Taxation Finance Act 2015 21st Edition Alan Melville - Solutions

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A UK resident company has 19 subsidiaries, five of which are situated abro ad. In the year to 31 March 2018, the company had the following results:£UK trading profits 720,000 UK dividends received 40,000 UK chargeable gains 120,000 Overseas bank interest (net of 40% withholding tax) 10,800 Gift
Brist Ltd is a UK resident company which prepares annual accounts to 31 Mar ch. In the year to 31 March 2018, the company had a UK trading profit of £2,120,000 and received overseas property income of £98,000 (this figure is net of 30% withholding tax).(a) Compute the company's corporation tax
Tony died on 11 July 201 7, leaving an estate valued at £9 00,000. None of the transfers made on his death were exempt from IHT. He had made the following transfers during his lifetime:£3 May 2009 Gift to relevant property trust (tax paid by trustees) 113,000 1 July 2010 Gift to daughter 185,000
Phoebe made the following transfers during 2017-18:£12 April 2017 Gift to grandson 50 17 May 2017 Gift to her nephew on his marriage 3,000 3 August 2017 Gift to her husband 25,000 31 October 2017 Gift to a relevant property trust 10,000 1 January 2018 Gift to the Labour Party 5,000 None of the
Tracey is a sole trader. She has the following transactions during the q uarter to 31 December 2017 (all amounts shown are VAT-exclusive):£Sales to UK customers:Standard-rated 34,475 Zero-rated 12,600 Exports of goods:To non-EU members 8,600 To EU members (all customers are VAT registered) 17,300
Sebastian is self-employed. He drives a ca r with an emission rating of 19 8 g/km and he charges the cost of all the petrol used to his business bank account . In the quarter to 31 July 2017 , he uses his car for both busines s and private journeys but does not keep detailed mileage records. The
Sanjay began trading on 1 February 2017, selling standard-rated goods and services. He decided not to register for VAT voluntarily. His turnover (excluding VAT) for the first 16 months of trading was as follows:2017 £ 2018 £February 2,550 January 10,080 March 3,660 February 7,920 April 3,880
T Ltd has owned 90% of the ordinary share capital o f B Ltd for many years. Both are UK resident. Recent results for the two companies are as follows:T Ltd T Ltd B Ltd y/e 31/3/2017 y/e 31/3/2018 y/e 30/11/2017£ £ £Trading profit/(loss) 880,000 130,000 (174,000)Chargeable gains 25,000 13,000
The ordinary share capital of PP Ltd (a trading company) is owned 32% by QQ Ltd, 35% by RR Ltd, 23% by SS Ltd. The remaining 10% is owned by various individuals, none of whom own more than 1%. All companies are UK resident and prepare accounts to 31 July. Results for the year to 31 July 2017 are as
Bassnote Ltd is a wholly -owned subsidiary of Apex ine Ltd. Both companies are UK resident and prepare accounts to 31 March each year . The resul ts for the year to 31 March 2018 are as follows:Apexine Ltd Bassnote Ltd£ £Trading profit/(loss) 120,000 (90,000)Trading losses brought forward
U Ltd has three subsidiaries (one of which is dorman t) and has the following results for the year to 31 December 2017:£Trading profits 485,000 Income from property 12,000 Dividends received from subsidiaries 128,000 Dividends received from non-group companies 30,000 Gift Aid donations 17,000
A company's share capital consists of 5,000 ordinary shares, held as follows:Number of shares Sejanus (a manager) 900 Claudius (a director) 400 Agrippa (a director) 300 Cleopatra (a director) 300 Tiberius (a director) 200 Gaius (a director) 200 Ptolemy 190 Livia (the grandmother of Claudius) 190
A company has the following results for its three most recent accounting periods:y/e 31/5/16 eight months y/e 31/1/18 to 31/1/17£ £ £Trading profits/(losses) 59,700 73,600 (155,700)Chargeable gains 8,400 - 48,700 Gift Aid donations 1,000 1,000 1,000 Assuming that all possible claims are made to
