Employment
(1) Patience was employed by a private school as a teacher. From 6 April to 31 December 2014, she was paid a salary of £3,750 per month.
(2) During the period 6 April to 31 December 2014, Patience contributed 6% of her monthly gross salary of £3,750 into her employer’s HM Revenue and Customs’ (HMRC’s) registered occupational pension scheme. Patience’s employer contributed a further 10% on her behalf.
(3) During the period 6 April to 30 June 2014, Patience’s granddaughter was provided with a free place at the private school run by Patience’s employer. The normal fee payable would have been £4,600. The additional marginal expense of providing the place for the grandchild was £540.
(4) On 25 June 2014, Patience was given a clock valued at £600 as an award for her 25 years of teaching at her employer’s school. She has not previously received any similar awards.
(5) Patience’s employer provided her with an interest-free loan so that she could purchase a season ticket for the train to work. The balance of the loan outstanding at 6 April 2014 was £8,000, and Patience repaid the loan in full on 31 December 2014.
Self-employment
(1) Patience was self-employed as a private tutor. Her trading profit for the year ended 31 July 2014 was £14,800. This figure is after taking account of capital allowances.
(2) Patience’s trading profit for the final five-month period of trading from 1 August to 31 December 2014 was £6,900. This figure is before taking account of capital allowances.
(3) The tax written down value of the capital allowances main pool at 1 August 2014 was £2,200. On 10 August 2014, Patience purchased a laptop computer for £1,700.
On the cessation of trading, Patience personally retained the laptop computer. Its value on 31 December 2014 was £1,200. The remainder of the items included in the main pool were sold for £800 on 31 December 2014.
(4) Patience has unused overlap profits brought forward of £3,700.
Personal pension contributions
During the period 6 April to 31 December 2014, Patience contributed a total of £3,600 (net) into a personal pension scheme.
Pension income
During the period 1 January to 5 April 2015, Patience received the state pension of £1,450, a pension of £6,000 from her employer’s occupational pension scheme, and a private pension of £3,300. These were the total gross amounts received.
Property
Patience owned two properties which were let out unfurnished until both properties were sold on 31 December 2014. The following information is available in respect of the two properties:
Patience has never occupied either of the two properties as her main residence.
Required:
Calculate Patience’s income tax and capital gains tax liabilities for the tax year 2014–15.
Notes:
1. You should indicate by the use of zero (0) any items which are not taxable or deductible.
2. The following mark allocation is provided as guidance for this question:
第1题
Which of the following are deemed sales for value added tax (VAT) purposes?
(1) The sale of a package of shampoo together with a sample of hair conditioner
(2) A sample of hair conditioner given to the walk-in customers to a department store
(3) Finished goods delivered to a warehouse in another city for storage
(4) Fixed assets contributed as a capital injection to a subsidiary
(5) Accountancy services provided free-of-charge to a non-government organisation for charity purposes
A.All of the above
B.1 and 3 only
C.2, 3 and 4 only
D.2 and 4 only
第2题
for RMB200,000. Cig Ltd’s inventory of tobacco was RMB10,000 on 1 January 2014 and RMB13,000 on 31 January 2014. Cig Ltd pays consumption tax (CT) on all the tobacco it purchases. The CT rate for both tobacco and cigarettes is 30%.
What is the amount of consumption tax (CT) payable by Cig Ltd in January 2014?
A.RMB42,000
B.RMB42,900
C.RMB60,000
D.RMB77,100
第3题
ilable in respect of the year
ended 30 September 2005:
Trading loss
The trading loss is £32,800. This figure is before taking account of capital allowances.
The equipment sold on 1 November 2004 for £12,800 originally cost £27,400. Motor car (2), purchased on
19 May 2005, is a low emission motor car (CO2 emission rate of less than 120 grams per kilometre).
The cost of the new freehold office building purchased on 20 September 2005 included £8,500 for the central
heating system, £7,200 for sprinkler equipment and the fire alarm system, £10,700 for the electrical and lighting
systems, and £7,050 for the ventilation system.
