Going Self Employed

Quiz
•
Professional Development
•
Professional Development
•
Medium
Jacqui Hughes
Used 8+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the primary responsibility of a self-employed person?
Paying taxes through PAYE
Working as an employee for another business
Managing every aspect of their business's finances
Receiving employer pension contributions
Answer explanation
The primary responsibility of a self-employed person is managing every aspect of their business's finances, including budgeting, invoicing, and financial planning.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT a benefit of being self-employed?
Freedom to run the business
Variety in work projects
More job security
Potential for higher earnings
Answer explanation
The correct choice is 'More job security' because self-employment typically involves less job security compared to traditional employment.
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What must you do when you become self-employed?
Register with HMRC
Apply for a company car
Sign up for employer pension contributions
Enroll in a corporate health insurance scheme
Answer explanation
When you become self-employed, you must register with HMRC to comply with tax regulations.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the deadline to register as self-employed with HMRC?
5 October in your business's second tax year
31 January after the end of the tax year
Immediately upon starting your business
At the end of the financial year
Answer explanation
The deadline to register as self-employed with HMRC is 5 October in your business's second tax year, as per the correct answer choice provided.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which type of insurance is NOT mentioned as a necessity for self-employed individuals?
Public liability insurance
Professional indemnity insurance
Pet insurance
Employers' liability insurance
Answer explanation
Pet insurance is not mentioned as a necessity for self-employed individuals, unlike public liability insurance, professional indemnity insurance, and employers' liability insurance.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the purpose of Making Tax Digital introduced by HMRC?
To reduce the amount of tax self-employed people pay
To phase out digital businesses
To increase the tax for digital businesses
To make tax affairs digital and easier to manage
Answer explanation
The purpose of Making Tax Digital introduced by HMRC is to make tax affairs digital and easier to manage.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What can self-employed workers claim to reduce their tax bills?
Company car expenses
Employer pension contributions
Paid holidays
Utilities bills and travel costs
Answer explanation
Self-employed workers can claim utilities bills and travel costs to reduce their tax bills, as these are legitimate business expenses.
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