A company has the following results for the year to 31 October 2017:£Trading loss (232,300)Income from property 190,200 Chargeable gains 45,540 Gift Aid donations 24,000 Assuming that a claim is made to relieve the trading loss against total profits of the lossmaking accounting period, calculate
A company has the following results for the three years to 31 May 2017:y/e 31/5/15 y/e 31/5/16 y/e 31/5/17£ £ £Trading profits/(losses) (32,200) 23,800 40,300 Gift Aid donations 400 500 600 Assuming that the trading loss is to be carried forward for relief against future trading profits,
A company (which is not a member of a group) has the following results for t he 14 months to 31 December 2017:Accrued building society interest was £3,000 on 31 October 2016, £4,000 on 31 October 2017 and £nil on 31 December 2017.Compute the company's total corporation tax l iability for the 14
Timberlake Ltd prepares accounts to 31 March each year. The company made the following disposals of chargeable assets in the year to 31 March 2018:(i) In February 2018 , a rare Bentley motor car used by the company's Managing Director was sold for £750,000. This car had cost £300,000 in November
PCC Ltd is a manufacturing company which prepares accounts to 31 December each year. The company made the following disposals of chargeable assets in the year to 31 December 2017:(i) On 12 September 201 7, 7,500 ordinary shares in Epsilon plc were sold for £9 .50 each. PCC Ltd had bought ordinary
A company made the following disposals during the year to 31 March 2018:(a) A factory building was sold for £650,000 on 13 June 2017 (RPI 2 71.1). This building had cost £300,000 in August 2000 (RPI 170.5) and was extended in July 2002 (RPI 175.9) at a cost of £50,000.(b) An office building was
A company's income statement for the year to 31 March 2018 is as follows:£ £Gross trading profit 383,870 Receivable from other UK companies:Dividends 4,000 Debenture interest (Note 1) 6,000 Bank interest receivable (Note 2) 2,600 Income from property (Note 3) 4,000 Profit on sale of investments
A company has the following results for the year to 31 March 2018:£ £Trading profits, after capital allowances 1,561,400 Bank deposit interest (account opened 1 April 2017):Received 30 June 2017 1,820 Received 31 December 2017 3,670 Accrued to 31 March 2018 1,980 Chargeable gain on sale of
A company's accounts for the 17 months to 30 June 2017 include:£Trading income 425,000 Debenture interest receivable:Received 31 October 2016 2,400 Received 30 April 2017 2,400 Accrued to 30 June 2017 800 Income from property (let since 2013) 9,010 Chargeable gains:Disposal on 31 January 2017
In 2010, Shaun bought 20% of the ordinary shares of an unlisted trading company. The shares cost £140,000. He owned the shares u ntil January 2018 when he gave all the shares to a friend. On the date of the gift, the shares had a market value of £500,000 and the company's assets were valued as
Calculate the CGT payable in relation to each of the following disposals, assuming in each case that the annual exemption is fully utilised against other gains, that there are no allowable losses and that ER is claimed wherever possible. The taxpayers concerned have made no previous ER claims.(a)
In May 2012, Ruth sold a freehold building which she had used exclusively for business purposes. The building was sold for £220,000, realising a chargeable gain of £42,500. In the following month, Ruth acquired fixed plant for £220,000 and elected to hold -over the gain on the freehold property
In January 1981, Norman bought a freehold building for use in his business at a cost of£120,000. The building had a market value on 31 March 1982 of £125,000. In June 2013 he sold the building for £875,000 and in August 2013 he spent £720,000 on buying another building for use in his business.
