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