt

• A business card

• A warranty

Which of the following goods is charged at a reduced rate of VAT?

• Books

• Domestic fuel and power

• Insurance

• Charity donations