Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › tax income and chargeable gains tax
- This topic has 3 replies, 3 voices, and was last updated 3 years ago by Tax Tutor.
- AuthorPosts
- November 24, 2020 at 5:27 am #596225
hello, sir I am struggling with this question. Can I get some idea for this question?
I was employed until 31st December 2020. The P45 I received from this job had salary of £18,750 with tax paid of £1,875. From 1st January I have been self-employed, my first accounts to 31st December 2021 had taxable profits of £21,000. I have also owned another company for many years, from this I have dividend income of £7,000 and I have interest received from my savings of £1,400 and from my ISA of £700.
I also sold some of my personal assets and received the following:
1. Six acres of land for £61,000. This represents part of a 10 acre plot I purchased in 1993 for £39,000. The remaining four acres are valued at £45,000.
2. £100,000 for the house I used to live in. I bought the house in February 2016 for £45,000. I lived in the house for 8 months before moving overseas to work for 12 months, when I returned I moved in with my then girlfriend, now wife.
3. £75,000 for 50% shareholding in my business (which I started), I originally invested £5,000 for these shares.
4. £30,000 for a painting I acquired for £14,000
Please could you let me know the income tax and capital gains tax liability for the year.
November 25, 2020 at 12:18 pm #596394Let me know what part of the answer you do not understand.
November 27, 2020 at 4:54 am #596622Hey there,
I am also struggling with this question on point 2 and 3 can you please help me?
November 30, 2020 at 10:53 am #597109Sorry for any misunderstanding – but I wanted you to show me the model answer and identify which part of that answer you don’t understand
- AuthorPosts
- You must be logged in to reply to this topic.