
The following quiz is made up of essay style questions. Please ensure you read all the questions carefully before answering them.
The questions may ask you to list, describe or discuss a specific amount on a certain topic. For example, if the questions ask you to ‘Describe five….’ you must describe five different things to gain full marks.
Each question will also have a specific amount of points attached to it. Always check this before answering the question. A question that is worth eight points will require a more comprehensive answer than one worth two points, for example. The amount of points attached to the question will also give you an idea of how many things to include in your answer.
To pass this quiz you will need to achieve 90% and you will have one attempt to do this. Should you not achieve the required pass mark, feedback will be provided and you will be given one further attempt. If you do need a second attempt then you will not be awarded as many Academy Points.
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Question 1 of 26
1. Question
1 point(s)According to HMRC, when does your business officially start?
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Question 2 of 26
2. Question
1 point(s)What is the deadline for submitting your paper tax return?
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Question 3 of 26
3. Question
3 point(s)List THREE benefits that ‘Class 2’ National Insurance contributions count towards
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Question 4 of 26
4. Question
2 point(s)Briefly describe what VAT is
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Question 5 of 26
5. Question
1 point(s)Since April 2016, how do self-employed persons pay their Class 2 National Insurance contributions?
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Question 6 of 26
6. Question
1 point(s)Briefly describe what ‘taxable turnover’ is
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Question 7 of 26
7. Question
2 point(s)How do Class 4 National Insurance contributions differ from Class 2?
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Question 8 of 26
8. Question
3 point(s)When do you need to register for VAT?
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Question 9 of 26
9. Question
2 point(s)What are the two basic business records you must keep?
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Question 10 of 26
10. Question
1 point(s)What is the definition of a sole trader?
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Question 11 of 26
11. Question
2 point(s)What is an ‘accounting period’ and how long do they usually last for?
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Question 12 of 26
12. Question
1 point(s)What is the definition of self-employment?
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Question 13 of 26
13. Question
1 point(s)For how long does HMRC advise you to keep your records?
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Question 14 of 26
14. Question
8 point(s)What costs can you claim as an allowable expense, according to GOV.UK?
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Question 15 of 26
15. Question
3 point(s)What costs can you claim as capital allowances?
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Question 16 of 26
16. Question
1 point(s)Briefly describe what capital expenditure is
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Question 17 of 26
17. Question
3 point(s)What does public liability insurance cover?
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Question 18 of 26
18. Question
2 point(s)What does professional indemnity insurance cover?
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Question 19 of 26
19. Question
1 point(s)What is HMRC’s preferred method of registration for the newly self-employed?
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Question 20 of 26
20. Question
1 point(s)Briefly describe what allowable expenses are
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Question 21 of 26
21. Question
1 point(s)What is a UTR?
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Question 22 of 26
22. Question
1 point(s)If you use something for both business and personal reasons, what can you claim as business costs?
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Question 23 of 26
23. Question
2 point(s)When must you tell HMRC that you are newly self-employed?
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Question 24 of 26
24. Question
2 point(s)You can use the free HMRC self assessment service to send most tax returns online. What are the two pieces of information you will need to be able to sign up?
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Question 25 of 26
25. Question
1 point(s)When must you register for VAT?
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Question 26 of 26
26. Question
1 point(s)What is the deadline for submitting your tax return online?
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