Thai Curry Ltd is a small company as defined by the Companies Acts.
Industrial building
On 1 October 2004 Thai Curry Ltd purchased a second-hand factory for £360,000 (excluding the cost of land). The
factory was originally constructed at a cost of £300,000 (excluding the cost of land), and was first brought into use
for industrial purposes on 1 October 1999. The factory was not used for industrial purposes during the period
1 October 2001 to 31 March 2003, but returned to industrial use from 1 April 2003 until the date of sale. The
previous owner of the factory prepared accounts to 31 March.
Income from property
Thai Curry Ltd lets out two warehouses that are surplus to requirements.
The first warehouse was let from 1 October 2004 until 31 May 2005 at a monthly rent of £2,200. On that date the
tenant left owing two months rent which Thai Curry Ltd was not able to recover. During August 2005 £8,800 was
spent on painting the warehouse. The warehouse was not re-let until 1 October 2005.
The second warehouse was empty from 1 October 2004 until 31 January 2005, but was let from 1 February 2005.
On that date Thai Curry Ltd received a premium of £60,000 for the grant of a four-year lease, and the annual rent of
£18,000 which is payable in advance.
Loan interest received
Loan interest of £8,000 was received on 30 June 2005, and £3,500 was accrued at 30 September 2005. The loan
was made for non-trading purposes.
Dividends received
During the year ended 30 September 2005 Thai Curry Ltd received dividends of £36,000 from African Spice plc, an
unconnected UK company. This figure was the actual cash amount received.
Profit on disposal of shares
On 28 July 2005 Thai Curry Ltd sold 10,000 £1 ordinary shares in African Spice plc, making a capital gain of
£155,300 on the disposal.
Other information
Thai Curry Ltd has three associated companies.
Required:
(a) Calculate Thai Curry Ltd’s tax adjusted trading loss for the year ended 30 September 2005. You should
assume that the company claims the maximum available capital allowances. (14 marks)
第4题
2015, Tenth Ltd, a company owned by Mable, ceased trading. On 1 October 2015, Eleventh Ltd, another company owned by Mable, commenced trading. The following information is available:
Tenth Ltd
(1) For the final four-month period of trading ended 31 July 2015, Tenth Ltd had a tax adjusted trading profit of £52,400. This figure is before taking account of capital allowances.
(2) On 1 April 2015, the tax written down value of the company’s main pool was £12,400. On 3 June 2015, Tenth Ltd purchased a laptop computer for £1,800.
On 31 July 2015, the company sold all of the items included in the main pool at the start of the period for £28,200 and the laptop computer for £1,300. None of the items included in the main pool was sold for more than its original cost.
(3) On 31 July 2015, Tenth Ltd sold the company’s freehold office building for £180,300. The building was purchased on 3 May 2011 for £150,100, and its indexed cost on 31 July 2015 was £164,500.
(4) During the four-month period ended 31 July 2015, Tenth Ltd let out one floor of its freehold office building which was always surplus to requirements. The floor was rented at £1,200 per month, but the tenant left owing the rent for July 2015 which Tenth Ltd was unable to recover. The total running costs of the office building for the four-month period ended 31 July 2015 were £6,300, of which one-third related to the let floor. The other two-thirds of the running costs have been deducted in calculating Tenth Ltd’s tax-adjusted trading profit of £52,400.
(5) During the four-month period ended 31 July 2015, Tenth Ltd made qualifying charitable donations of £800.
Eleventh Ltd
(1) Eleventh Ltd’s operating profit for the six-month period ended 31 March 2016 is £122,900. Depreciation of £2,580 and amortisation of leasehold property of £2,000 (see note (2) below) have been deducted in arriving at this figure.
(2) On 1 October 2015, Eleventh Ltd acquired a leasehold office building, paying a premium of £60,000 for the grant of a 15-year lease. The office building was used for business purposes by Eleventh Ltd throughout the six-month period ended 31 March 2016.
