Financial reporting coursework(2)

 

 

 

Income Tax Band	Income	Tax Free savings income
Basic (20%)	0-£37,700	£1,000
Higher (40%)	£37,700-£125,140	£500
Additional (45%)	£125,140 +	0

 

 

Coursework Question 7

A single person earns £77000 from his employment and receives £10000 bank interest (gross).
How much tax does he pay?

 

Salary  77,000 - Personal Allowance 12570 = 64430

bank interest 10,000   - PSA (500) = 9500

total taxable income = 64430+9500 = 73930

tax = 37700*20%+(73930-37700)*40% =22032 

 

 

Answer: £ 22032


Coursework Question 8

A single person earns £200000 and also has benefits in kind totalling £18000. How much tax does he pay

 

Salary 200,000 + BIK 18000  = 218000

Personal Allowance = 0

tax = 37700*0.2+(125140-37700)*0.4+(218000-125140)*0.45 = 84303

Answer: £ 84303


Coursework Question 9

Mr Palatua has a salary of £31500.
He has additional earned income of £18000 which is yet to be taxed.
How much more tax does he still need to pay?

 

taxable =  Salary 31,500 - Personal Allowance 12,570 = 18,930

Tax = 18930 * 0.2 = 3,786

new adjusted net income = 31500+18000 = 49500, new taxable = 36930

new tax = 36930 *0.2 = 7386

additional tax = 7386-3786 = 3600

Answer: £ 3600


Coursework Question 10

Mrs Portunes earns £107000 and has benefits in kind totalling £4500.
She has dividend income of £10000.
How much tax is payable:

 

Gross Income = 

personal allowance = 12570 - {(107000+4500+10000)-100000}/2 = 1,820

earned:  107,000+ BIK 4500 -PA 1820 = 109,680

earned tax = 37700*0.2 + (109680-37700)*0.4 = 7540+28792 = 36,332

dividend: 10000 - PA 500 = 9500, as a higher rate taxpayer, 

dividend tax = 33.75% * 9500 = 3206.25

total tax = 36332+3206.25 = 39538.25

 

 

Answer: £ 39538.2


Coursework Question 11

A person has £3000 of the basic tax band unused. They make a chargeable gain of £27700, on the disposal of some antique furniture. How much capital gains tax is due?

 

chargeable gain taxable = 27700 - allowance 3000 = 24,700

tax = 3000* 10%(within basic tax band,cgt rate) + (24700-3000)*20% = 300+4340 = 4,640

 

Answer: £ 4640


Coursework Question 12

Mr Vulcan sells a painting for £134000 and pays sales commission of £4200.
The painting cost £64350 and repairs cost £3600.
He also has a salary of £40000
a) What is the chargeable gain?
Answer: £ 61850

 

CG = 134000-(4200+64350+3600) = 61,850

Coursework Question 13

b) How much CGT is payable?

 

(61,850- personal allowance 3000) = 58800

earned taxable (income) 40,000 - 12,570 = 27430

basic band unused = 37799-27430 = 10270

tax = 10270 * 10% + (58850-10270)*20 % = 10743

 

Answer: £ 10743

 

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