In August 2017, Susannah (a sole trader) gave a business as set to her son. The asset had been bought by Susannah for £91,500 in July 2008 and enhanced in May 2009 at a cost of £34,500. The ass et's market value in August 2017 was £215,000. Both Susannah and her son elected that the gain arising
In September 2008 , Pamela bought a building for business use at a cos t of £150,000. I n September 2017 she sold the building for £261,400 and immediately bought another building, again for business use. Assuming that Pamela claims roll -over relief, calculate the chargeable gain arising in
In February 2009 , Maria bought a diamo nd necklace for £13,500. In 2011 the necklace was stolen and, as a result, an insurance payment of £14,000 was received in Febr uary 2012. In the same month, Maria spent £14,750 on the purchase of a replacement necklace and claimed that the disposal of the
In October 2007 , Matthew bought a pie ce of rare porcelain for £10,000. The por celain was damage d in early 2013 and in March of that year Matthew spent £3,850 o n restoration work. In July 201 3, Matthew's insurance company paid him £4,000 and Matthew successfully claimed that this should not
Terry bought a house for £65,000 on 1 June 1997 and occupied the house as his principal private residence. He lived in the house until 1 June 2003 when he went to stay with relatives in Australia, letting the house in his absence. He did not return until 1 June 2007, when he began using one
Samantha bought a ho use for £47,500 on 1 August 1996 and occupied the house as her principal private residence. On 1 June 1998 she began to use one -fifth of the house for business purposes. Unfortunately her business eventually failed and on 1 June 2005 she ceased trading. From that date onwards
Rupert bought a house in Manchester on 1 November 1995 for £7 5,000. He occupied the house until 1 November 1999 when he left to work abroad for a year, moving back into the house on 1 November 2000. He stayed until 1 August 2004 when he left again, this time to work in Aberdeen, where he lived
Melanie bought a house on 1 Jun e 1986 for £3 1,000. The house was sold on 31 December 2017 for £17 3,000. Compute the chargeable gain arising in each of the following cases:(a) Melanie occupied the house as her principal private residence throughout the period of ownership.(b) Melanie occupied
Mohammed owns two properties - a flat in Central Lon don and a country cottage in Sussex. In general he lives in his London flat during the week and spends the weekends in his Sussex cottage. Which of his two properties will be regarded as his principal private residence?
On 9 May 2008, Steven bought 2,000 ordinary shares in Vexacon plc for £8,000. On 28 November 2013, he bought 500 ordinary shares in the company for £2,500.In March 2018, Danstreet plc made a takeover bid for Vexacon plc. The shareholders of Vexacon were offered two shares in Danstreet plus £2 in
Susan made the following purchases of ordinary shares in Semicycle plc:Date No of shares Cost£11 January 2008 1,500 4,800 20 January 2015 1,140 5,700 In J anuary 2018 , the company went into liquidation and Susan received a first distribution of £2 per share. The market value of an ordinary share
Saeed made the following purchases of ordinary shares in Hyban plc:Date No of shares Cost£24 August 1987 800 960 25 November 1992 1,200 1,440 26 February 1998 1,600 2,400 11 October 2007 400 800 In June 2014 , the company made a 1 for 20 rights issue at £1.50 per share and Saeed took up the
Suzanne acquired the following ordinary shares in Quarine plc:Date No of shares Cost£2 October 1979 200 600 10 January 1981 150 500 5 December 2001 400 1,420 8 November 2008 250 1,160 24 July 2017 300 1,400 10 August 2017 400 2,500 20 August 2017 350 2,600 31 August 2017 500 2,400 She made no
In June 201 6, Walter bought 10 ,000 shares in Ovod plc at a cost of £7 per share. In September 2017 , Rundico plc made a takeover bid for Ovod plc, offering the Ovod shareholders eight Rundico shares plus £4 in cash for every five Ovod shares. The offer was accepted on 2 September 2017 when the
(a) In November 2006, Yorick bought 6,000 ordinary shares in Togon plc for £30,000.In March 2018 , the company went into liquidation and Yorick received a first distribution of £1 per share. The market value of an ordinary share in Togon plc just after this distribution was £2. Compute the
Yvonne made the following acquisitions of ordinary shares in Ranghi plc:Date No of shares Cost£30 September 2006 2,000 1,200 1 December 2010 3,000 3,600 In January 2017 , the company made a 1 for 5 rights issue at £1 per share and Yvonne decided to buy the shares whic h she was offered. In March
William made the following acquisitions of preference shares in Pangol plc:Date No of shares Cost£17 February 2007 600 900 13 November 2011 200 400 9 October 2015 100 300 In January 2017 , the company made a 1 for 4 bonus issue. In February 2018 , William sold 450 shares for £4 per share.