(3) On 1 October 2015, Eleventh Ltd purchased two motor cars. The first motor car cost £12,600, and has aemission rate of 110 grams per kilometre. This motor car is used as a pool car by the company’s employees. The second motor car cost £13,200, and has aemission rate of 60 grams per kilometre. This motor car is used by Mable, and 45% of the mileage is for private journeys.
(4) On 1 October 2015, Mable made a loan of £100,000 to Eleventh Ltd at an annual interest rate of 5%. This is a commercial rate of interest, and no loan repayments were made during the period ended 31 March 2016. The loan was used to finance the company’s trading activities.
Required:
(a) Calculate Tenth Ltd’s taxable total profits for the four-month period ended 31 July 2015. (7 marks)
(b) Calculate Eleventh Ltd’s tax adjusted trading profit for the six-month period ended 31 March 2016. (8 marks)
第5题
Ashura has been employed by Rift plc since 1 January 2013. She has also been self-employed since 1 July 2015, preparing her first accounts for the nine-month period ended 5 April 2016. The following information is available for the tax year 2015–16:
Employment
(1) During the tax year 2015–16, Ashura was paid a gross annual salary of £56,200.
(2) On 1 January 2016, Ashura personally paid two subscriptions. The first was a professional subscription of £320 paid to an HM Revenue and Customs’ (HMRC’s) approved professional body. The second was a subscription of £680 to a health club which Ashura regularly uses to meet Rift plc’s clients. Ashura was not reimbursed for the costs of either of these subscriptions by Rift plc.
(3) During the tax year 2015–16, Ashura used her private motor car for business purposes. She drove 3,400 miles in the performance of her duties for Rift plc, for which the company paid her an allowance of 55 pence per mile.
(4) During the tax year 2015–16, Ashura contributed £2,800 into Rift plc’s HMRC registered occupational pension scheme and £3,400 (gross) into a personal pension scheme.
Self-employment
(1) Ashura’s tax adjusted trading loss based on her draft accounts for the nine-month period ended 5 April 2016 is £3,300. This figure is before making any adjustments required for:
(i) Advertising expenditure of £800 incurred during January 2015. This expenditure has not been deducted in calculating the loss of £3,300.
(ii) The cost of Ashura’s office (see note (2) below).
(iii) Capital allowances.
(2) Ashura runs her business using one of the five rooms in her private house as an office. The total running costs of the house for the nine-month period ended 5 April 2016 were £4,350. No deduction has been made for the cost of the office in calculating the loss of £3,300.
(3) On 10 June 2015, Ashura purchased a laptop computer for £2,600.
On 1 July 2015, Ashura purchased a motor car for £19,200. The motor car has aemission rate of 137 grams per kilometre. During the nine-month period ended 5 April 2016, Ashura drove a total of 8,000 miles, of which 2,500 were for self-employed business journeys.
Other information
Ashura’s total income for the previous four tax years is as follows:
Required:
(a) State TWO advantages for Ashura of choosing 5 April as her accounting date rather than a date early in the tax year such as 30 April. (2 marks)
(b) Calculate Ashura’s revised tax adjusted trading loss for the nine-month period ended 5 April 2016. (6 marks)
(c) Explain why it would not be beneficial for Ashura to claim loss relief under the provisions giving relief to a loss incurred in the early years of trade. Note: You should assume that the tax rates and allowances for the tax year 2015–16 also applied in all previous tax years. (2 marks)
(d) Assuming that Ashura claims loss relief against her total income for the tax year 2015–16, calculate her taxable income for this tax year. (5 marks)
第6题
he entire profits of the company as director’s remuneration, but given a recent increase in profitability he wants to know whether this basis of extracting the profits is beneficial.
For the year ended 5 April 2016, OK-Joe Ltd’s taxable total profits, before taking account of director’s remuneration, are £65,000. After allowing for employer’s class 1 national insurance contributions (NIC) of £5,141, Joe’s gross director’s remuneration is £59,859.
The figure for employer’s NIC of £5,141 is after deducting the £2,000 employment allowance.
