During the tax year 2019/20 Kimberly lets out a furnished property. The rent payable is v...
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During the tax year 2019/20 Kimberly lets out a furnished property. The rent payable is v £1,200 per month but she does not receive the rent due in March 2020 until 15 April 2020. Her expenses paid are £45 each month for Insurance and £2.115 for property management fees. Kimberly also spent £1.440 on a new sofa which was of better quality than the sofa it replaced. If Kimberly had bought a sofa of the same type as the original. It would only have cost her £1.362. What is Kimberly's property business income for the tax year 2019/20? £9.183 £10,545 £10,383 £9,105 In the tax year, 2019/20 Chloe has a trading income of £160,000. She also receives property business income (not a furnished holiday letting) of £8,000 during the tax year. Chloe has decided to start contributing to a personal pension scheme in 2019/20. What is the maximum gross contribution that Chloe can make to her personal pension in the tax year 2019/20 without incurring a tax charge? Part B 1 Alf, one of the directors of Bell plc, is paid a salary of £20,000 a year and is given the following benefits throughout the tax year 2019/20: (a) Private use of hi-fi equipment which cost Bell plc £800. (b) Private use of a company van. Bell plc pays for all fuel. (c) Mobile phone for business and private use which cost Bell pic £250. (d) Medical insurance which cost Bell plc £700. Similar insurance would have cost Alf £900 had he taken it out personally. (e) Pension advice which cost Bell plc £300. Calculate Alf's employment income for the tax year 2019/20. 2 Shirley has an employment income of £109,000 for the tax year 2019/20 (PAYE £31,100). She also receives building society interest of £5,250 and dividends of £5,000 in the tax year. She makes a contribution of £7,600 cash into her personal pension scheme in December 2019. Calculate Shirley's income tax payable for the tax year 2019/20 During the tax year 2019/20 Kimberly lets out a furnished property. The rent payable is v £1,200 per month but she does not receive the rent due in March 2020 until 15 April 2020. Her expenses paid are £45 each month for Insurance and £2.115 for property management fees. Kimberly also spent £1.440 on a new sofa which was of better quality than the sofa it replaced. If Kimberly had bought a sofa of the same type as the original. It would only have cost her £1.362. What is Kimberly's property business income for the tax year 2019/20? £9.183 £10,545 £10,383 £9,105 In the tax year, 2019/20 Chloe has a trading income of £160,000. She also receives property business income (not a furnished holiday letting) of £8,000 during the tax year. Chloe has decided to start contributing to a personal pension scheme in 2019/20. What is the maximum gross contribution that Chloe can make to her personal pension in the tax year 2019/20 without incurring a tax charge? Part B 1 Alf, one of the directors of Bell plc, is paid a salary of £20,000 a year and is given the following benefits throughout the tax year 2019/20: (a) Private use of hi-fi equipment which cost Bell plc £800. (b) Private use of a company van. Bell plc pays for all fuel. (c) Mobile phone for business and private use which cost Bell pic £250. (d) Medical insurance which cost Bell plc £700. Similar insurance would have cost Alf £900 had he taken it out personally. (e) Pension advice which cost Bell plc £300. Calculate Alf's employment income for the tax year 2019/20. 2 Shirley has an employment income of £109,000 for the tax year 2019/20 (PAYE £31,100). She also receives building society interest of £5,250 and dividends of £5,000 in the tax year. She makes a contribution of £7,600 cash into her personal pension scheme in December 2019. Calculate Shirley's income tax payable for the tax year 2019/20
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Answer rating: 100% (QA)
Answer c 10383 Calculation Rent income 1200 x 11 months February December 2019 132... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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