ACCA 2026 TX Taxation Income Tax Free Quiz 1

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ACCA 2026 TX Taxation Income Tax Free Quiz 1

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ACCA 2026 TX Taxation Income Tax Free Quiz 1

Practice ACCA 2026 TX Taxation MCQs from Income Tax. Get instant results with Explanation.

General10 MCQs

1. What is the UK tax year for income tax?

A. The UK tax year runs from 1 January to 31 DecemberB. The UK tax year runs from 6 April to 5 AprilC. The UK tax year runs from 1 April to 31 MarchD. The UK tax year runs from 1 July to 30 June

2. What is the standard personal allowance for 2023/24 in the UK?

A. The personal allowance is £15,000 for 2023/24B. The personal allowance is £10,000 for 2023/24C. The personal allowance is £12,570 for 2023/24D. The personal allowance is £20,000 for 2023/24

3. What is the basic rate of income tax in the UK for 2023/24?

A. The basic rate of income tax is 20%B. The basic rate of income tax is 25%C. The basic rate of income tax is 30%D. The basic rate of income tax is 22%

4. What is employment income for tax purposes?

A. Employment income is not taxableB. Employment income is only taxable if it exceeds £50,000C. Employment income is taxed at a flat rate of 20%D. Employment income includes salary, wages, bonuses, and benefits, and is subject to income tax

5. How is trading income taxed?

A. Trading income is exempt from income taxB. Trading income is taxed as income and is subject to Class 4 National InsuranceC. Trading income is taxed at a flat rate of 10%D. Trading income is not subject to National Insurance

General10 MCQs

6. How is savings income taxed in the UK?

A. Savings income is taxed at the same rates as non-savings incomeB. Savings income is taxed at 0% for all taxpayersC. Savings income benefits from the Personal Savings Allowance (PSA) and has its own ratesD. Savings income is exempt from income tax

7. How are dividends taxed in the UK for 2023/24?

A. Dividends are taxed at the dividend nil rate on the first £1,000, then at 8.75%, 33.75%, or 39.35%B. Dividends are exempt from income taxC. Dividends are taxed at the same rates as savings incomeD. Dividends are taxed at a flat rate of 20%

8. What is the Marriage Allowance for income tax?

A. The Marriage Allowance allows transfer of £5,000 of personal allowanceB. The Marriage Allowance is available to all married couples regardless of incomeC. The Marriage Allowance allows transfer of the entire personal allowanceD. The Marriage Allowance allows transfer of £1,260 of personal allowance, saving up to £252

9. What is the Personal Savings Allowance?

A. The PSA is £1,500 for basic rate and £750 for higher rateB. The PSA is £1,000 for basic rate and £500 for higher rateC. The PSA is £2,000 for all taxpayersD. The PSA is not available to higher rate taxpayers

10. What is the Starting Rate for Savings?

A. The Starting Rate for Savings applies to all savings income regardless of other incomeB. The Starting Rate for Savings is a flat 20% rateC. The Starting Rate for Savings provides a 0% rate on up to £5,000 of savings income, reduced by non-savings income above the allowanceD. The Starting Rate for Savings is not available to basic rate taxpayers

📋 ACCA - Test Online Practice Quizzes

ACCA

Conducting Body: Association of Chartered Certified Accountants

Frequency: Exam Frequency Year Round | Time: 360 Minutes

Negative Marking: No

⚡ Test Pattern (Total: 116 MCQs):

Business and Technology: 46 MCQs
Management Accounting: 35 MCQs
Financial Accounting: 35 MCQs
Corporate and Business Law: 45 MCQs

Merit Formula: -

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