Jeremy acquired the following ordinary shares in Scarlon plc:Date No of shares Cost£19 September 2009 4,000 16,000 20 October 2011 2,000 12,000 21 November 2013 1,000 7,000 22 December 2017 3,000 24,000 13 January 2018 5,000 55,000 He made no further acquisitions during 201 8. On 22 December 201
Sandra acquired the following ordinary shares in Pincom plc:Date No of shares Cost£29 January 1995 1,000 4,000 13 August 1999 1,000 9,500 4 October 2011 2,000 22,500 On 26 June 2017 , Sandra sold 700 of her shares in Pincom plc. Assuming that she acquired no further shares in the company during
A taxpayer makes the following acquisitions of preference shares in Muvex Ltd:Date No of shares purchased 10 August 2017 1,000 20 October 2017 200 1 December 2017 150 No further shares are acquired during 2017 or 2018. How will the following disposals be matched against these acquisitions?(a) 250
In May 2009, Edward paid £350,000 to buy a 20 -year lease on a flat. In November 2017 he granted a 5 -year sub-lease on the flat to Petronella for £150,000. The flat was never Edward's principal private residence. Compute the chargeable gain.
On 31 March 1980, Est elle acquired a patent with a 42 -year life at a cost of £21,000.The patent was valued at £22,000 on 31 March 1982 and Estelle sold the patent on 31 March 2018 for £13,000. Compute the chargeable gain.
Katherine acquired a 40-year lease on a property on 31 August 1999 for £75,000. On 31 August 2017 she assigned the lease to Francesco for £97,500. The property was never Katherine's residence. Compute the chargeable gain.*19.8 In March 2010, Sean acquired a pair of matching antique silver
In June 2015 Katie acquired a 5-year option to buy a piece of land. The optio n cost her£10,000. In June 2017 she sold the option for £8,000. Compute the chargeable gain.
In January 2015 Katrina buys an item of movable plant and machinery for use in her business. The plant costs her £50,000 and capital allowances are claimed. Compute the chargeable gain arising in March 2018 when she sells th e plant, assuming that sale proceeds are:(a) £65,000(b) £38,000.
In January 2018 Karl sells a one -quarter interest in a chattel for £2,500. On the date of this sale, t he remaining three -quarters interest is valued at £8 ,500. The chattel had cost Karl £3,850 in January 2009. Compute the chargeable gain.
In September 2017 Kevin sells a drawing for £2,000. He bought the drawing in February 2011 for £50,000 when it was thought (incorrectly) to be by a famo us artist. Compute the allowable loss.
In October 2017 Keith sells an antique cabinet for £7,200. He incurs incidental costs of disposal amounting to £200. The cabine t cost Keith £2,300 in July 2009 . Compute the chargeable gain.
Classify each of the following assets as either chattels, wasting assets or wasting chattels:(a) A domestic washing machine.(b) A gold ring.(c) A personal computer.(d) A 20-year lease on a building.(e) A suit of clothes.(f) An antique vase.
