1. Explain the main difference(s) between Direct and Indirect taxes. Provide examples.

2. Present the proforma income tax computation for 2019/20 as it has been taught in the context of the current module.

3. Explain what is the Child Benefit Income Tax Charge and who could benefit

4. What is the Cash Basis for Small Businesses? Express your opinion regarding the cases that it could be beneficial.

5. Discuss the Employment Allowance in the context of National Insurance Contributions (NIC).

6. Explain what happens when there are late payments. What are the interest charge and the penalties to be applied?

7. Describe how a corporation estimates its tax liability. Provide also the Pro forma corporation tax computation.

8. What applies for tax purposes regarding the Property Income of corporations?

9. ABCD Ltd had the following results for the year ending 31 March 2019:

Trading income 369,000; Bank interest 10,000; Capital gains 9,500; Qualifying charitable donations (7,800); Dividends received from UK companies 41,000.

Required: Calculate the ABCD's tax liability for the year ended 31 March 2019.

10. ABCD plc paid instalments of its corporation tax liability for the year ended 31 March 2017 as follows:

a. 14 October 2016 43,000

b. 14 February 2017 72,000

c. 14 April 2017 48,000

d. 14 August 2017 87,000

The agreed corporation tax liability for the year was 294,000. ABCD plc paid the balance of 44,000 on 14/9/17.

Required: State the amounts and periods for which interest will be due

Answer rating: 100% (QA)

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