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Richard has three properties in Health field Drive, which he lets on a commercial basis.
Property 2 is furnished.Property 1
£
Property 2
£
Property 3
£
Rental income per month
Expenditure (2018-19):
Insurance paid
Agent’s commission paid
Rates paid
Replacing fitted kitchen
7003,000
500
900
_
7503,000
550
1,000
1,500
4004,000
400
800
–
The tenants of property 1 left on 31 December 2018, owing two months’ rent. The property then remained empty for the rest of the tax year. Properties 2 and 3 were rented out all year.
The kitchen fittings for property 2 required replacement due to damage. Some of the old fittings were sold for £500.
Calculate Richard property income assessment.I need help with this question
Q-2 Mr. Ishfaq Ahmad has a plaza situated in Peshawar. During the tax year 2020 he provides the following information
1- Rent receivable from the plaza Rs. 27,945,000/-
2- Property repair expenses Rs. 3,325,000/-
3- Lawyer fee to defend the title of the property Rs. 500,000/-
4- Insurance premium of the property Rs. 1,600,500/-
5- Property Tax Paid Rs. 3,422,000/-
6- Collection Charges Rs. 3,600,000/-
7- Advance not adjustable against rent Rs. 1,000,000/-
Calculate the total income and the tax payable by the Mr. Ishfaq Ahmad for the tax year 20201. As you will see from above – the information has distorted – plus I do not produce answers to student examples but will seek to explain something within your model answer that you do not understand
2. Anwar – same answer as above – plus are you dealing with UK tax as there is no such thing as Tax Year 2020?
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