Jenny received a gross salary of £50,000 in 2022/23. She also received interest income of £1,000 and dividends of £5,000. On 10 September 2023 Jenny submitted her self-assessment tax return for 2022/23. Select the correct time limits that apply in relation to Jenny's self-assessment return for 2022/23.
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- Jamie received employment income (PAYE £26300) of £25000 and bank interest £3350 during the tax year 2019/20. Requirement: Calculate Jamie’s income tax payable for the year 2019/20.Miss Mazibuko’s assessment for the year ended 28 February 2021 shows a taxable income of R 120 000. The 2021 assessment was received at the end of January 2022 and the 2022 assessment has not been issued by SARS. She provided you with a payslip which indicates employees’ tax withheld by her employer of R 4 000. Her income is estimated to be R 100 000 for the 2023 year of assessment. Calculate the first provisional tax payment that she needs to make to SARS for the 2023 year of assessment. (NB: No spaces, no Rand sign required and round off to the nearest Rand if applicable).For the tax year 2023/24 Jane has employment income of £47,570, savings income of £1758 and dividends of £3588. What is her tax liability for the year? Enter a whole number, without the £ sign, in the response box.
- Sophie has the following information about her payments of tax for 2017/18: Payment on account 1 £2,000 paid in full on 31 March 2018 Payment on account 2 £2,000 paid in full on 31 July 2018 Final balancing payment £3,000 paid in full on 16 March 2019 Calculate any penalties due. Right to amend an income tax/capital gains tax return: Even once a tax return has been submitted, thetaxpayer has a right to amend it for any mistakes as long as it is within the time frame below. HMRC also have a right to amend the return HMRC- Nine months form the date the return is actually filed Taxpayer- 12 months from the usualsubmission dateSeun started his self-employment on 1 July 2020, he prepared the first period of accounts to 31 December 2021. What tax year will be his first tax year? 2020/2021 2021/2022 2019/2020 2022/2023Rowena 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.
- Peter earned employment income of £14,850 and received dividends of £4,500 in the tax year 2019/20. PAYE of £ 600 was deducted in respect of the employment income. Calculate tax payable for 2019/20Jacob earned employment income of £34250 and receive dividends of £17500 outside of an ISA in the tax year 2019/20. PAYE of £3680 was paid in respect of employment income. Requirement: Calculate Jacob’s tax liability for tax year 2019/20.Compute Mary’s income or deductions for 2020 using (1) the cash basis and (2) the accrual basis for each of the following. In May 2020, Mary paid a license fee of $1,200 for the period June 1, 2020, through May 31, 2021. In December 2020, Mary collected $10,000 for January 2021 rents. In January 2020, Mary collected $2,000 for December 2020 rents. In June 2020, Mary paid $7,200 for an office equipment service contract for the period July 1, 2020, through December 31, 2021. In June 2020, Mary purchased office furniture for $273,000. She paid $131,000 in cash and gave a $142,000 interest-bearing note for the balance. The office furniture has a MACRS cost recovery period of seven years. Mary did not make the § 179 election and elected not to take additional first-year depreciation.
- 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. $56,000Sophie is a single taxpayer. For the first payroll period in July 2019, she is paid wages of $2,200 monthly. Sophie claims one allowance on her Form W-4. a. Use the percentage method to calculate the amount of Sophie's for a monthly pay period. Sophie Withholding:$ b. Use the wage bracket ethod to determine the amount of Sophie's withholding for the same period. $Sophie is a single taxpayer. For the first payroll period in July 2018, she is paid wages of $3,900 monthly. Sophie claims one allowance on her Form W-4. a. Use the percentage method to calculate the amount of Sophie’s withholding for a monthly pay period. $________________ b. Use the wage bracket method to determine the amount of Sophie’s withholding for the same period. $______________________