Karen bought a house in 1990 for £42,000. In November 1991 she spent £18,000 on dividing the house int o two self-contained flats. In September 2015 she sold one of the flats for £95,000, at which time the other flat was val ued at £105,000. In January 2018 she sold the second flat for
Jon bough t a chargeable asset for £23,000 in May 1979. He incurred enhancement expenditure of £10,000 in June 1981 an d a further £14,000 in July 1998 . The asset was valued at £58,500 on 31 March 1982 and was sold for £185,000 in February 2018.(a) Compute the chargeable gain.(b) Now
In June 2008 , Gillian was given shares with a market value at that time of £6,000. In November 2015 she made a successful claim to the effect that these shares now had a negligible value of only £80.(a) Compute the allowable loss.(b) Compute the chargeable gain arising in March 2018 , when
Francis acquired an oil painting for £11 ,500 in March 1979. He sold the pa inting for£87,500 in March 20 18. Compute the chargeable gain or allowable loss arising on this disposal if the painting's market value on 31 March 1982 was:(a) £10,000 (b) £15,000 (c) £100,000.
Edwina bought a chargeable asset in August 2007 for £240,000, paying acquisition costs of £12,000. In June 20 13 she sold a one -quarter interest in the asset for £100,000, incurring disposal costs of £5,000. The remaining three-quarters interest in the asset was valued at £500,000 in June
David was given a c hargeable asset in November 2010 at which time the asset had a market value of £7,500. He sold the asset in January 2018. Compute the chargeable gain or the allowable loss if his sale proceeds were:(a) £14,950 (b) £6,350 (c) £25,780.
Carol purchased a holiday flat in December 2007 for £100,000. She spent £5,000 on installing central heating in February 2008 and a further £750 on repainting the in terior of the flat in March 2008. The flat was never Carol's main residence.She sold the flat at auction in February 2018 for
Melissa is a sole trader. Her capital gains and capital losses for 2017-18 are £26,600 and£1,000 respectively. She also has capital losses brought forward fro m 2016 -17 of£13,200 and unrelieved trading losses of £18,500 which are eligible for reli ef against capital gains in 2017-18.Calculate
In 2017-18, Ahmed has capital gains of £13 0,000 and allowable losses of £24,000. He also has capital losses brought forward of £4,700.Ahmed's taxable income for 2017-18 (after deduction of the personal allowance) is£18,500. He makes Gift Aid donations o f £8,000 during the year. Compute his
On what date is CGT for 2017-18 normally due for payment?*17.8 Rosemary's capital gains and losses in recent years (and the annual exemption for each year) have been as follows:Gains Losses Annual exemption£ £ £2014-15 6,500 12,700 11,000 2015-16 10,400 2,350 11,100 2016-17 13,900 nil 11,100
John dies on 3 March 2018 . Between 6 April 2017 and 3 March 2018, he has capital gains of £1,200 and capital losses of £15,400. His net gains in recent tax years (and the annual exemption for each year) have been as follows:Net gains Annual exemption£ £2013-14 52,700 10,900 2014-15 17,500
An individual has capital losses brought forward from previous years amounting to£4,800. Compute the individual's taxable gains for 2017-18 if total gains and losses for the year are as follows:either (a) gains £10,400, losses £1,000 or (b) gains £12,200, losses £300 or (c) gains £17,300,
In 2017-18, an individual has capital gains of £263,000 and allowable losses of £12,000.He has no unrelieved capital losses brought forward from previous ye ars. His taxable income for 2017-18 (after deduction of t he personal allowance) is £2 6,400 and he has made no Gift Aid donations or
An individual has capital losses of £2,500 in tax year 2017-18. There are no unrelieved losses brought forward from previous years. Compute the individual's taxable gains for 2017-18 if capital gains for the year are as follows:either (a) £nil or (b) £1,500 or (c) £8,950 or (d) £15,250.
Which of the following are chargeable assets for CGT purposes?(a) shares in a limited company (b) gilt-edged securities(c) an antique table worth £20,000 (d) an antique chair worth £5,000(e) a taxpayer's home (f) a vintage Bentley.
Which of the following disposals might give rise to a CGT liability?(a) the sale of antique furniture by a UK company(b) the gift of shares from husband to wife (assuming that the couple live together)(c) the gift of an oil painting to a charity(d) the sale of an oil painting by a charity(e) the
Leonard is employed and receive d a gross salary of £3,335 per month during tax year 2017-18. He also has a small business and paid 53 Class 2 NICs for the year. His trading income for 2017-18 was £10,754.Calculate the refund of NICs due to Leonard for the year (if any).
