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:
- How long after a small company’s yearend is Corporation tax payable?
- How many rates of VAT are there in the UK and what are they?
- What is the current VAT registration threshold?
- What is the current VAT deregistration threshold?
- True or False the cost of business clothing such as a tailored suit is a tax-deductible business expense?
- 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:
- 9 months and 1 day
- 3 rates of VAT. 0% / 5% / 20%
- £79,000 annual sales
- £77,000 annual sales
- False – you can only claim for items carrying a logo
- £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.