Mark starts his own business on 26 July 2021 and is self-employed for 36 weeks in tax
Question:
Mark starts his own business on 26 July 2021 and is self-employed for 36 weeks in tax year 2021-22. His trading profit which is assessed to income tax for 2021-22 is £10,590. Calculate the Class 2 NICs and Class 4 NICs payable by Mark for the year.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
The National Insurance Contributions NICs that a selfemployed individual in the UK like Mark would b...View the full answer
Answered By
BETHUEL RUTTO
Hi! I am a Journalism and Mass Communication graduate; I have written many academic essays, including argumentative essays, research papers, and literary analysis. I have also proofread and written reviews, summaries and analyses on already finished works. I am eager to continue writing!
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Arun started a business as an electrical goods dealer on 1 January 2015. He prepared his Profit and Loss Account for the year ended 31 March 2021 and its shows a net profit of 180,000. Notes: 1. The...
-
Geoff is an employee of Computer Systems Ltd ( Computer Systems ). He is employed as a computer programmer on a salary of $150,000 a year. On 1 July 2021 Geoff commences to also carry on his own...
-
Gary is an electrician. He works as an employee of Electrical Solutions Ltd but in addition to this he started his own business on 1 December 2017. His adjusted trading profits for the six-month...
-
All numbers are in $ '000. Consider an income property. Next three years its NOIs will be $25,000, $28,000 and $30,000. Then NOI will be growing at a constant rate of 3% per year. If you buy the...
-
Cloud seeding has been studied for many decades as a weather modification procedure (for an interesting study of this subject, see the article in Techno metrics by Simpson, Alsen, and Eden, A...
-
Complete the following Journal Report Selection window to display all general journal entries from September 1 through September 10 of the current year with a reference of 5435. General Journal - C...
-
A tax auditor reviewing a tax return looks for several kinds of problems, including these two: (1) mistakes made in entering or calculating numbers on the tax return and (2) places where the taxpayer...
-
Superior Door Company sells prehung doors to home builders. The doors are sold for $60 each. Variable costs are $42 per door, and fixed costs total $450,000 per year. The company is currently selling...
-
A Prolog program session appears as follows: ?- parent(A,B). A = salah B = saeed; A = hussain B = salah; A = hoda B = saeed; ?-grandfather(A,B). A = hussain B = saeed; ?-grandparent(A,B). A = Hussain...
-
Brenda is a company director and she earns a regular monthly salary of 6,000. In December 2021 she received a 20,000 bonus. She is provided with a diesel-engined company car (registered in January...
-
Joan is a company director. Her salary is paid on the last day of each month. Her gross salary throughout 2021 was 8,400 per month but she was awarded a 4% pay increase as from 1 January 2022. She...
-
Price maintenance, refusal to deal and resale restrictions all represent attempts by the supplier to exercise control over its channel members. What are the legal limits on the degree of control the...
-
A pool player strikes a 1.25kg cue ball directly towards another ball, at rest, that has the same mass. The two collide elastically and the second ball moves away with a velocity of 12ms. What is the...
-
What does the seismic record illustrated for Mt. St. Helens in 1980 suggest?
-
How can organizations demonstrate more social responsibility and become more globally conscious, especially during corporate mergers? Why is this important, if at all?
-
Evaluate the liquidity for each year by computing the current ratio. Discuss and explain your results.
-
In line with the company's global investment strategy, the company has targeted Thailand or Vietnam. The company will be investing RM150 million in the form of equity in the foreign company,...
-
Waverly, Inc., manufactures two types of aspirin: plain and buffered. It sells all it produces. Recently, Waverly implemented a TOC approach for its Fort Smith plant. One binding constraint was...
-
The cost curve for the city water supply is C(Q) = 16 + 1/4 Q2, where Q is the amount of water supplied and C(Q) is the cost of providing Q acre-feet of water. (An acre-foot is the amount of water...
-
Western Trading plc is a company which uses a variety of component parts in its manufacturing operations. One of the company's suppliers has recently gone out of business and therefore Western is now...
-
The profits attributable to the ordinary shareholders of F plc are as follows: 000 Year to 31 December 2016.................... 1,800 Year to 31 December 2017.................... 2,475 For many...
-
On 1 January 2016, G plc issued 2 million of 7% convertible loan stock. The holders of this stock may choose to convert the stock to ordinary shares on 1 January 2020, 2021 or 2022. The number of...
-
Kids Read Inc. (KRI) is a book retailer that specializes in children's books and follows ASPE for reporting purposes. KRI also prints and produces several childrens books. During the past four...
-
When investors value their participation in Series A funding round it is common practice to use exclusively the equity component of a deal, what is the post-money valuation with convertible preferred...
-
If Carissa has a $168,000 home insured for $100,000, based on the 80 percent coinsurance provision, how much would the insurance company pay for a claim of $14,700? Note: Do not round intermediate...
Study smarter with the SolutionInn App