UGB225 Business Taxation Alternative

Learning outcomes

Outcomes Assessed: All  This assessment covers the following learning outcomes from the module.

Students are required to submit their assignments through Turnitin on Canvas then to JIRA. Only assessments submitted through JIRA and Canvas will be marked.

Please note that this is an individual assignment and the policy of the University on “Policy on Cheating, Collusion and Plagiarism” applies.

Repairs and renewals are as follows:

Decorating of business premises 400

Installation of new improved heating system 3,800

It has been agreed with HMRC that one-quarter of telephone costs and one-fifth of motor expenses relate to private use.

Sundry expenses include business entertaining of £520.

Trade debts written off in the year amounted to £440 and £200 has been set aside as a general allowance (or provision) for bad and doubtful debts.

Compute Linda’s trading profit (before deduction of capital allowances) for the year ended 31 March 2020.

Discuss the criteria which can be used to distinguish employment from selfemployment?

Why do people prefer self-employment rather than being employed, resulting in so many IR 35 cases?

Discuss the six badges of trade?

Briefly discuss the different VAT schemes available to the VAT registered business?

On 23 August 2013, Peter made a gift of a house valued at £420,000 to his son, John. This was a wedding gift when John got married. The nil rate band for the tax year 2013/14 is £325,000.

Peter died on 20 March 2020 at which time his estate was valued at £880,000. Under the terms of his will, Peter divided his estate equally, before inheritance tax, between his wife and his son, John. Peter had not made any gifts during his lifetime except for the gift of the house to John. Peter did not own a main residence.

Required:

a) Calculate the inheritance tax that will be payable as a result of Peter’s death.

b) Calculate John’s capital gains tax liability for the tax year 2019/20.

· You are required to submit your work within the bounds of the University Infringement of Assessment Regulations.

· Your assignment must be submitted to Canvas for Turnitin and JIRA in electronic form with an accurately and clearly completed title page.

· All Students must submit a Turnitin© report along with their assignment to JIRA. If under any circumstances the assignment is submitted without this, the final mark will be withheld and there will be potential delays.

· Students may submit drafts through Turnitin and generate reports prior to submission. The last submission prior to the deadline will be deemed to be the final submission for assessment purposes. Please note that you need to allow 24 hours between submissions through Turnitin to generate a fresh/new/different report so please do not leave submission to the last moment.

· All works submitted MUST be original. If under any circumstances a student is found to be violating any of the 'Academic Integrity' rules, the university deserves the right to take legal and disciplinary actions against the individual.