Quiz of the new tax year

Info

The date of 6 April might not be highlighted in your diary, but it is an important one for your finances. Can you guess why?

Date

1.) Multiple Choice Question

It is the start of a new tax year. This year, how much can you earn before you pay income tax?

Pay packet
  1. 10,500
  2. 10,000
  3. 9,440

2.) Multiple Choice Question

That's when you start paying 20% tax, so what is the threshold for starting to pay 40% income tax?

Tax form
  1. 41,865
  2. 41,450
  3. 40,000

3.) Multiple Choice Question

Millions of people will have to file a self-assessment tax form for this tax year. When is the deadline for submitting online?

Tax
  1. 31 January, 2016
  2. 31 January, 2015
  3. 31 October, 2015

4.) Multiple Choice Question

That's enough questions about paying tax. What about tax-free savings - what is the Isa limit from 6 April?

Piggy bank
  1. 11,520
  2. 15,000
  3. 11,880

5.) Multiple Choice Question

How many businesses and charities will be free from employer National Insurance contributions owing to the new Employment Allowance, according to government estimates.

George Osborne
  1. 500,000
  2. 450,000
  3. 400,000

6.) Multiple Choice Question

Pensions have been in the news a lot recently. The Lifetime Allowance - the value of pension benefits you can build up to maximise tax reliefs - has fallen to what?

Pension file
  1. 1m
  2. 1.5m
  3. 1.25m

Answers

  1. Known as the personal allowance, it is 10,000 now. It has gone up from 9,440 in 2013-14 and will rise to 10,500 in the 2015-16 tax year.
  2. It is 41,865 this tax year. That is the 10,000 personal allowance plus 31,865 in taxable earnings.
  3. For the tax year 2014-15, the deadline is 31 January, 2016 when submitting online. The deadline for paper returns is 31 October, 2015.
  4. From now, it is 11,880, of which half can be in cash. But from July, new rules mean the threshold will go up to 15,000 in any mix of cash, stocks and shares.
  5. It is 450,000, according to Chancellor George Osborne. They don't have to pay if they usually pay less than 2,000 a year.
  6. It is 1.25m, having fallen from 1.5m.

Your Score

0 - 2 : Consider an accountant

3 - 4 : Breaking even

5 - 6 : Quids in

More on This Story

More Business stories

RSS

BBC Business Live

  1.  
    06:15: TESCO EARNINGS Radio 5 live

    "Like-for-like sales is the first number analysts will look at, followed by the accounting problems," says Holly Cook of Morningstar on Wake Up to Money. The online business may have done well while the supermarkets will be a "weak spot." Looking at Tesco, "a lot of customers find it a bit overwhelming and you are bombarded by information and you can't find what you want."

     
  2.  
    06:07: TESCO EARNINGS Radio 5 live
    A Tesco trolley

    "When the CEO is on gardening leave the chairman should step up and that's not happened," says Mr Roberts on Wake Up to Money, talking about the performance of Tesco chairman Sir Richard Broadbent. The supermarket discovered a £250m profit black hole. "I'd be remarkably surprised if it's limited to a 6-month period," he adds.

     
  3.  
    06:01: TESCO EARNINGS Radio 5 live

    Brian Roberts of Kantar Retail is on Wake Up to Money talking about Tesco's results, out today. "There's lots of hoops you have to jump through" as a shopper at Tesco, he says. Buy one get one free, the loyalty card, driving a car and buying the petrol. "With Aldi you just have to turn up... Tesco used to have the shopper at the centre of the business and now they've replaced the shopper with the shareholder."

     
  4.  
    06:00: Howard Mustoe Business reporter

    Good morning. Get in touch via email bizlivepage@bbc.co.uk and twitter @BBCBusiness

     
  5.  
    06:00: Matthew West Business reporter

    Morning all. Now we could try and pretend that there is other news going on (and in fairness there is some) but let's face it, the focus today is all going to be on Tesco's half year results. We'll bring you them as soon as they drop, plus all the reaction and the rest of the day's news as it happens.

     

Features

From BBC Capital

Programmes

  • St John's, CanadaThe Travel Show Watch

    It’s a ships’ symphony – listen to these freighters in Canada play music with their horns

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.