Brenda is a company director and earns a regular monthly sa lary of £6,000. In December 2017 she received a £20,000 bonus. She is provided with a diesel -engined company car whi ch has an emission rating of 19 8g/km and which had a list price when new of £26,000. The company pays all the running
Mark starts his own business on 1 August 2017 and is self-employed for 36 weeks in tax year 2017-18. His trading profit which is assessed to income tax for 2017 -18 is £9,250.Calculate the Class 2 NICs and Class 4 NICs payable by Mark for the year.
Joan is a company director. Her salary is paid on the last day of each month. Her gross salary throughout 2017 was £8,400 per month but she was awarded a 4% pay increase as from 1 January 2018 . She contributes 10% of her gross salary to the company pension scheme and the company makes a further
Compute the primary and secondary Class 1 NICs payable in relation to the following employees:(a) A earns £170 for the week ending 23 June 2017.(b) B earns £780 for the week ending 23 June 2017.(c) C earns £930 for the week ending 23 June 2017.(d) D earns £650 for the month of September
Frances paid income tax and Class 4 NICs of £47,000 in 2016-17, of which £19,000 was paid via the PAYE system . Her total lia bility for 2017-18 is £69,000, of which £21,000 is paid via PAYE. Her payments for 2017-18 are as follows:£15 February 2018 14,000 14 September 2018 14,000 3 February
Jabran did not receive a notice to file a tax retu rn for 2016-17 but he was aware that he had income which had not been a ssessed to tax. He notified HMR C of this fact on 2 October 2 017 and a return notice was i ssued to him on 15 November 2017 . He completed the return and submitted it with the
Dorothy's income tax and Class 4 NICs liability for 2016-17 was £ 24,600, of which£600 was deducted a t source. Her liability for 201 7-18 is £ 28,000, of which none is deducted at source. She mad e a first POA in respect of 201 7-18 on 27 February 201 8 and a second POA o n 12 Septem ber 2018.
For each of the following taxpayers, state the dates on which the 2017 -18 income tax is due to be paid and calculate the amount payable on each date. (Ignore Class 4 NICs).(a) Guy's 2016-17 income tax liability was £1,600, of which £1,150 was paid via the PAYE system and £50 was deducted at
Irma is sel f-employed. Her trading income for 2017 -18 is £64,880 and during the year she makes net contributions to a registered pension scheme of £6,00 0. Her only other income in 2017-18 consists of property income of £7,200.Assuming that Irma is not a Scottish taxpayer, calculate her income
Damon is a member of a defined benefit regist ered pension scheme. On retirement, he will receive an annual pension equal to 1/60th of final salary for each year of pensionable service. He will also receive a lump sum equal to 3/80ths of final salary for each year of pensionable service.At the
Karen belongs to a number of registered pension schemes. Until tax year 2009 -10 she had received no benefits from any of these schemes but in October 2009 she took a lump sum of £350,000 from one of her schemes. She received no further benefits until July 2017 when she took a lump sum of
An employer's contributions into a registered pension schemeduring the year to 30 June 2017 are £600,000. Explain how tax r elief will be given on the contributions of£1,860,000 which the employer makes during the year to 30 June 2018.
Freda is a member of a registered pension scheme which operates tax relief at source.She has income from self-employment of £60,000 in 2017-18 and makes pension contributions of £1,000 (gross) per month. Explain how tax relief will be given in relation to her pension contributions.
State the maximum contribution to registered pension schemes on which an individual could obtain tax relief in 2017-18 if the individual's earnings for the year were:(a) £120,000 (b) £1,200.
