Here at Blue Rocket Accounting, we try to keep you updated and informed across a range of financial topics, from inheritance tax to starting a business…but how much do you know?
Put yourself to the test in our fun quiz and see whether you are a financial high flyer or accountancy newbie!
Now, we’re not completely mean, so if you need a little help, we’ve signposted you to some of our existing blogs where you might be able to find the answers. So, are you ready? Let’s go!
1. What does EORI mean?
(Our blog on acronyms might help to spell it out for you - decipher the accounting codes here)
2. If you decided to take out dividends in your company, under what amount would you not then have to pay income tax on?
(Our blog on how to take money out of your company might hold the answer)
3. Does information about a student loan or council tax arrears appear on your credit score?
(Everything you need to know about credit scores will give you a clue)
4. On what date does the Making Tax Digital deadline for income tax come into effect?
a) 6th April 2022
b) 6th April 2023
c) 6th April 2024
(psst – it’s in here)
5. Outside of any agreement to named beneficiaries, if you have an inheritance estate worth over £325,000, what would the tax rate be on this inheritance?
a) 20%
b) 30%
c) 40%
(You might find the answer by reading this piece on IHT)
6. What is the minimum legal age a child can be employed?
a) 13
b) 14
c) 16
(This blog about work experience during the school holidays could prove useful)
7. We often suggest that business owners prepare for the unexpected by creating a BCP, but what does this stand for?
(Here’s an unexpected bit of help)
8. When it comes to invoicing, if you don’t agree on payment terms up front, what is the default period set out by law? Is it:
a) 30 days
b) 60 days
c) 90 days
(Don’t delay, check out our blog on invoicing now)
9. As a sole trader with a turnover of £70,000,would you need to register for VAT?
(Tax doesn’t have to be taxing when our blog about small business structures could help)
10. If you wanted to make more out of your residential property by renting out a room, how much rent could you receive tax free from a lodger?
(Get moving with a little help from this blog)
So, how did you do? We hope it got you thinking, but don’t worry if you didn’t know all the answers, that’s what our friendly team of experts are here for!
Not only can our team help provide all the quiz answers, they can also offer a free consultation to see how we would be able to offer you the accounting support you need.
At Blue Rocket, we do things a bit differently. Everything is about you, our client. As the centre of our focus, we have structured our team around you, to provide you with the best people and support for your business, whether you’re a start-up or ready to build your business empire.
As a result, we have three teams – Mars, Saturn and Jupiter - which are designed to fit your business, offering tailored support depending on your company size, turnover and the business challenges you’ll likely be facing.
No team is better or more experienced than the other, each team is simply geared towards giving you the best service which is relevant to your business. As one of our clients, you can rest assured that your finances are in safe hands, as all our Client Managers are fully qualified accountants, whether they are doing your bookkeeping, payroll, end of year accounts or VAT returns.
Therefore, we’re able to provide more than just the number crunching. We are here to offer advice and support to you and your business at every stage of your journey, so that you can reach your goals and maintain confidence in your decision making along the way.
From our base in Dartford, Blue Rocket Accounting supports individuals and companies with services such tax investigation protection, tax planning, management accounts and bookkeeping.
If you’d like to get in touch for a no obligation chat, call us on 01322 555 442 or email happytohelp@bluerocketaccounting.com.
