Marginal tax rates in 2013-14 (UK Finance Act 2013)

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. If a self-employed person with profits of GBP110,000 for the year ended 5 April 2014 spends GBP2,000 on computer equipment during the year, what is the effective net (after tax) cost of the equipment?

  2. Which one of the following statements is true?

  3. If a person submits their self-assessment tax return for 2013-14 on 15 September 2014, by what date must a gift aid donation be paid if it is to be effective for that year?

  4. Which people can reduce the impact of the personal allowance trap by making a contribution into a personal pension scheme?

  5. If an employed person receives a pay rise of GBP3,000 for 2013-14, when will this impact upon their tax credits award?