Required:
Calculate the overall saving of tax and NIC for the year ended 5 April 2016 if Joe had instead paid himself gross director’s remuneration of £8,000 and net dividends of £45,600.
Notes:
1. You are expected to calculate the income tax payable by Joe, the class 1 NIC payable by both Joe and OK-Joe Ltd, and the corporation tax liability of OK-Joe Ltd for the year ended 5 April 2016. 2. You should assume that the rate of corporation tax remains unchanged.
第7题
The following scenario relates to questions 11–15.
Alisa commenced trading on 1 January 2015. Her sales since commencement have been as follows:
The above figures are stated exclusive of value added tax (VAT). Alisa only supplies services, and these are all standard rated for VAT purposes. Alisa notified her liability to compulsorily register for VAT by the appropriate deadline.
For each of the eight months prior to the date on which she registered for VAT, Alisa paid £240 per month (inclusive of VAT) for website design services and £180 per month (exclusive of VAT) for advertising. Both of these supplies are standard rated for VAT purposes and relate to Alisa’s business activity after the date from when she registered for VAT.
After registering for VAT, Alisa purchased a motor car on 1 January 2016. The motor car is used 60% for business mileage. During the quarter ended 31 March 2016, Alisa spent £456 on repairs to the motor car and £624 on fuel for both her business and private mileage. The relevant quarterly scale charge is £294.
All of these figures are inclusive of VAT. All of Alisa’s customers are registered for VAT, so she appreciates that she has to issue VAT invoices when services are supplied.
From what date would Alisa have been required to be compulsorily registered for VAT and therefore have had to charge output VAT on her supplies of services?
A.30 September 2015
B.1 November 2015
C.1 October 2015
D.30 October 2015
What amount of pre-registration input VAT would Alisa have been able to recover in respect of inputs incurred prior to the date on which she registered for VAT?A.£468
B.£608
C.£536
D.£456
How and by when does Alisa have to pay any VAT liability for the quarter ended 31 March 2016?A.Using any payment method by 30 April 2016
B.Electronically by 7 May 2016
C.Electronically by 30 April 2016
D.Using any payment method by 7 May 2016
Which of the following items of information is Alisa NOT required to include on a valid VAT invoice?A.The customer’s VAT registration number
B.An invoice number
C.The customer’s address
D.A description of the services supplied
What is the maximum amount of input VAT which Alisa can reclaim in respect of her motor expenses for the quarter ended 31 March 2016?A.£108
B.£138
C.£180
D.£125
请帮忙给出每个问题的正确答案和分析,谢谢!
第8题
The following scenario relates to questions 6–10.
Kitten is the controlling shareholder in Kat Ltd, an unquoted trading company.
Kat Ltd
Kat Ltd sold a freehold factory on 31 May 2015 for £364,000, which resulted in a chargeable gain of £120,700. The factory was purchased on 1 October 2003 for £138,600, and further capital improvements were immediately made at a cost of £23,400 during the month of purchase. Further improvements to the factory were made during the month of disposal. The relevant retail prices indexes (RPIs) are as follows:
October 2003 182·6
May 2015 258·0
Kat Ltd is unsure how to reinvest the proceeds from the sale of the factory. The company is considering either purchasing a freehold warehouse for £272,000, or acquiring a leasehold office building on a 40-year lease for a premium of £370,000. If either reinvestment is made, it will take place on 30 September 2016.
All of the above buildings have been, or will be, used for the purposes of Kat Ltd’s trade.
Kitten K
itten sold 20,000 £1 ordinary shares in Kat Ltd on 5 October 2015, which resulted in a chargeable gain of £142,200. This disposal qualified for entrepreneurs’ relief.
Kitten had originally subscribed for 90,000 shares in Kat Ltd on 7 July 2008 at their par value. On 22 September 2011, Kat Ltd made a 2 for 3 rights issue. Kitten took up her allocation under the rights issue in full, paying £6·40 for each new share issued.
Kitten also sold an antique vase on 16 January 2016, which resulted in a chargeable gain of £27,900.
For the tax year 2015–16, Kitten had taxable income of £12,000.
