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You should assume that today’s date is 1 March 2014.George, a software developer, was born

You should assume that today’s date is 1 March 2014.

George, a software developer, was born on 11 June 1986. He has accepted a one-year contract to update software for Xpee plc.

(1) The contract will run from 6 April 2014 to 5 April 2015, with a fee of £40,000 payable for the entire year of the contract. A condition of the contract is that George will have to do the work personally and not be permitted to sub-contract the work to anyone else.

(2) George will work from home, but will have to attend weekly meetings at Xpee plc’s offices to receive instructions regarding the work to be performed during the following week.

(3) George will not incur any significant expenses in respect of the contract apart from the purchase of a new laptop computer for £3,600 on 6 April 2014. This laptop will be used 100% for business purposes.

(4) During the term of the contract, George will not be permitted to work for any other clients. He will therefore not have any other income during the tax year 2014–15.

(5) George’s tax liability for the tax year 2013–14 was collected through PAYE, so he will not be required to make any payments on account in respect of the tax year 2014–15.

George has several friends who are also software developers. He understands that his employment status is not clear cut but that his income tax liability for the tax year 2014–15 will be the same regardless of whether he is treated as employed or as self-employed. However, George appreciates that there are advantages to being classed as self-employed.

Required:

(a) List FOUR factors which are indicators of George being treated as an employee in relation to his contract with Xpee plc rather than as self-employed. Note: You should confine your answer to the information given in the question. (2 marks)

(b) Calculate George’s income tax liability and national insurance contributions for the tax year 2014–15 if he is treated as self-employed in respect of his contract with Xpee plc. (4 marks)

(c) If George is treated as being an employee of Xpee plc instead of self-employed:

(i) Explain why his income tax liability will be payable earlier. (2 marks)

(ii) Calculate the additional amount of national insurance contributions which he personally will suffer for the tax year 2014–15. (2 marks)

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更多“You should assume that today’s date is 1 March 2014.George, a software developer, was born”相关的问题

第1题

Which of the following transactions is subject to an immediate charge to land appreciation

tax (LAT)?

A.Company P contributed the land use right for the construction of a new factory as capital to its new subsidiary

B.Company D contributed the land use right for the construction of a shopping mall as capital to its new subsidiary

C.Company X which owned an office tower was merged by absorption with Company Y. Company X was dissolved after the merger

D.The local government transferred the land use right for the construction of a hotel to Company K

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第2题

ABC Ltd, a consultancy company based in the Macau Special Administrative Region, provided

consultancy services to a client in Shanghai. According to the service contract, ABC Ltd will receive a fee, net of value added tax (VAT), of RMB500,000. The Shanghai tax authority considers that ABC Ltd has a China permanent establishment and so has assessed ABC Ltd to enterprise income tax (EIT) on the service fee based on a deemed profit rate of 20%. Consultancy service fees are subject to VAT at the rate of 6%.

How much enterprise income tax (EIT) will ABC Ltd have to pay on the service fee?

A.RMB100,000

B.RMB25,000

C.RMB23,585

D.RMB10,000

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第3题

Co X, a US company, owned 30% of the equity of a Chinese company, Co A. Co X sold all of t

he equity in Co A at a profit to a UK company, Co Y.

Which of the following statements are correct?

(1) Co X is the taxpayer for China enterprise income tax (EIT)

(2) Co Y is the withholding agent for China EIT

(3) Co A is the withholding agent for China EIT

(4) The EIT should be filed at the place where Co

A.is located A 1 and 2

B.1, 3 and 4

C.1 and 4 only

D.3 and 4 only

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第4题

On 1 May 2008 Simon House purchased a derelict freehold house for £127,000. Legal fees of

£1,800 were paid in respect of the purchase.

Simon then renovated the house at a cost of £50,600, with the renovation being completed on 10 August 2008. He immediately put the house up for sale, and it was sold on 31 August 2008 for £260,000. Legal fees of £2,600 were paid in respect of the sale.

Simon fi nanced the transaction by a bank loan of £150,000 that was taken out on 1 May 2008 at an annual interest rate of 6%. The bank loan was repaid on 31 August 2008.

Simon had no other income or capital gains for the tax year 2008–09 except as indicated above.

Simon has been advised that whether or not he is treated as carrying on a trade will be determined according to the six following ‘badges of trade’:

(1) Subject matter of the transaction.

(2) Length of ownership.

(3) Frequency of similar transactions.

(4) Work done on the property.

(5) Circumstances responsible for the realisation.

(6) Motive.

Required:

(a) Briefl y explain the meaning of each of the six ‘badges of trade’ listed in the question.

Note: You are not expected to quote from decided cases. (3 marks)

(b) Calculate Simon House’s income tax liability and his Class 2 and Class 4 national insurance contributions for the tax year 2008–09, if he is treated as carrying on a trade in respect of the disposal of the freehold house.(8 marks)

(c) Calculate Simon House’s capital gains tax liability for the tax year 2008–09, if he is not treated as carrying on a trade in respect of the disposal of the freehold house. (4 marks)

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第5题

Patience was born on 31 December 1954. She retired on 31 December 2014, and on that date c

eased employment and self-employment. The following information is available in respect of the tax year 2014–15:

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:

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第6题

Which of the following are deemed sales for value added tax (VAT) purposes?(1) The sale of

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

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第7题

In January 2014, Cig Ltd purchased tobacco for RMB60,000 and produced and sold cigarettes

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

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第8题

1 Thai Curry Ltd is a manufacturer of ready to cook food. The following information is ava

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)

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第9题

Mable is a serial entrepreneur, regularly starting and disposing of businesses. On 31 July

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)

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第10题

Ashura has been employed by Rift plc since 1 January 2013. She has also been self-employed

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)

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