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?

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?

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?

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?

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?

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.

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?

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