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1
Who said this? 'Pennies don’t fall from heaven, they have to be earned here on earth'
Who said this? 'Pennies don’t fall from heaven, they have to be earned here on earth'
2
What is the rate of Value Added Tax (VAT) in the UK in 2017?
What is the rate of Value Added Tax (VAT) in the UK in 2017?
3
What is the personal tax allowance, ie how much money can you earn before you have to pay taxes, for the 2017/2018 UK tax year?
What is the personal tax allowance, ie how much money can you earn before you have to pay taxes, for the 2017/2018 UK tax year?
4
At what age do you receive a National Insurance number?
At what age do you receive a National Insurance number?
5
How much can you save in all Isas combined each year?
How much can you save in all Isas combined each year?
6
What is the maximum annual tuition fee charged to students by British and Welsh universities?
What is the maximum annual tuition fee charged to students by British and Welsh universities?
7
Who gave this advice to their children? 'Being in a position where they live such a privileged life it is important that they appreciate how their parents have worked very hard to create this life for the family, and that they too have a responsibility to work hard, be respectful and never, ever take anything for granted'
Who gave this advice to their children? 'Being in a position where they live such a privileged life it is important that they appreciate how their parents have worked very hard to create this life for the family, and that they too have a responsibility to work hard, be respectful and never, ever take anything for granted'
8
What is the total amount of money you can have on deposit in a bank which the UK government will guarantee will be protected if the bank goes bankrupt?
What is the total amount of money you can have on deposit in a bank which the UK government will guarantee will be protected if the bank goes bankrupt?
9
What is the national hourly minimum wage in 2017 for an 18-20 year old?
What is the national hourly minimum wage in 2017 for an 18-20 year old?
10
What is the amount of annual pay an employee over the age of 22 must earn before being auto-enrolled in a company pension scheme?
What is the amount of annual pay an employee over the age of 22 must earn before being auto-enrolled in a company pension scheme?
11
How much is each individual allowed to earn on gains from the purchase and subsequent sale of investment assets before Capital Gains Tax becomes payable?
How much is each individual allowed to earn on gains from the purchase and subsequent sale of investment assets before Capital Gains Tax becomes payable?
12
If you earn between £155 and £827 a week what percentage of your gross pay is withheld by the government to cover your National Insurance (NI) contribution?
If you earn between £155 and £827 a week what percentage of your gross pay is withheld by the government to cover your National Insurance (NI) contribution?
13
What is the maximum current interest rate that is charged on a student loan from the moment the loan is drawn?
What is the maximum current interest rate that is charged on a student loan from the moment the loan is drawn?
14
The Lifetime Isa (Lisa) was launched on 6 April 2017 and enables those over the age of 18 to put an annual sum of money in an Isa and receive a 25% bonus tax-free at the end of the year. What is the maximum annual amount permitted in a Lisa?
The Lifetime Isa (Lisa) was launched on 6 April 2017 and enables those over the age of 18 to put an annual sum of money in an Isa and receive a 25% bonus tax-free at the end of the year. What is the maximum annual amount permitted in a Lisa?
15
Which of the following statements about bank interest rates is most likely to be true?
This is a fundamental principle of banking
16
How much interest can you earn on your savings without paying tax if you are a basic rate taxpayer
How much interest can you earn on your savings without paying tax if you are a basic rate taxpayer
17
If you invest money in shares/equities what is the maximum amount of dividends that the UK government allows you to earn without paying taxes?
This will fall to £2,000 from April 2018
18
How much is the maximum new state pension per annum that someone aged 69 next month will receive?
£159.55 per week (x 7 / 365 = £8,319)
19
What is the effective highest rate of marginal income tax in England ?
For income in excess of £100,000 and between £123,000, the combination of the withdrawal of the personal allowance and the higher tax rate of 40% means the marginal rate of tax is 60%
20
A person earning about the average salary of £31,000 would pay £3,900 in income tax. How much income tax would someone who earns four times the average salary pay, i.e. £124,000?
Incomes above £123k have no personal allowance, so the first £33,500 is charged at 20% raising £6,700, the remaining £90,500 is charged at 40%, raising £36,200, thus totalling £42,900 which is 11 x £3,900
21
What’s the maximum interest you can earn in an ordinary bank account without paying tax
If an individual’s other income (ie pension or salary) is at, or below the personal allowance of £11,500, then they can also have up to £5,000 of saving interest tax free. Therefore, if all the income an individual received was just from savings, then they could save £16,500 without any tax liability
22
You are in the supermarket and vaguely notice it is advertising 'Spends of £50 or more receive £5 off today’s shop'. But it’s the end of the month and you have only £46 in cash to spend. After shopping, you wait at the checkout where a display announces a special offer on a branded two-litre bottle of lemonade and lime. The offer is a BOGOF 'buy one, get one free', the price is £2 a bottle, and without thinking you put two in your basket. However, at the till you are embarrassed when the total comes to exactly £48. What is your best option?
Whilst taking out and returning two bottles would allow you to buy the shop, it won't include any drink. Putting two extra bottles in the basket gives you a lower balance and four bottles of pop as the total takes the price to £50 which then triggers the £5 vouchers off today’s shop, therefore reducing the bill from £50 to £45 and under your budget.
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