Practice Test Geeks(IFA) Institute of Financial Accountants Certification Practice Test
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Taxation & Compliance Flashcards

6 cards from real IFA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Taxation & Compliance flashcards as text

  1. Which of the following is a direct tax?

    Answer: Income tax

    Income tax is considered a direct tax as it is levied directly on the income of individuals or organizations.

  2. Which form is typically used to report corporate income tax?

    Answer: CT600

    Form CT600 is the standard form used in the UK to report Corporation Tax liabilities.

  3. What is the purpose of tax compliance?

    Answer: Meet legal obligations and avoid penalties

    Tax compliance ensures that individuals and businesses meet all legal obligations regarding taxation to avoid penalties and support public finance.

  4. Which of the following is a deductible business expense?

    Answer: Office rent

    Office rent is a legitimate business expense that can be deducted from taxable income under most tax regulations.

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

    Answer: One month and 7 days after the quarter

    Quarterly VAT returns are usually due one month and 7 days after the end of the VAT quarter.

  6. Which government agency oversees tax collection in the UK?

    Answer: HMRC

    HMRC (Her Majesty’s Revenue and Customs) is responsible for the administration and collection of taxes in the United Kingdom.

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Sources & references

Exam facts on this page (fees, format, dates, passing scores) are checked against these official sources; the date is our last check. Editorial policy

  1. ifa.org.uk — Renewal, fees, eligibility, test dates, test delivery, passing score, score release · verified Oct 2026