Calculation of TTP & Tax Refund | UK Taxation Mock Exam Questions

School: University of Surrey - Course: FINANC 636 - Subject: Accounting

Examination question paper Department Module TitleUK TAXATION ModuleCodeBM636ModuleSessionS1AssessmentElement MOCK Date of Exam13/01/2023Duration2 hours Type of PaperReading &Submission Time? 10 mins Student ID Number (if answers given in examination paper) If you do not put your ID number on the front, your paper will not be marked. There are two sections: Section A: 10 Multiple choice questions. Answer all. (40 marks) There are three written questions: Answer question 1 and any one of the two. (60 marks) Where are the answers to be written? Please open the document, save it on your computer, complete the questions as instructed and submit it on blackboard. The link has been set up for you. Write all your answers starting from the end of question 3: Permitted reference materials and other information: You are permitted to use a calculator provided it is noiseless, cordless, not pre-programmed and incapable of transmitting or receiving data - NO PHONES ALLOWED TAX RATES AND ALLOWANCES TABLE SHALL BE PROVIDED Are students allowed to take examination papers away? Approved byExternal ExaminerElectronic Signature OR Print Name Date SECTION A: ANSWER ALL QUESTIONS Page 1 of 16

2 1.JJ Man Limited has been trading for many years and has the following results for the periods to 31stMarch 2022 Year EndedYear EndedYear Ended 31/03/202031/03/202131/03/2022 £££ Trading Profit (Loss)40,00075,000(65,000) Chargeable gains4,0006,00010,000 Qualifying charitable donations (1,000)(2,000)(1500) Required: Calculate the TTP for 2021 if a loss relief is claimed as soon as possible. A. £30,000 B. £29,000 C. £24,000 D.£14,000 2.In respect of 2021, how much tax refund will be received by JJ Man Ltd A. £15,019 B. £4,560 C. £10,450 D. £19,579 3.Becky Ltd has been trading for many years and prepares its accounts to 31st December each year. On 1stMay 2021 Jackson Ltd purchased an investment property and let it out immediately under a 20 year lease. An initial deposit of £15,000 was made and an annual rent of £25,000 was payable in advance. Calculate Becky Lts's property income assessment for the year ended 31 st December 2021. A. £25,967 B. £7,800 C. £29,800 D. £11,200 BM618 - UK TAXATION 2021-2022 MOCK EX QUESTIONS

3 4.MANGROVE LTD is VAT registered and deals in children's clothing. The total sales for the month of June 2021 was £56,850 VAT inclusive.How much is the Output VAT? A. £10,802 B. £11,370 C. £9,475 D. £0.00 5.Jack Ltd sold standard rated goods in January 2021 for £88,000 excluding VAT. A 12% discount is offered if the customer pays within 30 days. Assuming the customer pays within the 30 days, how much VAT should be charged on the sale? A. £10,560 B. £14,667 C. £17,600 D. £15,488