ExpertThis question is part of a case study — click to read the full scenario(Case 26)
SCENARIO: Apex Consulting LLP is a management consulting firm. The partnership prepares accounts to 31 December each year. On 1 July 2023, a new partner, Beatrice, joined the partnership. Her share of the partnership profits for the year ended 31 December 2023 was £48,000. Prior to joining, Beatrice incurred £2,000 of training costs relevant to her new role. The partnership is considering changing its accounting date to 31 March.
QUESTION: What is Beatrice's basis period for her first tax year (2023/24)?
ACCA · Question 27 · Income tax and national insurance contributions
SCENARIO: Apex Consulting LLP is a management consulting firm. The partnership prepares accounts to 31 December each year. On 1 July 2023, a new partner, Beatrice, joined the partnership. Her share of the partnership profits for the year ended 31 December 2023 was £48,000. Prior to joining, Beatrice incurred £2,000 of training costs relevant to her new role. The partnership is considering changing its accounting date to 31 March.
QUESTION: Which classes of National Insurance Contributions (NIC) is Beatrice liable to pay on her partnership profits?
SCENARIO: Apex Consulting LLP is a management consulting firm. The partnership prepares accounts to 31 December each year. On 1 July 2023, a new partner, Beatrice, joined the partnership. Her share of the partnership profits for the year ended 31 December 2023 was £48,000. Prior to joining, Beatrice incurred £2,000 of training costs relevant to her new role. The partnership is considering changing its accounting date to 31 March.
QUESTION: Which classes of National Insurance Contributions (NIC) is Beatrice liable to pay on her partnership profits?
Answer options:
Class 1 Primary only
Class 2 and Class 4
Class 1 Primary and Secondary
Class 4 only
How to approach this question
Full Answer
Common mistakes
Practice the full ACCA TX — Taxation Practice Exam 6
32 questions · hints · full answers · grading