Do you know your rights about Tax?

Last week, I attended Reading Business Club and was quite shocked how little I know about ‘tax’.

The presentation was conducted by Su Knox of Knox & Eames Accountants from Henley and she made us do a group tax quiz.   There were 12 questions and a maximum of 18 points and what was scary was the average score for the twenty-eight members was eight.

Fortunately, I have an accountant as my score was a mere four so, how much do you know?

Here are just a few questions:

  1. How long after a small company’s yearend is Corporation tax payable?
  2. How many rates of VAT are there in the UK and what are they?
  3. What is the current VAT registration threshold?
  4. What is the current VAT deregistration threshold?
  5. True or False the cost of business clothing such as a tailored suit is a tax-deductible business expense?
  6. Annual Investment Allowance allows me to claim 100% write off against my business profits for any fixed assets (e.g.: computer equipment, office furniture, machinery) that I purchase for my business. What is the current allowance?

And, here are the answers:

  1. 9 months and 1 day
  2. 3 rates of VAT.  0% / 5% / 20%
  3. £79,000 annual sales
  4. £77,000 annual sales
  5. False – you can only claim for items carrying a logo
  6. £250,000 for 2013 whereas it was £25,000 in 2012

So, if you didn’t get any answers right you need to get an accountant and I can highly recommend Su Knox.  www.knoxandeames.co.uk.

About sjdeventsltd

Owner of a Consultancy Company, specialising in offering flexible services for all types of events, including fundraising projects in the charity sector.
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