In 2020-21, Victor rents out a room in his home and receives rents of 8,150. He incurs
Question:
In 2020-21, Victor rents out a room in his home and receives rents of £8,150. He incurs allowable expenses of £820. What "rent-a-room" elections (if any) should he make?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
The rentaroom exemption does not apply since gross rents exceed 7500 If Victo...View the full answer
Answered By
Vijesh J
My passion to become a tutor is a lifetime milestone. Being a finance and marketing professional with hands-on experience in wealth management, portfolio management, team handling and actively contributing in promoting the company. Highly talented in managing and educating students in most attractive ways were students get involved. I will always give perfection to my works. Time is the most important for the works and I provide every answer on time without a delay. I will proofread each and every work and will deliver a with more perfection.
4.70+
5+ Reviews
15+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
In 2017-18, Victor rents out a roo m in his house and receives rents of 8,150. He incurs allowable expenses of 820. No "rent -a-room" elections are currently in force. What elections (if any) should...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...
-
On April 12, 2011, BAM Technologies floated a $100 million bond issue. Each $1,000 bond entitled the bondholder to receive $50 every six months (October 12th and April 12th) until April 12, 2041, at...
-
A farmer measures the distance around a rectangular field. The length of the long sides of the rectangle is found to be 38.44 m, and the length of the short sides is found to be 19.5 m. What is the...
-
As a boat travels at \(48.0 \mathrm{~km} / \mathrm{h}\) across the surface of a still lake, the waves it creates in the water have a speed of \(20.1 \mathrm{~km} / \mathrm{h}\). What is the angle of...
-
List and describe the legal elements that comprise the unintentional tort of negligence. Provide an example of a negligence situation involving a personal injury. Provide another example of a...
-
The stockholders equity accounts of Neer Corporation on January 1, 2010, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000 Common Stock ($1 stated value,...
-
4 16. The mean and variance of a binomial distribution area and respectively. If P(X = 1) = then P(X = 4 or 5) is equal to: 243 (a) 1/159 64 (b) $ 16 (c) 81 925 145 (d) 27 243 17. Let E1, E2, E3 be...
-
Yvonne owns four cottages, all let furnished with a view to profit. None of the cottages is ever let to the same tenant for more than 31 consecutive days. In 2020-21 the number of days each cottage...
-
In tax year 2020-21, a landlord receives a premium of 36,000 when granting a 25-yearlease to a tenant. How much of this premium is chargeable to income tax?
-
List three examples of products you have consumed that provide high utilitarian value. List three examples of items that provide high hedonic value. Think of at least one product or brand that you...
-
What benefits does CRM offer to the customer? To the manufacturer? When is data about a customer "too much"? If two companies in the same industry use the same ERP software based on the same business...
-
Inkishush and Company has a book value per share of $10.35, earnings per share of $2.23, and a price-earnings ratio of 19.4. What is the market-to-book ratio?
-
Roosters Ltd has a company superannuation scheme, Roosters Superannuation, which its employees can choose to nominate for their compulsory superannuation contributions. The majority of employees are...
-
The Chaldean Riverfood Market has sales of $38,200, current assets of $8,100, net income of $2,600, fixed assets of $12,500, total debt of $10,600, and dividends of $915. What is the sustainable...
-
Keeping finance honest, transparent, and collegial is a foundation for excellence, but financial management itself must improve. Areas known to be fruitful OFIs include accuracy of financial...
-
Using the following information, compute (1) Working capital and (2) Current ratio. Deferred sales revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $...
-
31. What is the income that can be received over 15 years from $500,000 earning 6% annually? 32. What is the semiannual payment required to retire $50,000 in debt over 5 years at 8% compounded...
-
Stenberg plc is preparing its financial statements for the year ended 30 November 2023. On 1 May 2023, the company purchased a factory for the manufacture of optical disks, paying 24,000,000. The...
-
The following information relates to three companies that use the revaluation model in relation to intangible assets and prepare annual financial statements to 31 December: (a) Company W acquired an...
-
An asset which cost 200,000 on 1 January 2021 is being depreciated on the straight line basis over a five year period with an estimated residual value of 40,000. The company which owns the asset has...
-
Assume you have extracted the following information from the statements of Manzini Manufacturing Ltd. (MML) for the financial year to 28 February 2022. Assume a 365 day year. R'000 Inventory: Raw...
-
Euro Tech Plc., a South African company listed on the London Stock Exchange (LSE) supplies technical components for the European defence industry. The following sales and cash disbursement estimates...
-
"When EFN (External Financing Needed, aka AFN) is negative, it indicates that the company is holding excessive money than that is needed. When company is merely holding the surplus of money is often...
Study smarter with the SolutionInn App