Fred also does evening gigs for friends and contacts, and he tells you that the profit...

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Fred also does evening gigs for friends and contacts, and he tells you that the profit he made was £3,733. You find that has deducted the following to arrive at that profit figure: £4,300 that he drew for himself, £100 per evening £160 in parking fines incurred while working £499 to a friend to design a website for his business £737 on drinks during performance intervals for himself and others in the band £70 on sheet music. Required: Calculate for Fred the correct profits that he should include on his tax return for 2020/21. 4 marks Fred also does evening gigs for friends and contacts, and he tells you that the profit he made was £3,733. You find that has deducted the following to arrive at that profit figure: £4,300 that he drew for himself, £100 per evening £160 in parking fines incurred while working £499 to a friend to design a website for his business £737 on drinks during performance intervals for himself and others in the band £70 on sheet music. Required: Calculate for Fred the correct profits that he should include on his tax return for 2020/21. 4 marks

Answer rating: 100% (QA)

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