Rawlinsons financial health check quiz

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How well do you know your businesses’ finances? Do you understand PAYE codes? Are you up to date with VAT? Do you know how to balance a balance sheet? Are you aware what can be written off against profit?

You may think you know the answers… but do you?

Rawlinsons has devised a quiz to help you pinpoint your knowledge gaps. It will also help you understand what it is you need to be aware of to ensure you are running the financial side of your business effectively and efficiently.

In the spirit of fairness, the answer to each question is right in front of you – but so are three incorrect answers!

Select your answer to each question by clicking on it. Your score – along with the right answers – will be revealed when you’ve completed the last question and clicked ‘view answers’ below.

1: Which of the following is not included in my turnover for VAT purposes?





2: What is the maximum amount that can be claimed for incidental overnight UK expenses?





3: When adjusting accounting profits for tax purposes, which of the following statements is true?





4: A business has stocks of finished goods held in the warehouse at its year end. The stocks were bought at a cost of £150,000 and are expected to sell for £215,000. At what value should the stocks be shown in the year end balance sheet?





5: A business makes a gross margin of 22% on sales of £450,000. What is the cost of sales of the business?





6: Which of the following would improve the gross profit margin of a manufacturing business?





7: What is the maximum gain that can be covered by entrepreneurs' relief?





8: Where a business is sold, up to how long after this disposal can property that was used in that business be sold and still qualify for entrepreneurs' relief?





9: Which of the following is not business travel for the purposes of an income tax expenses claim?





10: Which of these would not be a reason for setting up a trust?





11: What is iXBRL?





12: There is an exemption from tax, NICs and reporting if you provide a party or similar function for employees that meets all but which of the following conditions?





13: Which of the following PAYE codes would lead to the biggest tax charge?





14: If you die without making a will (intestate) and have no surviving spouse or civil partner, which one of the following would not be where your entire estate might automatically end up?





15: Which of the following can be absent from a valid VAT invoice?