Mary's income for tax year 2020-21 consists of business profits of 26,920, dividends received of 124,460 and
Question:
Mary's income for tax year 2020-21 consists of business profits of £26,920, dividends received of £124,460 and rents received of £3,750. She is not a Scottish taxpayer and her personal allowance for the year is £nil. Calculate Mary's income tax liability for 2020-21, assuming that the rents received are not within the "rent-a-room" scheme.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
In the UK the income tax calculation is quite complicated as each type of income is taxed at a diffe...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Glenda has been self-employed for many years and prepares accounts to 31 March each year. Her adjusted profits (after deduction of capital allowances) are currently running at approximately 80,000...
-
Stephen is a UK resident taxpayer with two different sources of income. He works part time as an IT consultant for a small number of clients, on a project management basis. A separate contract is...
-
Glenda has been self -employed for many years, preparing accounts to 31 March each year. Her adjusted profits (after deduction of capital allowances) are currently running at approximately 80,000 per...
-
Briefly explain the DHCP lease process. What packets are sent and when are they sent? (5 marks) Question 2 any three advantages of IPv6 over IPv4? How many classes are there in IPv4 and what is the...
-
Assume that it takes 7.00 minutes to fill a 30.0-gal gasoline tank. (a) Calculate the rate at which the tank is filled in gallons per second. (b) Calculate the rate at which the tank is filled in...
-
In Problems, use TRACE or TABLE to evaluate the function. If f (x) = x 3 - 3x 2 + 2, find f (-2) and f (3/4).
-
Kramer Corporation is a diversified manufacturer of consumer goods. The company's activity-based costing system has the following seven activity cost pools: Required: 1. Compute the activity rate for...
-
Williams Glassware has estimated, at various debt ratios, the expected earnings per share and the standard deviation of the earnings per share as shown in the following table. a. Estimate the optimal...
-
A box has length 6 feet, width 4 feet, and height 7 inches. Find the volume of the box in cubic feet and in cubic inches. cubic inches cubic feet Round your answers to the nearest tenth as needed.
-
Ben (who is not a Scottish taxpayer) has business profits of 110,520 in 2020-21. He has no other income and makes no Gift Aid donations or pension contributions. Calculate the amount of his 2020-21...
-
Ivan (who is not a Scottish taxpayer) has the following income for tax year 2020-21: His personal allowance for 2020-21 is 12,500. Compute the income tax payable by Ivan for the year. How would this...
-
Consider the following lotteries: L 1 = [1, 1]. L 2 = [0.5, 2; 0.5, 0]. L 3 = [1, 2]. Four students have expressed their preferences over these lotteries as follows: Adam is indifferent between...
-
Assume that you are the job analyst at a bicycle manufacturing company in your province and have been assigned responsibility for preparing job descriptions (including specifications) for all the...
-
In general, what impacts may a firm's dividend policy, profitability, and capital intensity have on its financing requirements?
-
The three strikes law requires a person who is convicted of a felony offense and who has one or two other previous serious felony convictions to serve a mandatory life sentence in prison, with or...
-
(B) As another option, Mrs. Smith is considering letting her heirs fend for themselves and using her $420,000 to generate $3,300 per month for the rest of her life. 1. If Mrs. Smith manages to...
-
Write a program that gets a string from the user and determines whether the string is a valid social security number in DDD-DD-DDDD format, where the D's are the digits 0 - 9. Your program must...
-
The numbered items on the left consist of a variety of transactions that occurred in Jeffersen City's water utility enterprise fund for the year ended June 30, 20X9. Items A, B, C, and D on the right...
-
State whether each of the following will increase or decrease the power of a one-way between-subjects ANOVA. (a) The effect size increases. (b) Mean square error decreases. (c) Mean square between...
-
Olive ceases trading on 31 May 2021. Her recent adjusted trading profits/(losses) are: Overlap relief of 7,140 is available. Calculate the terminal loss and show how this would be relieved, assuming...
-
Nathan begins trading on 1 October 2019, making up accounts to 31 December each year. His first two sets of accounts show the following adjusted trading losses: Assuming that all possible early trade...
-
Marcus begins trading on 1 January 2020 and has the following results: (a) Compute his trading income (before loss relief) for 2019-20 to 2021-22. (b) Identify the claims that could be made in...
-
The Arc's meals and entertainment: $400 Meals associated with business travel $300 Employee holiday party $100 Overtime meals for employees $600 Sports tickets for entertaining large customers =...
-
Briefly discuss the concept of persuasiveness as it relates to the development of modern internal audit programs.
-
1. MP.06.01 Instructions Chart of Accounts Labels and Amount Descriptions General Journal Income Statement Statement of Owner's Equity Balance Sheet Instructions Elizabeth Soltis owns and operates...
Study smarter with the SolutionInn App