Money talk

What does HMRC stand for?

• Her Majesty's royal coinage

• Her Majesty's revenue and change

• Her Majesty's revenue and customs

At what age are you given a National Insurance number?

• 16 yrs

• 18 yrs

• 21 yrs

The tax year starts and ends in which month of the year?

• January

• April

• September

At the end of the tax year, your employer will give you a form which shows your salary and the tax you have paid. What is the name of this form?

• P60

• P45

• P20

Everyone is allowed to earn some money before they have to pay tax. What is this called?

• Basic allowance

• Allowed income

• Personal Allowance

The tax you pay on the money you earn through your salary or wages, is called ____________ tax

• Income

• VAT

• Stamp Duty

What do the letters PAYE stand for?

• Pay a Yearly Earning

• Pay as You Earn

What does the National Insurance Contribution pay for? Select all that apply

• State pension

• Unemployment benefits

• Statutory Maternity pay

• Statutory sick pay

• NHS

On a payslip, the money you take home after you have paid tax and National Insurance is described as what?

• Gross Pay

• Net Pay

• Your Pay

What is the tax code for a personal allowance of £12,570?

• 1257L

• 1000L

• 12570TX