Professional accountants must be straightforward and honest in all professional and business relationships. Select which option correctly identifies this fundamental principle of the ICAEW Code of Ethics.

A professional accountant must comply with relevant laws and regulations and avoid any action that discredits the profession. Select which option correctly identifies this fundamental principle of the ICAEW Code of Ethics.

Sandra, a chartered accountant, is completing the corporation tax computation for a client company. She realises that the client company's sales director, Heather, is a close family friend. Heather asks Sandra whether she has seen any information from the Financial Director about any planned bonuses. Which two of the fundamental principles of the ICAEW Code of Ethics may be under threat here?

Richard, a chartered accountant who works as a sole trader, is aware that he must adhere to the fundamental principle of confidentiality of the ICAEW Code of Ethics in respect of information he acquires in the course of his work. Which of the following describes a situation where Richard does not have to keep such information confidential?

Roger is a chartered accountant and is married to Jennifer, who is also his client. Jennifer runs several businesses on behalf of her father. Roger knows that Jennifer comes from a wealthy family with criminal connections. However, Roger has never queried the funding of Jennifer's businesses as he trusts her implicitly. Which two of the following options are threats Roger is experiencing according to the ICAEW Code of Ethics?

Florence, a chartered accountant, knows that a client, Freddy, has financed his business using the proceeds of his criminal activities for a number of years. Florence has not reported this and has instead accepted substantial payments from Freddy which are 10 times her normal fee for comparable work. Which two of the following statements are correct?

Iqmal is a chartered accountant who has just become suspicious that a client is engaged in money laundering. Iqmal should report this to the firm's Money Laundering Reporting Officer:

Iqmal is a chartered accountant who has just become suspicious that a client is engaged in money laundering. Any Suspicious Activity Report would be made by:

Which of the following is not one of the factors for consideration given in the framework for ethical conflict resolution in the ICAEW Code of Ethics?

Identify whether the professional accountant is committing an offence under the anti-money laundering legislation in the following scenario. Stephanie accepts payment from a client in relation to work performed in preparing his personal tax return. The fee is a percentage of the reduction in the tax payable based on the previous year. Stephanie strongly suspects that the client has failed to disclose all sources of income. She later discovers this to be the case.

Identify whether the professional accountant is committing an offence under the anti-money laundering legislation in the following scenario. Trevor suspected that a client of his has been receiving income through the operation of a criminal cartel. He reported this to his firm's Money Laundering Reporting Officer (MLRO), but has not heard anything else from the MLRO. Trevor later approaches the client to advise him of his suspicions and that the firm may have to report this to the authorities.

A threat to the fundamental principles may occur when a professional accountant promotes a particular opinion, compromising subsequent objectivity. This category of threat is known as:

A threat to fundamental principles may occur when a professional accountant has to re-evaluate a previous judgement that they made. This category of threat is known as:

Which of the following statements is correct?

Mr Blythe is tendering for some consultancy work. The same work has also been tendered for by Comp Partners, the accountancy firm which prepares Mr Blythe's tax returns. The ethics partner at Comp Partners concludes that the threat from this conflict of interest cannot be acceptably reduced. According to the ICAEW Code of Ethics, which of the following would be an acceptable course of action for Comp Partners?

Toby is a sole trader. Which of Toby's actions is not an example of tax evasion?

William, a chartered accountant, is being threatened by his client, James. James is threatening to harm William's family if William refuses to launder money for him. Which of the following options correctly identifies the type of threat William is experiencing according to the ICAEW Code of Ethics?

Select which of the following would be offences under UK anti-money laundering legislation.

Lauren is unhappy with an explanation given to her by a client in relation to the current year's accounts. If she accepts the explanation and submits the accounts to HMRC she feels that this will compromise the principle of integrity. Which of the following factors is she not required to consider in resolving the ethical conflict?

A government is considering abolishing the current VAT rules on all food bought in supermarkets (but not any other shop) and replacing it with the following form of taxation. Each item bought in the supermarket will be subject to a levy of $$£0.75$$ . In other words, a person who purchases 10 items of any value will pay $$£7.50$$ in tax. The principle behind the proposed system is the:

Which of the following is a source of tax law?

Which of the following items is never a source of UK tax law?

