DWI CPD Test: CPD Course - Dentists Who Invest

Quiz

1. What is a key step business should take to prepare for upcoming tax changes?

Ignore the changes and continue as usual

Keep accurate financial records and seek professional advice

Avoid using bookkeeping software

Switch to cash-only transactions

2. Why should businesses be cautious when reporting their expenses?

Incorrect claims can lead to penalties and tax investigations

The government does not allow any expenses to be deducted

Businesses should not report expenses at all

The use of expenses has no impact on tax liability

3. Which of the following is an example of an expense that should not be claimed as a business tax deduction?

Rent for office space

Travel expenses for non-business trips

Professional indemnity insurance

Equipment purchases for business use

4. Why is it beneficial to have an accountant handle tax investigation?

They can communicate with HMRC on behalf of the business

They prevent businesses from ever being audited

They allow business owners to ignore tax obligations

They ensure that businesses do not have to keep financial records

5. What is the main goal of stricter tax reporting regulations?

To eliminate tax deductions

To ensure all income and expenses are accurately reported

To increase the complexity of tax filing

To reduce tax collection

DENTISTS WHO INVEST LIMITED IS A LIMITED COMPANY, REGISTERED IN ENGLAND AND WALES