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can someone solve this question for me please under UK income Tax laws

Forums › ACCA Forums › ACCA TX Taxation Forums › can someone solve this question for me please under UK income Tax laws

  • This topic has 0 replies, 1 voice, and was last updated 10 years ago by idreeskhan.
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  • February 27, 2015 at 2:18 am #230572
    idreeskhan
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Scenario 1 ( for Employed)
    Ms. Bailey joined as a full time in as IT Consultancy firm on 5th May, 2014. Her contracted weekly hours are 37.5 with agreed pay rate of 25 per hour.

    Scenario 2 ( for Self Employed )
    Mr. Thomas is running 2 retail shops and working as a self employed. His financial activities for shop 1 and 2 during the year ended 5th April 2014 are as follows.

    Shop1
    Sales 697,092
    Cost of Sale 523,150
    Wages 52,000
    Rent and Rates 31,210
    Drawing 9,600
    Administrative cost 15,865
    Travel home to shop 1,450
    Charitable donation 157
    Bank Charges 435
    Depreciation 2,000
    Capital Allowance 1,800

    Shop 2
    Tax Losses 874

    You are required to do the following by provided information in the above scenarios.

    1 Calculate the relevant income and allowances for individual.
    2 calculate the relevant income, expenses and allowances for self employed

    3 calculate the taxable income and Tax payable ( for both employed and self employed ) and provide tax payment due date for self employed.

    4 Complete the relevant documentation and tax return for the above employed and self employed at the end of tax year. ( forms are available on Moodle)

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