Cluppins and Raddle form a partnership on 1 November 2013 , preparing accounts to 31 May each year. Bardell is admitted as a partner on 1 January 2015 . Cluppins leaves the partnership on 29 February 2016 and Winkle is admitted as a partner on 1 March 2016.Profits and losses are shared as
Wardle, Jingle and Trotter began trading on 1 October 2015 , preparing accounts to 30 September each year and sharing profits in the ratio 7:2:1. Results for the first two years of trading are as follows:y/e 30/9/16 y/e 30/9/17£ £Trading profit 117,460 136,540 Bank interest received 200 220 Loan
Dodson and Fogg began trading in equal partnership on 1 July 2014. On 1 July 2015 , they admitted Jackson as a partner and agreed to share profits in the ratio 5:4:1. The adjusted trading profits of the partnership are:£year to 30 June 2015 68,000 year to 30 June 2016 88,000 year to 30 June 2017
Pickwick, Snodgrass and Tupman are in partnership, making up accounts to 31 March annually. Each partner receiv es 6% interest on fixed capital. Pickwick and Tupman are entitled to annual salaries of £40 ,000 and £30,000 respectively. R emaining profits or losses are divided equally. Fixed
Nickleby, Copperfield and Drood have traded as equal partners for many years, making up accounts to 31 December each year. As from 1 April 2017 they agree to share profits in the ratio 1:2:2. The a djusted trading profit for the year to 31 December 2017 is£183,000. Show how this profit is
Craig began trading on 1 August 2015 and has the following results:Adjusted trading profits/(losses) Capital allowances before capital allowances claimed£ £year to 31 July 2016 5,460 1,140 year to 31 July 2017 (27,400) 1,920 Before commencing to trade, Craig had only investment income. He sold
Olive ceases trading on 31 May 2017. Her recent adjusted trading profits/(losses) are:£year to 30 June 2013 37,450 year to 30 June 2014 39,190 year to 30 June 2015 16,120 year to 30 June 2016 (6,840)11 months to 31 May 2017 (36,300)Overlap relief of £7,140 is available. Calculate the terminal
Nathan begins tradi ng on 1 October 2015 , making up accounts to 31 December each year. His first two sets of accounts show the following adjusted trading losses:£15 months to 31 December 2016 (56,850)year to 31 December 2017 (32,660)He has had no other income since becoming self-employed. Before
Marcus begins trading on 1 January 2016 and has the following results:Adjusted trading profits/(losses) Capital allowances before capital allowances claimed£ £year to 31 December 2016 17,720 6,460 year to 31 December 2017 (7,480) 2,320 He has no other income.(a) Compute his trading income (before
Jane is self-employed. Her recent adjusted trading profits/(losses) are:£year to 31 May 2014 (18,860)year to 31 May 2015 4,710 year to 31 May 2016 6,210 year to 31 May 2017 14,810 Jane has other in come of £ 10,000 per annum. Assuming that the trading loss is carried forward and set against
Sally, who has been trading for many years, incurs an adjusted trading loss of £40,000 in the year to 31 December 2017.(a) What is her trading income for 2017-18?(b) If she makes no claim in relation to her trading loss, how will it be relieved?(c) How will the loss be relieved if she does make a
Raymond started trading on 1 October 2016. He chose 31 March as his accounting dat e and his first accounts were for the period from 1 October 2016 to 31 March 2017 . His purchases and sales of plant and machinery during the first two accounting periods were as follows:£1 October 2016 Bought
Talat owns a large retail business and prepares accounts to 31 December each year. The written down value of his plant and machinery after deducting capital allowances for the year to 31 December 2016 was as follows:£Main pool 113,210 Special rate pool 9,900 VW motor car (30% private use by Talat)
Norma has prepared a set of accounts for the nine -month period to 31 December 2017.The written down value of her plant and machinery at 31 March 2017 was as follows:£Main pool 178,400 Toyota motor car (50% private use by Norma) 18,200 Plant and machinery transactions during the period to 31

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Taxation Finance Act 2015 21st Edition Alan Melville - Solutions

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