ACA Tax Compliance (UK)

Question 1

For UK income tax purposes, the personal allowance for 2024/25 is reduced by £1 for every £2 of adjusted net income above:

Accepted Answer

£100,000

Answer

£50,000

Answer

£125,140

Answer

£150,000

Question 2

The UK corporation tax rate for the financial year 2023 for companies with profits over £250,000 is:

Accepted Answer

25%

Answer

19%

Answer

20%

Answer

30%

Question 3

Capital gains tax (CGT) for UK higher rate taxpayers on residential property gains is charged at:

Accepted Answer

24%

Answer

10%

Answer

18%

Answer

28%

Question 4

Which of the following is an allowable deduction for UK corporation tax purposes?

Accepted Answer

Interest on a business loan

Answer

Entertaining UK customers

Answer

Political donations

Answer

Depreciation of fixed assets

Question 5

For UK VAT purposes, the standard rate is:

Accepted Answer

20%

Answer

5%

Answer

15%

Answer

25%

Question 6

The UK annual investment allowance (AIA) for capital allowances is currently:

Accepted Answer

£1,000,000

Answer

£100,000

Answer

£200,000

Answer

£500,000