(iii) Prepare a schedule of the payments (tax and national insurance) she will be required

(iii) Prepare a schedule of the payments (tax and national insurance) she will be required to make direct to

the Revenue in respect of the years of assessment 2005/06 and 2006/07, clearly identifying for each

payment listed, the amount, the nature of the liability/liabilities, and the due date. (5 marks)

请帮忙给出正确答案和分析,谢谢!

  • 悬赏:0 答案豆
  • 提问人:00****16
  • 发布时间:2018-04-17
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For this part, assume today’s date is 15 August 2005.5 (a) Donald is aged 22, single, and about to finish his university education. He has plans to start up a business sellingcomputer games, and intends to start trading on 1 April 2006, making up accounts to 31 March annually.He believes that his business will generate cash (equal to taxable profits) of £47,500 in the first year. Heoriginally intended to operate as a sole trader, but he has recently discovered that as an alternative, he couldoperate through a company. He has been advised that if this is the case, he can take a maximum gross salaryof £42,648 out of the company.Required:(i) Advise Donald on the income tax (IT), national insurance (NIC) and corporation tax (CT) liabilities hewill incur for the year ended 31 March 2007 trading under each of the two alternative businessstructures (sole trade/company). Your advice should be supported by calculations of disposable incomefor both alternatives assuming that in the company case, he draws the maximum salary stated.(7 marks)
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