ACCA TX — Taxation Practice Exam 3

Section A

Marcus is a freelance AI developer. He submitted his electronic self-assessment tax return for the tax year 2022/23 on 14 August 2024. He had paid all his tax liabilities on time.

What is the total late filing penalty Marcus will be charged by HM Revenue & Customs (HMRC)?

Section A

'Green Acres Co-op' is an agricultural cooperative operating as a partnership. For the tax year 2023/24, by what date must the partnership retain its business records to comply with HMRC requirements?

Section A

Sylvia owns a large converted barn which is her main residence. During 2023/24, she let out two furnished rooms to eco-tourists, receiving total rent of £8,200. She incurred allowable expenses of £1,400 related to the letting.

Assuming Sylvia wishes to minimize her taxable income, what is her taxable property income for 2023/24?

Section A

'NovaTech Ltd', a tech startup, provides the following benefits to its employees:

1. A workplace nursery located on the company's premises.
2. Mobile phones (one per employee) registered in the company's name.
3. Subsidized meals in the staff canteen, available to all staff.
4. Gym memberships at a local public leisure centre.

Which of these benefits are EXEMPT from income tax for the employees?

Section A

Dr. Aris, a marine biologist, is provided with a petrol company car by his employer. The car has a list price of £28,000 and CO2 emissions of 115g/km. The employer also pays for all private fuel.

What is the Class 1A National Insurance Contribution (NIC) payable by the employer for the tax year 2023/24? (Assume a Class 1A rate of 13.8% and the relevant CO2 percentage is 28%).