Leonard is employed and receive d a gross salary of 3,335 per month during tax year 2017-18.

Question:

Leonard is employed and receive d a gross salary of £3,335 per month during tax year 2017-18. He also has a small business and paid 53 Class 2 NICs for the year. His trading income for 2017-18 was £10,754.

Calculate the refund of NICs due to Leonard for the year (if any).

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Taxation Finance Act 2017

ISBN: 9781292200804

23rd Edition

Authors: Alan Melville

See More Books

Question Posted: Feb 07, 2024 08:40 AM

See More Questions

Leonard is employed and received a gross salary of 3,452 per month during the tax year 2021-22. He also has a small business and paid 52 Class 2 NICs for the year. His trading income for 2021-22 was...
Leonard is employed and received a gross salary of 3,452 per month during tax year 2021-22. He also has a small business and paid 52 Class 2 NICs for the year. His trading income for 2021-22 was...
You are required to prepare personal income tax returns using a tax software as part of the evaluation components for this course. The case study covers all the rules learned in this course. The...
Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances: The following transactions occurred during April: (a) Purchased materials on account at a cost of...
The probability that an individual recovers from an illness in a one-week time period without treatment is 0.1. Suppose that 20 independent individuals suffering from this illness are treated with a...
Peter is a star runner on the track team. In the league championship meet, Peter records a time that would fall at the 80th percentile of all his race times that season. But his performance places...
Let $y_{t}$ be the continuously compounded yield-to-maturity, at time $t$, of a zero-coupon bond maturing at time $T$ (let us assume that the face value is $\$ 1$ ).
Newbirth Coatings Company purchased waterproofing equipment on January 2, 2009, for $380,000. The equipment was expected to have a useful life of four years, or 8,000 operating hours, and a residual...
Below is a 2-3 tree, into which 4 elements were inserted so far. Please insert C,H,X,P and L in this tree in the given order. Show all intermediate steps with your drawings. E RS
(a) Alison has been self -employed for many years. Her profit for tax year 2017 -18 is 5,600. Is she liable to pay Class 2 NICs for the year? (b) Amanda starts her own business on 1 June 2017 and is...
In 2017-18, George is provided with a petrol -engined motor car by his employer who pays for all fuel and other running costs. The car had a list price when new of 27,900 and has an emission rating...
Which of the 10 standards is violated in each of the following independent situations? Some situations may violate more than one. a. A team of auditors, each with varying levels of experience,...
Is there any way to minimize capital gains if you have to sell shares less than 12 months? I. Calculate James's capital gains liability if he were to sell his Movonix Ltd Shares. Assume that James...
List the following 8 ASX listed companies in order ofthe stranded asset risk you expect they are exposed to. Which combination of companies would you go long and which would you short in order to...
Was the CDC authentic in its COVID messaging to the public? Include references if used.
1. Matrix A and matrix B are defined as below. [1 2 3] A = 4 5 6 L7 8 91 B = y (5%) (a) Can we perform the matrix multiplication for B*A? If we can, what's the result? (5%) (b) Can we perform the...
For Problems 1 and 2, refer to the figure below Problem 1. Solve for the reaction forces at ? and ? using: a. Rectangular components b. Force triangle (note: the forces can be represented using a...
In what ways does a typical manufacturing business differ from a merchandising concern? In what ways are they similar?
Federated Shipping, a competing overnight delivery service, informs the customer in Problem 65 that they would ship the 5-pound package for $29.95 and the 20-pound package for $59.20. (A) If...
Jean acquired a 30-year lease on a property in July 2010 for 132,000. In July 2020 she assigned the lease to Lawrence for 145,000. The property was never Jean's residence. Compute the chargeable gain.
In August 2014, Jim acquired a 99-year lease on a flat for 170,000. In August 2020, he assigned the lease to Shirley for 212,000. The flat was never Jim's residence. Compute the chargeable gain.
On 31 March 1980, Philip acquired a 48-year copyright at a cost of 85,000. The copyright was valued at 92,000 on 31 March 1982. On 31 March 2021, Philip sold the copyright for 47,000. Compute the...
Title: Request for Proposal - Market Research on Cheese in Canada Background Contexts: It has been documented that the consumption of cheese is an important aspect of Canadian food culture. Recent...
Reflect on the different accounting methods for investments and their impact on the financial statements of companies. How do these methods affect the portrayal of a company's financial health and...
Radio station WBAB in Babylon broadcast at a frequency of 102.3 MHz. What is the wavelength of the radio wave emitted by WBAB?

Leonard is employed and receive d a gross salary of 3,335 per month during tax year 2017-18.

Question:

Step by Step Answer:

To calculate the refund of National Insurance Contributions NICs due to Leonard for the tax year 201...View the full answer

Taxation Finance Act 2017

Students also viewed these Business questions