Alan Johnson, the shadow business secretary, infamously got the UK national insurance rate wrong last weekend. So we thought we’d help him out by putting together an entrepreneurs’ quiz of must-know business facts.

How good is your business knowledge? Do you know your corporation tax rates from your VAT tax rates? Do you know when you need to file your tax return by?

Try your hand at our entrepreneurs’ quiz below – the answers on page two. Good luck, and be sure to tell us how many questions you got right (or wrong!) in the comments section, below.

1. What is the current national insurance contribution rate for employers?    

2. What is the current standard VAT rate?

3. When is the next Budget planned?    

4. What is the deadline for filing your 2009/2010 tax return online?    

5. What is the minimum wage hourly rate?

6. What is the Bank of England’s current base rate of interest?

7. How much is the UK government’s deficit?

8. What is the average price of a litre of petrol?

9. What is the main rate of corporation tax?

10. What amount can an entrepreneur claim ten per cent capital gains tax on?

Phew. How did you do? The answers are on the next page.

Share this story