A sole trader, Nitin, has plant and machinery with a tax written down value of £18,400 on 1 January 2023. During the six-month period of account to 30 June 2023 he purchased a Mercedes car (emissions of 28 g/km) for £24,400, used only for business purposes. What is the maximum amount of capital allowances available to Nitin for the six months ended 30 June 2023? A £26,056 B £3,852 C £27,712 D £7,704
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- On 30 June 2022, ABM Ltd (an Australian resident company) recorded sales income of $40,000 and had allowable deductions of $36,000. It also received a dividend of $20,000 that was franked to 80%. Required: Calculate ABM Ltd's tax payable or refundable. Show all calculations.K Ltd. paid an employee a tax-free travel allowance of $5,300 based on 9,000 kilometres of out-of-town driving in 2022. What amount can K deduct for tax purposes?Obi Ltd made a trading profit of £739,000 for the nine month period ended 30 September 2021. On 1 February 2021, Obi Ltd sold a warehouse. This resulted in a chargeable gain of £120,000. On 1 August 2021, Obi Ltd made a qualifying charitable donation of £5,000. Obi Ltd has a capital loss brought forward from the year ended 31 December 2020 of £20,000. What is Obi Ltd's corporation tax liability for the nine month period ended 30 September 2021? £118,845 O£158,460 £162,260 £159,410
- A person pays no tax on their first £3,500 of earnings and then 23% tax on the remainder. If they wish to have net earnings of £15,000, how much gross earnings will they require to earn? A £15,000 B £18,435 C £18,500 D £19,481Question 1 Nana John is a self-employed as a hairdresser and lives in the UK. She has the following information available for the year ended 2021/22 Trading profit for the year ended 30 June 2021 Nana's statement of profit or loss for the year ended 30th June 2021 is as follows: Income Expenses Depreciation Motor Vehicle Professional fees Property expenses Purchases Other expenses Net profit Note 1 2 3 4 5 £ 2,635 2,200 1,650 12,900 4,700 16,550 £ 63,635 (40,635) 23,000 1. Nana John charges all the running expenses for her motor car to the business. During the year ended 30 June 2021 Nana drove a total of 8,000 miles of which 7,000 were for private journeys. 2. The figure for professional fees includes £1,260 for legal fees in connection with the grant of a new five-year lease of parking spaces for customers' motor cars. 3. Nana lives in a flat that is situated above her hairdressing studio and one-third of the total property expenses of £12,900 relate to this flat. 4. During the year…Abe commenced trading on 1 September 2020. The tax adjusted trading profit for his first two accounting periods is as follows: Accounting period Tax adjusted trading profit Ten months ended 30 June 2021 £ 15,720 26,340 Year ended 30 June 2022 On what amount of trading profit will Abe be assessed for the tax year 2021-22? £26,340 £20,110 £24,471 £15,720
- Following are the information on some transactions of Saint-Germain Ltd. in Paris, France, in 2019 (currency in EU euro, €): A. Pre-tax cash sales on April 2 totaled €256,000. The VAT rate is 20%.B. The annual property tax bill for 2019 of €12,000 is received on May 1. The property tax is paid in full on June 30 and is to be adjusted for accrued expense at year end. Saint-Germain has a calendar year end for its accounting and records adjusting entries annually.C. Saint-Germain’s gross salary amounts to €10,000 for the week ended July 11. Amounts deducted from the employees’ salaries are pension contribution of €495, employment insurance of €178, income tax of €3,465, and health insurance of €950. On July 11, cash is paid to the employees, less the payroll deduction amounts withheld.D. Accrued interest on December 31 (the company’s yearend) for a three-month, 6%, €10,000 bank loan effective December 1. Interest is payable on the first of each month.E. In November 2019, a customer sued…sir, the owner of a carving wood craft business with a gross income (turnover) of Rp.1,200,000,000.00 per year. Pak Sandi will pay taxes on his business based on the latest income tax collection regulations. The amount of income tax payable per year that must be paid isChangying Tannehill owns and manages a wholesale food supplier. Changying’s business, Tannehill Canting Yongpin (UK) Ltd, supplies luxury food to restaurants and delicatessens in Newcastle upon Tyne (UK). During the tax year 2020/21, Tannehill Canting Yongpin (UK) Ltd’s taxable turnover (excluding capital items) was £534,110. The business’s VAT administration and payments of VAT liabilities are up-to-date. Changying has never been convicted of a VAT offence or assessed to a penalty for VAT evasion involving dishonest conduct. During 2019/20, Tannehill Canting Yongpin (UK) Ltd did not participate in any of the special schemes for VAT administration. Which of the special schemes for VAT administration can be used by Tannehill Canting Yongpin (UK) Ltd in 2020/21? A. Cash accounting scheme; annual accounting scheme; special retail scheme B. Special retail scheme; annual accounting scheme; flat-rate scheme for small businesses C. Annual accounting scheme; cash accounting scheme…
- ABCD Ltd had the following results for the year ending 31 March 2019:Trading income 369,000; Bank interest 10,000; Capital gains 9,500; Qualifying charitable donations (7,800); Dividends received from UK companies 41,000.Required: Calculate the ABCD’s tax liability for the year ended 31 March 2019.E18 john Ltd is a car retailer. On 1 April 2020, Jack Ltd sold a car to kay on the following terms: The selling price of the car was £25,300. kay paid £12,650 (half of the cost) on 1 April 2020 and would pay the remaining £12,650 on 31 March 2022 (two years after the sale). john Ltd’s cost of capital is 10% per annum. What is the total amount which john Ltd should credit to profit or loss in respect of this transaction in the year ended 31 March 2021? A £23,000 B £23,105 C £20,909 D £24,150Bhekisizwe (Pty) Ltd, a micro business, registered its business at the commencement of the 2023 year of assessment and started trading immediately. Its cash turnover for the period was R650 000. Calculate the tax payable for Bhekisizwe (Pty) Ltd for the 2023 year of assessment. a. R5 650 b. R4 650 c. R1 650 d. R6 650