Worked as a finance manager earning $46,000$ per annum. He is provided with a

petrol car by his employer, list price $31,000,$ with CO$2$

emissions of $102$g$/$km$.$ His

employer pays for all the fuel for the car. He is provided with a work mobile worth

$635.$ There is a staff canteen available to all staff where Henry has a subsidised

lunch each day; this costs him $1\mathrm{.}00$ and he estimates an equivalent meal

elsewhere would be approximately $6\mathrm{.}50.$ Henry had to pay professional

subscriptions to the ICAEW of $450$ this year.

$(2)$ Received interest on his bank savings account of $800$ during the year, and

dividends of $4,000.$ He has an ISA, on which he received $950$ of interest during

the year.

Required:

Calculate Henrys income tax liability for the year $2023/24.$ You must include the

rental and self$-$employed income calculated in Questions $1$ and $2$ in your

calculation.

Net Rental Income is $10850$

and the profit is $24500$ which is its self employed income.

Answer rating: 100% (QA)

To calculate Henrys income tax liability for the year 202324 we need to consider his various sources of income and apply the relevant tax rates and allowances Lets break down the calculation Employmen... View the full answer