ACCA TX — Taxation Practice Exam 5

Section A: Objective Test

Marcus runs an agricultural consultancy as a sole trader. He submitted his self-assessment tax return for the tax year 2023/24 electronically on 15 December 2024. Until what date must Marcus retain his business records for the 2023/24 tax year to comply with HMRC requirements?

Section A: Objective Test

Helena is employed by a tech startup. During the 2023/24 tax year, her employer provided her with the following benefits:

1. Workplace parking at the office (cost to employer £800).
2. A mobile phone for personal and business use (cost to employer £400).
3. Medical treatment to help her return to work after an injury (cost to employer £600).
4. Gym membership at a local public leisure centre (cost to employer £500).

Which of these benefits are EXEMPT from income tax?

Section A: Objective Test

EcoDrive Ltd provided its sales director with a new fully electric company car (0g/km CO2 emissions) on 6 April 2023. The list price of the car was £45,000. The company also paid £600 for electricity to charge the car at the director's home. What is the Class 1A National Insurance Contribution (NIC) liability for EcoDrive Ltd for the 2023/24 tax year in respect of these benefits?

Section A: Objective Test

Julian sold an antique clock (a non-wasting chattel) for £7,200 in December 2023. He had originally purchased it for £3,000. What is the chargeable gain on the disposal of the antique clock?

Section A: Objective Test

Sarah bought a house on 1 January 2014 and lived in it as her main residence until 31 December 2017. She then worked abroad for an international NGO until 31 December 2021. During this time, the house was left empty. She returned and lived in the house until she sold it on 31 December 2023.

For how many months will Principal Private Residence (PPR) relief be available?