Finance in a Flash!

Question 1

What is the government department called that collects UK taxes?

Accepted Answer

HMRC

Question 2

Why do we all have to pay NI contributions?

Accepted Answer

To qualify for certain benefits and the State Pension

Question 3

How many years contributions do you need to qualify for full state pension at 66 years old?

Accepted Answer

36, 37

Question 4

How much is the current 2025 full state pension each week?

Accepted Answer

£221.20p

Question 5

What 5 things does the UK Government spend our income tax on?

Accepted Answer

Health, Public Order and Safety, Transport, Education, Defence

Question 6

How do you get paid if your wage slip says BACS Transfer?

Accepted Answer

Direct to your own bank account

Question 7

What will the HMRC do if you are not paying enough tax?

Accepted Answer

Change your tax code so you pay the shortfall

Question 8

What month is tax period is 12?

Accepted Answer

March

Question 9

What will the HMRC do if you are being charged too much tax?

Accepted Answer

Offer you a tax rebate once you have contacted them to explain

Question 10

Under what circumstance would you need to complete self-assessment returns?

Accepted Answer

To pay your UK taxes when you are self-employed or a business

Question 11

What month does the tax year start and end?

Accepted Answer

April

Question 12

What does PAYE stand for?

Accepted Answer

Pay As You Earn

Question 13

Which organisation sets the rate of income taxes in the UK?

Accepted Answer

The Government

Question 14

Why should you always check your tax code every month?

Accepted Answer

To check you are paying the correct amount of income tax

Question 15

What is the main benefit of paying into an employer workplace pension?

Accepted Answer

All of the above

Questions 15