Do not use R, brackets, spaces, signs or decimals (unless specifically instructed) The deemed cost per kilometer is R?? (calculate to 3 decimals) Blank 1 Travel allowance for the year: Blank 2 Wear and tear: Blank 3 Finance charges: Blank 4 Insurance: Blank 5
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- Natasha Mutale commenced employment as an Electrical engineer with Zesco limited in Kitwe on 1 August 2022. Her basic salary was K180,000 per annum. Natasha was also entitled to the following benefits: 1. Water expenses of K700 per month for her residence were to be paid on her behalf by her employer. 2. Electricity expenses of K14,400 per annum for her residence were also to be paid by her employer. 3. A monthly non-cash voucher to be exchanged for K1,000 worth of goods from Pick and Pay stores. 4. Lunch is provided at Zesco limited employee cafeteria. The cost to the company of providing lunch was estimated at K1,600 per month 5. A re- imbursement of medical expenses incurred of K6,000 in the charge year 2022. Natasha and her family had accessed medical treatment from a private hospital in Kitwe town. She is entitled to a re-imbursement of all medical bills as long as the clinic is approved by the Human Resource department of which the clinic in question was. 6. A re- imbursement…Arthur was seconded to work in Hong Kong since 1 April 2020 at an annual salary of $800,000. During the first six months he was provided with a two bedroom suite in a three star hotel in Wanchai until 30 September 2020. Arthur then moved to a flat in Repulse Bay and his rent was fully paid for by his employer. Calculate the rental value to be included in his assessable income for the year of assessment 2020/21. Select one: a. $72,000 b. $80,000 c. $40,000 d. $56,000Allan’s employer purchased a car in March 2019 at a cost of $44,000 GST inclusive and provided the car to Allan on 1 July 2019. Allan garages the car at his home each night from 1 July 2019 to 31 March 2020, excluding the month of December 2019. Allan travelled 40,000 kilometres in the car during the year, and the odometer and logbook records show that 20,000 kilometres were for business purposes and 20,000 kilometres were for private purposes. The operating costs of the car (not including deemed depreciation and deemed interest) were $9,000 (GST inclusive). Allan did not make any contribution but provided all the necessary documents for his employer to calculate his FBT liability. Question Assuming the employer elects to use the operating cost basis, explain and calculate the taxable value of the car fringe benefit and the FBT consequences for Allan’s employer.
- In August 2021, Maxine found employment as a consultant for a small sustainability firm in Warrnambool. The contract includes an annual salary, which $62,000 plus superannuation has been received in the 2022 income tax year. Maxine was required to purchase wet weather gear and other protective clothing at her own expense, totalling $660. Her employer reimbursed her for the total amount and also provided her with a hand-held radio transceiver (cost $270) and tablet computer (cost $1,599 plus case $210) for whilst she is on site visits. Explain the income tax and FBT implications of the remuneration package she is receiving from her employer, from both the employee and employer’s perspective.A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a.File his April 2022 VAT Return on the 15 May 2022 b.He is not required to file a VAT Return as the sales is below the VAT threshold. c.File his February 2022 VAT Return on the 15 March 2022 d.File his March 2022 VAT Return on the 15 April 2022Sam is self-employed and prepares accounts annually to 5 April. At 6 April 2022, the written down value brought forward in the main pool was £26, 000. During the year to 5 April 2023, he purchased a car with emissions of 45 g/km for £19, 200 and another car with emissions of 104 g/km for £25, 600. What are the maximum capital allowances that Sam can claim for the year to 5 April 2023? Question 6Answer a. £12, 744 b. £25, 416 c. £9, 672 d. £28, 488
- Rowena is employed as an architect throughout 2020/21 and received the following income during the tax year 2020/21:i) Salary of £114,000 (after her employer had deducted PAYE of £39,950).ii) Her employer provides Rowena with a parking space at work. If Rowena had to payfor her own parking, close to her office, the annual cost would be £900 per annum.iii) Bankinterestof£400.iv) Building society interest of £220.v) Dividends from a UK company of £4,500.vi) Premium bond prize of £150.vii) Property income of £24,000.During the year, Rowena made a charitable donation of £1,000 under the Gift Aid scheme and she paid her annual £500 subscription to the architects’ professional body, which is approved by HMRC.Required (you must answer both parts (a) and (b) to this question):a) Prepare the income tax computation for Rowena for 2020/21, showing the incometax liability and the tax due to be paid.17 marksb) Appraise the UK income tax system with refence to Adam Smith’s canon of equity.On 1st July 2021, Fred was appointed as a musician in an international hotel chain earning £18,000 as a basic annual salary. In addition, he received a monthly commission of £250 for evening performances during the 2021/22 tax year. He received a diesel car worth £28,000 with CO2 emissions of 157g/km from his employer. His employer contributed £250 towards his fuel expenses each month he had the car. He was pleased to be provided with a work mobile, paid for by his employer, worth £599, and his employer paid for his annual eye test at the opticians. Fred recently invested a legacy on the London Stock Exchange, earning dividends of £2,440. He also holds a cash ISA which earned £645 interest. Calculate Fred’s income tax liability for the year 2021/22.On 1st July 2021, Fred was appointed as a musician in an international hotel chain earning £18,000 as a basic annual salary. In addition, he received a monthly commission of £250 for evening performances during the 2021/22 tax year. He received a diesel car worth £28,000 with CO2 emissions of 157g/km from his employer. His employer contributed £250 towards his fuel expenses each month he had the car. He was pleased to be provided with a work mobile, paid for by his employer, worth £599, and his employer paid for his annual eye test at the opticians. Fred recently invested a legacy on the London Stock Exchange, earning dividends of £2,440. He also holds a cash ISA which earned £645 interest. If Fred also had savings that were not in an ISA, how would interest on this be taxed? What rate of tax would he pay on it?
- Thabitha works for Lobatse Clayworks Limited, a company that specializes in manufacturing ceramic products as well as special heat resistant face bricks used mainly in industrial processes. During the financial year ended 31 December 2022, she received amounts as shown below: A company vehicle for private use with a value of P480,000 with annual running costs of P18,000 paid by the company Tickets and booking to the value of P15,000 to go on her annual holiday as part of her condition of employment. Received free meals for P7,500 during the year from the company canteen Refund of P5,000 for medical expenses from Pula Medical Aid Society, her medical aid provider Dividends of P12,550 for shares held in a local company. Won a Jackpot of P50,500 from Cumberland Casino Share option offer from employer of 10,800 shares in the company at a price of P1.80 each, the current market price of the shares is P2.30 each Received a subsidy of P125,000 from government programme for Horticultural…Mr Lee owns a residential property in Hong Kong. During the year ended 31 March 2021, Mr Lee received the followings from the tenant: (1) Rent: $240,000 ($20,000 x 12) (2) Refundable deposit: $20,000 (3) Management fee: $12,000 ($1,000 per month). For the sake of convenience the tenant paid the management fee to the management office through Mr Lee. Based on the above information, the net assessable value of the above property for the year of assessment 2020/21 is: a. $192,000. b. $185,600. c. $201,600. d. $208,000.Siew Chin purchased her first investment property on 1 April 2021. Her first tenant moved in on 1 September 2021. Before the tenant moved in, Siew Chin spent $3,000 on painting the property besides the property tax ($990) and insurance ($1,440) for her ownership period (April to December) in the year 2021. What is the deductible expenses to be claimed against her rental income for Year of Assessment 2022?
