40 pence, as a ratio is 40/1 pence.
You can multiply both the numerator (top) and the denominator (bottom) of this fraction by any non-zero integer. You will have an equivalent fraction.
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£166,349.45
Yes. Although that may cause confusion about whether the intended amount was 1340 pence, for example 13 pounds and 40 pence, or 1300 pounds (missed out) and 40 pence.
You can buy 11.
It is 75/100, which can be simplified but it can be worth waiting to see if there are other fractions of a pound to be added or subtracted.