a) Federico works only for Time PLC and has no further income or capital gains. He was promoted last year and currently earns £76,000 p.a.. He has benefits in kind totaling £3000 for the period 2019/2020. Calculate the taxable income and the amount of tax due for the year 2019/2020.

b) Ricky works as a plumber and currently earns £56,000 per annum. He bought a property as an investment in 2010 for £125,000. Due to Brexit, he fears the price of his property will go down and decides to sell it for £215,000.
Note that Ricky has no other benefits in the current tax year 2019/2020
Calculate the taxable income and the total tax due by Ricky for the period 2019/2020.

Answer rating: 100% (QA)

Solution pageol Q a Federico works only far and has no t... View the full answer