IFA Taxation & Compliance

Question 1

Which of the following is a direct tax?

Accepted Answer

Income tax

Answer

Value-added tax (VAT)

Answer

Sales tax

Answer

Excise duty

Question 2

Which form is typically used to report corporate income tax?

Accepted Answer

CT600

Answer

SA100

Answer

VAT100

Answer

PAYE RTI

Question 3

What is the purpose of tax compliance?

Accepted Answer

Meet legal obligations and avoid penalties

Answer

Increase market competition

Answer

Reduce employment rates

Answer

Create new business entities

Question 4

Which of the following is a deductible business expense?

Accepted Answer

Office rent

Answer

Personal groceries

Answer

Private travel

Answer

Fines for late filing

Question 5

When is VAT typically due to be filed in the UK for quarterly returns?

Accepted Answer

One month and 7 days after the quarter

Answer

End of each calendar year

Answer

14 days after the invoice date

Answer

7 days after the VAT quarter

Question 6

Which government agency oversees tax collection in the UK?

Accepted Answer

HMRC

Answer

FSA

Answer

SEC

Answer

IFA