What amount of indexation allowance will have been deducted in calculating the chargeable gain of £120,700 on the disposal of Kat Ltd’s factory?
A.£47,304
B.£40,471
C.£66,906
D.£57,242
If Kat Ltd decides to purchase the freehold warehouse and makes a claim to roll over the chargeable gain on the factory under the rollover relief rules, what will be the base cost of the warehouse for chargeable gains purposes?
A.£243,300
B.£272,000
C.£180,000
D.£151,300
What cost figure will have been used in calculating the chargeable gain on Kitten’s disposal of 20,000 ordinary shares in Kat Ltd?
A.£12,000
B.£63,200
C.£84,800
D.£20,000
If Kat Ltd decides to acquire the leasehold office building and makes a claim to hold over the chargeable gain on the factory under the rollover relief rules, what is the latest date by which the held-over gain will crystallise?
A.Ten years from 31 May 2015
B.The date when the office building is sold
C.40 years from 30 September 2016
D.Ten years from 30 September 2016
What is Kitten’s capital gains tax (CGT) liability for the tax year 2015–16?
A.£17,244
B.£22,032
C.£20,053
D.£18,924
请帮忙给出每个问题的正确答案和分析,谢谢!
第9题
The following scenario relates to questions 1–5.
Adana died on 17 March 2016, and inheritance tax (IHT) of £566,000 is payable in respect of her chargeable estate. Under the terms of her will, Adana left her entire estate to her children.
At the date of her death, Adana had the following debts and liabilities:
(1) An outstanding interest-only mortgage of £220,000.
(2) Income tax of £43,700 payable in respect of the tax year 2015–16.
(3) Legal fees of £4,600 incurred by Adana’s sister which Adana had verbally promised to pay.
Adana’s husband had died on 28 May 2006, and only 20% of his inheritance tax nil rate band was used on his death. The nil rate band for the tax year 2006–07 was £285,000.
On 22 April 2006, Adana had made a chargeable lifetime transfer of shares valued at £500,000 to a trust. Adana paid the lifetime IHT of £52,250 arising from this gift. If Adana had not made this gift, her chargeable estate at the time of her death would have been £650,000 higher than it otherwise was. This was because of the subsequent increase in the value of the gifted shares.
What is the maximum nil rate band which will have been available when calculating the IHT of £566,000 payable in respect of Adana’s chargeable estate?
A.£325,000
B.£553,000
C.£390,000
D.£585,000
What is the total amount of deductions which would have been permitted in calculating Adana’s chargeable estate for IHT purposes?A.£263,700
B.£268,300
C.£43,700
D.£220,000
Who will be responsible for paying the IHT of £566,000 in respect of Adana’s chargeable estate, and what is the due date for the payment of this liability?A.The beneficiaries of Adana’s estate (her children) on 30 September 2016
B.The beneficiaries of Adana’s estate (her children) on 17 September 2016
C.The personal representatives of Adana’s estate on 30 September 2016
D.The personal representatives of Adana’s estate on 17 September 2016
How much IHT did Adana save by making the chargeable lifetime transfer of £500,000 to a trust on 22 April 2006, rather than retaining the gifted investments until her death?A.£260,000
B.£207,750
C.£147,750
D.£200,000
How much of the IHT payable in respect of Adana’s estate would have been saved if, under the terms of her will, Adana had made specific gifts of £400,000 to a trust and £200,000 to her grandchildren, instead of leaving her entire estate to her children?A.£240,000
B.£160,000
C.£0
D.£80,000
请帮忙给出每个问题的正确答案和分析,谢谢!
第10题
Cora made a cash gift of £300,000 to her niece on 30 April 2010.
She then made a cash gift of £500,000 to her nephew on 31 May 2011.
Both of these amounts are stated after deducting available exemptions.
Cora subsequently died on 31 October 2015.
What amount of inheritance tax was payable as a result of Cora’s death in respect of the cash gift of £500,000 to her nephew?
A.£190,000
B.£110,000
C.£114,000
D.£105,000
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