Sam 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
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- From 1 March 2021 to 28 February 2022, employee A used her own vehicle for business purposes. She received a travelling allowance of R20 000 per month for this purpose. She travelled a total of 65 000 kilometers during the year of which 45 000 kilometers was for private travel. She kept an accurate logbook during the period she received the travel allowance. She purchased a motor vehicle for R660 000 (including VAT) on 28 February 2020. Finance charges for the current year was R105 000 and insurance was R3 500 a month, fuel was R7 000 a month and maintenance was R12 000 for the period. 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 Fuel: Blank 6 Maintenance: Blank 7 Actual cost per kilometer in Rand (calculate to 3 decimals): Blank 8 Possible deduction allowed for business…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.The Net Income of Mr. Richard was £130,000 during the tax year 2019-2020. He travelled 10,000 miles for business trip by his own car. His employer paid him 0.50 penny per mile for each business mile. His taxable income after mileage allowance was £: a. 112,500 b. 125,000 c. 130,500 d. 135,000
- Paul is an employee, but also has a small business. For the year ended 31st March 2024 his sales were £2, 500 and his running expenses were £460. He also bought a second-hand computer for use in his business for £200. His taxable trading income for the year will be: Question 14Select one: a. £2,500 b. £2, 040 c. £1,840 d. £1,500Danish was granted a loan of £10,000 by his employer on 31 March 2020, to help finance the purchase of a yacht. Interest is payable on the loan at 1% p.a. On 1 June 2020, Danish repaid £5,000. What is the assessable loan benefit ?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. Calculate for Fred the correct amount of employment remuneration that he should include on his tax return for 2021/22. [Only remuneration, not taxation on it.]
- 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?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.Andrew has been soll employed as a builder for several years and generated taxable trading profit of E82,000 in the 2020/21 an year, He has trading losses brought forward of £10,000. His partne Sophio works part time as a mobilc dog groomer and has taxable trading profit of £10,560 for the tax vear 2020,2X Woat are the tetai NICs payable by Andrew and Sophie for the tax year 2020/21? E160
- Victoria has the following property income in 2022/23. i) She let a house to tenants throughout the year at a monthly rate of £800. She incurred the following expenditure during the year Insurance Cleaning Boiler service Replacement of windows with improved widows Letting agent fees 600 200 350 5,250 900 ii) She let out another house for part of the year. It was first let to tenants from 1 June 2022 at a monthly rent of £950. She paid £250 to advertise the property before it was let. During the year she paid £400 insurance in respect of the property. iii) On 6 April 2022 she let out a leasehold office building. The tenant paid £12,000 for the grant of a 12-year lease, in addition to annual rental of £18,000. During the year Victoria paid £900 insurance in respect of the building. iv) Throughout the year she let out a room in the house she lives in for £9.600 per annum. The expenses relating to the room in the year were £1,200. Required: a) Calculate Victoria's property business profits…During the fiscal year of 2023/24, John received £40 of income tax repayment interest relating to overpaid income tax from 2022/23. John has been employed part-time by Medical Support Ltd since 2013. He received the following remuneration package in 2023/24: · Salary £15,000 per year; · Eye test which would have cost £20, offered to all employees who use computers. · Private medical insurance costing the company £800, and which would have cost John £1,000 had he bought it directly from the insurers; and · From 1 June 2023, use of a van for significant private use with CO2 emissions of 130 g/km. The van had a list price of £10,000 and Medical Support Ltd paid for all John’s private fuel. John received £1,500 of dividends in January 2024 from an ISA. John has also run his own business as a sole trader for many years. Therefore, he has calculated his taxable trading profits for 2023/24 to be £20,600. In arriving at his taxable trading profits, he deducted the following amounts. · £200…Andrew has been self-employed as a builder for several years and generated taxable trading profit of £82,000 in the 2020/21 tax year. He has trading losses brought forward of £10,000. His partner Sophie works part time as a mobile dog groomer and has taxable trading profit of £10,560 for the tax year 2020/21. What are the total NICS payable by Andrew and Sophie for the tax year 2020/21? £4,244 £4,180 E4,698 E4,498