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A complete mock exam replication for ACCA TX (Taxation). This 3-hour, 100-mark assessment checks mastery over individual income, corporate liabilities, capital gains, inheritance, and VAT. It features diverse and highly unique business scenarios including tech startups, agriculture, heavy manufacturing, and medical consultancy.
Section A
Marcus, a self-employed marine biologist, filed his self-assessment paper tax return for the tax year 2022/23 on 15 December 2023. He paid his outstanding balancing payment of £4,200 on the same day. He had no reasonable excuse for the delay.
What is the total late filing penalty Marcus will be charged by HMRC?
Section A
AgriCorp Ltd granted a 21-year lease on a piece of agricultural land to a tenant farmer. AgriCorp Ltd received a premium of £60,000 upon the grant of the lease, in addition to annual rent.
What amount of the premium will be assessed as property income for AgriCorp Ltd in the year the lease is granted?
Section A
Quantum Robotics Ltd, a tech startup, provided its marketing director with a new fully electric company car (0g/km CO2 emissions) throughout the tax year 2023/24. The car has a list price of £50,000. The company also paid £800 for electricity to charge the car.
What is the Class 1A National Insurance Contribution (NIC) liability for Quantum Robotics Ltd regarding this benefit?
Section A
Elena sold an antique weaving loom (a tangible movable property) for £6,500. She had originally purchased it at an auction for £3,000.
What is Elena's chargeable gain on the disposal of the loom, before any annual exempt amount?
Section A
Which of the following conditions is NOT required for an individual to qualify for Business Asset Disposal Relief (BADR) on the disposal of shares in a company?
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