1. Dash Co is required to pay corporation tax by instalments, It had prepared accounts to 31 March each year but decided to prepare accounts for the ten-month period to 31 January 2022. Dash Co's corporation tax liability for the period to 31 January 2022 was f500,000. What is the amount of the final instalment of corporation tax for the period ended 31 January 2022 and when is it due? A. 125,000 due on I November 2022 B. 166,667 due on 14 January 2022 C. 50,000 due on 14 May 2022 D. 150,000 due on 14 May 2022 2. Michelle has made a deliberate error in her self-assessment tax return for the tax year 2021/22. What is the time limit for HM Revenue \& Customs (HMRC) to issue a discovery assessment? A. 5 April 2023 B. 5 April 2026 C. 5 April 2028 D. 5 April 2042 3. Amanda filed her self-assessment tax return for the tax year 2020/21 on 13 September 2021 . She subsequently amended the retum on 02 March 2022. What is the latest date by which HM Revenue \& Customs (HMRC) can give written notice of its intention to commence a compliance check into items changed by the amended tax return? A. 31 January 2023 B. 20 September 2022 C. 29 March 2023 D. 30 April 2023 4. Minty Ltd commenced trading on 1 January 2021. The company incurred the following expenditure prior to 1 January 2021: What is the amount of Minty Ltd.'s deductible pretrading expenditure in respect of the year ended 31 December 2021? 3. For the year ended 31 March 2021, Tennis Ltd had taxable total profits of 810,000, and for the year ended 31 March 2022 had taxable total profits of 970,000. The profits accrue evenly throughout the year, Tennis Lid has had one 51% group company for many years. How will Tennis Ltd pay its corporation tax liability for the year ended 31 March 2022? A. Nine instalments of 15,580 and a balancing payment of 28,500 B. Four instalments of 46,075 C. Four instalments of 38,950 and a balancing payment of f28.500 D. One payment of 184,300 6. Samuel Lid prepared accounts for the 12-month period to 31 August 2021. There will not be a compliance check into this accounting period. Complete the following sentence about the retention of records for Samuel Lid by matching the maximum penalty and the date of retention into the relevant target area. Samuel L.td will be liable for a penalty of up to if it does not retain its records until A. Maximum penalty 1,000, Date of retention 31 August 2023 B. Maximum penalty 1,000, Date of retention 31 August 2027 C. Maximum penalty 3,000, Date of retention 31 August 2023 D. Maximum penalty 3,000, Date of retention 31 August 2027 7. Nicholas started in business as a sole trader on I February 2020. He prepared his first set of accounts to 30 November 2020 and his second set of accounts to 30 November 2021. His taxable trading profits were as follows: p/e 30 November 2020 y/e 30 November 2021 30,00042,000 8. Aaron had been in business as a sole trader for many years preparing accounts to 31 December each year. He ceased trading on 31 March 2022. Aaron had overlap profits of 4,000 on commencement. His taxable trading profits were as follows: What is Aaron's taxable trading income for the final year of trading? 4. Gregory is a sole trader who has been trading for a number of years. Gregory incurred a trading loss in the tax year 2021/22. He wishes to make a claim to offset this loss against his total income of the tax year 2020/21. What is the deadline for Gregory to claim this relief? A. 31 January 2023 B. 31 January 2024 C. 5 April 2025 D. 5 April 2026 10. Kevin and Keisha have been in partnership for many years preparing accounts to 31 August each year and sharing profits equally. On 1 Oetober 2020 , they changed their profit sharing agreement so that Kevin was entitled to a salary of 9,000 ench year and the remaining profits were then split two parts to Kevin and three parts to Keisha. The partnership made a trading profit of 96,000 in the year to 31 August 2021 . What is Kevin's taxable trading profit for the tax year 2021/22? 11. Dave purclased a ten-hectare plot of land in June 2012 for 80,000. In January 2022, Clive sold three of the hectares for 36,000 with expenses of sale amounting to 1,000. The market value of the remaining seven hectares of land in January 2022 was 90,000. What is Dave's chargeable gain on the disposal of the three hectares of land in the tax year 2021/22? A. 12,143 B. 12,600 C. 13,143 D. 11,000 12 Mike has two chargeable gains from the disposal of shares in the tax year 2021/22 : 9,000 - claim made for business asset disposal relief 14,100 - claim not made for business asset disposal relicf Mike has taxable income of 38.000 in the tax year 2021/22. A. 12,143 B. 12,600 C. 13,143 D. l1,000 12. Mike has two chargeable gains from the disposal of shares in the tax year 2021/22: 9,000 - claim made for business asset disposal relief 14,100 - claim not made for business asset disposal relief Mike has taxable income of 38,000 in the tax year 2021/22. What is Mike's capital gains tax liability for the tax year 2021/22 ? 13. Zokie Ltd purchased 50,000 shares in Yokie Ltd for 3.50 a share on 6 June 2002. On 6 June 2021, Zokie Ltd sold 15,000 shares in Yokie Lid for 80,000. Zokie Ltd prepares accounts to 31 December each year. Indexation factor: June 2002 to December 2017=0.578. What is Zokie Ltd's chargeable gain or capital loss for the year ended 31 December 2021? A. 2,845 loss B. 105,000 loss C. 0 D. 27,500 gain 14. Which TWO of the following are features of the value added tax (VAT) eash accounting scheme? Date of payment or receipt determines the VAT period in which the transaction is dealt with Only need to submit an annual VAT return Gives automatic impairment loss relief (bad debt relief) Payments on account of VAT are required throughout the quarter 15. During the quarter ended 31 December 2021, Nicole makes purchases of office items for her business of 5,700 and spends 420 entertaining UK customers. Her sales for the period are 35,250. All figures are inclusive of value added tax (VAT) and standard rated. What is Nicole's total VAT liability for the quarter ended 31 December 2021