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

What is the highest effective rate of income tax for 2013-14?

60 percent

62 percent

50 percent

52 percent

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

The self-employed

Employees, directors and the self-employed

Employees

Employees and directors

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?

GBP1,240

GBP760

GBP2,000

GBP800

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?

5 April 2014

31 October 2014

31 January 2015

15 September 2014

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

2013-14

Never

2014-15

2012-13

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

83 percent

41 percent

73 percent

47 percent

What is the maximum amount of effective tax relief that a person subject to the claw back of tax credits can obtain for a contribution into a personal pension scheme?

122 percent

102 percent

100 percent

81 percent

In what situation can the effective marginal tax rate on additional income be more than 100 percent as a result of a self-employed person having to register for VAT?

Never

When they can pass on the cost of registration to customers

When they cannot pass on the cost of registration to customers

In all circumstances

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

Take additional holiday

Make a contribution into a personal pension scheme

Pay a gift aid donation to charity

Nothing

Which one of the following statements is true?

High marginal rates of tax can apply to quite low levels of income, but advance planning can mitigate the effects

High marginal rates of tax can apply to quite low levels of income, but retrospective planning can mitigate the effects

High marginal rates of tax only apply to high levels of income, but advance planning can mitigate the effects

High marginal rates of tax only apply to high levels of income, but retrospective planning can mitigate the effects

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

What is the highest effective rate of income tax for 2013-14?

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

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?

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?

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

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

What is the maximum amount of effective tax relief that a person subject to the claw back of tax credits can obtain for a contribution into a personal pension scheme?

In what situation can the effective marginal tax rate on additional income be more than 100 percent as a result of a self-employed person having to register for VAT?

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

Which one of the following statements is true?

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