Marginal tax rates in 2015-16 (UK Finance Act 2015)

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. Which one of the following statements is true?

  2. If an employed person receives a pay rise of £3,000 for 2015-16, when will this impact upon their tax credits award?

  3. If a self-employed person with profits of £110,000 for the year ended 5 April 2016 spends £2,000 on computer equipment during the year, what is the effective net (after tax) cost of the equipment?

  4. What can a self-employed person do to avoid having to register for VAT?

  5. What is currently the highest effective marginal rate of tax as a result of tax credits being clawed back?

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