Pauline used to earn $$£20,000$$ and paid $$£3,000$$ in income tax per annum. She has recently received a substantial pay rise and now earns $$£50,000$$ . Her revised income tax is $$£10,000$$ . What is the principle on which this tax system is based?

National insurance contributions are an example of:

One argument proposed in debates about taxation is that the cost of collecting tax should be low in relation to the tax raised. The principle behind this argument is the:

VAT is an example of:

Wren is an individual who does not have a trade or business of any kind. Wren is an employee earning $$£30,000$$ per year and a shareholder in Firm Ltd. Wren has heard that the following taxes exist in the UK and is unsure which of them they pay personally: (1) Capital gains tax (2) Corporation tax (3) Income tax (4) National insurance contributions (5) Value added tax. Which of the following options correctly identifies which taxes Wren could or does suffer personally?

John and Dana operate a VAT-registered partnership, employing a large number of staff. Which of the following options correctly identifies which taxes the partners are jointly and severally liable for? (1) Income tax on each partner's share of profits from the partnership (2) Income tax of employees deducted under the Pay As You Earn (PAYE) system (3) Employer and employee national insurance contributions payable in respect of their staff (4) Capital gains tax on each partner's share of partnership gains (5) VAT as a supplier of goods

Which of the following are functions carried out by HMRC? (1) Collect and administer direct taxes (2) Collect and administer indirect taxes (3) Pay and administer child support payments (4) Collect repayments of student loans (5) Pay and administer the state pension

Which of the following options is correct regarding case law, as determined by tax cases in court?

Which of the following would be classed as an external influence on UK taxation policy?

Patrick has net income for 2024/25 of £119,050. What is his personal allowance for 2024/25?

In 2024/25, Mackenzie has taxable income (after deducting the personal allowance) of £25,565 (non‑savings income) and £1,100 (savings income). What is Mackenzie's total income tax liability for 2024/25?

William and Grainne are married. In 2024/25 William received non‑savings income of £7,000. For many years Grainne has run a small shop and her business has made adjusted trading profits of £18,000 for 2024/25. The couple have no other sources of income and claimed the marriage allowance in 2024/25. What is Grainne's personal allowance in 2024/25?

William and Grainne are married. In 2024/25 William received non‑savings income of £7,000 and Grainne's adjusted trading profits were £18,000. The couple have no other sources of income and claimed the marriage allowance in 2024/25. What is Grainne's income tax liability in 2024/25?

During 2024/25 Kael had taxable income (after deduction of the personal allowance) of £38,730 (non‑savings income) and £4,700 (dividend income). Tax of £7,405 has been deducted from Kael's non‑savings income. He also paid £720 as a Gift Aid donation to his son's school (a registered charity). What is Kael's income tax payable by self‑assessment for 2024/25?

In 2024/25, Paloma has taxable income (after deduction of the personal allowance) of £88,700 (all dividend income). What is Paloma's income tax liability for 2024/25?

Charlie and Sarah are married. In 2024/25 Charlie and Sarah have net income of £23,000 and £11,250 respectively. What effect would the marriage allowance have on Charlie and Sarah's income tax liabilities in 2024/25?

In 2024/25, Glenda has taxable income (after deducting the personal allowance) of £37,400 (non‑savings income) and £1,800 (dividend income). What is Glenda's total income tax liability for 2024/25?

In 2024/25 Mabel had taxable income (after deducting the personal allowance) of £42,000, all of which represented savings income. She paid £1,056 as a Gift Aid donation to the NSPCC (a registered charity). What is Mabel's income tax liability for 2024/25?

During 2024/25 Jacob gave a cash donation of £2,000 to a registered charity. His only income is an annual salary of £55,000. Identify how Jacob obtains tax relief for his gift. He receives basic rate tax relief:

During 2024/25 Jacob gave a cash donation of £2,000 to a registered charity. His only income is an annual salary of £55,000. Identify how Jacob obtains tax relief for his gift. He receives higher rate tax relief:

Puneet's only source of income in 2024/25 is a salary of £102,730. What is his personal allowance for 2024/25?

In 2024/25, Pascal had taxable non‑savings income (after deducting the personal allowance) of £3,000, £2,800 of savings income and £500 of dividend income. What is his income tax liability for 2024/25?