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UGB225 Business Taxation

Question

Answered

Answer:

a) Linda draws a salary of £200 per week from the business. This is included in thewages and salaries figure.

b) Repairs and renewals are as follows:

Decorating of business premises 400 Installation of new improved heating system 3,800 Minor repair 80 4,280

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

d) Sundry expenses include business entertaining of£520.

e) 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 doubtfuldebts

Required:

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

Question 2 :

a) Discuss the criteria which can be used to distinguish employment from selfemployment? (19 marks) b) Why do people prefer self-employment rather than being

employed, resulting in so many IR 35 cases?

Question 3 :

a) Discuss the six badges of trade?

b) Briefly discuss the different VAT schemes available to the VAT registeredbusiness?

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.

Required:

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

b) Calculate John’s capital gains tax liability for the tax year2019/20.

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UGB225 Business Taxation

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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ACC708 Taxation Law

Question: Case Study Mr Dominic Supreme owns a pizza restaurant. However, for public health reasons he has now closed the restaurant side of the business and is currently operating on a takeaway basis only. He has several employees working in the kitchen and delivering pizzas. He also owns various ...

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ACCT 323 Federal Income Tax

Task Federal Taxes – Mid-Term Indicate whether the following are true or false – Two points each. 1. A tax home is the general area in which an employee lives. ____________-2. Prepaid income is generally taxable in the year of receipt. _____________3. Interest paid by a state on its ...

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ACCT612: Tax Research and Jurisprudence

OVERVIEW For this assignment, you will be submitting a tax research memo regarding the scenario detailed below. INSTRUCTIONS The memo should be submitted in the form of a Microsoft Word document, using only the template provided, and labeled as follows: lastname_memoTax Court.doc. Please note the fo ...

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Specific Deductions and Tax Liability

HI6028 Taxation Theory, Practice and Law Individual Assignment T 2 .202 1 1 HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T 2 202 1 Unit Code HI6028 Unit Title Taxation Theory, Practice & ...

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