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do not answer not full question Employment at Queens Words Ltd d) During the tax year 2021/2022 Harry earned a gross annual salary of 31,850
do not answer not full question
Employment at Queens Words Ltd d) During the tax year 2021/2022 Harry earned a gross annual salary of 31,850 working for Queens Words Ltd Harry paid 6,110 income tax and 4,197 national insurance contributions Pay as You Earn. e)Throughout the tax year 2021/22 Queens Words Ltd provided Harry with non-jobrelated living accommodation. The company purchased the property in 2017 for 199,500 and when Harry moved in on the 6 April 2021 it was valued at 256,000. The annual value of the property is 6,100 and the company furnished the property during March 2021 at a cost of 7,600. f) Harry was provided with unrestricted use of a mobile phone. The phone contract cost Queens Words Ltd 38 a month. TABLE OF 2021/22 TAX RATES AND ALLOWANCES The current rates and allowances for income tax, corporation tax, capital gains tax, inheritance tax and other taxes are set out below. Income tax rates 0% rate on savings only available up to 5,000 of savings income if non-savings income does not exceed this sum. In addition, a 1,000 personal savings allowance is available to basic rate taxpayers ( 500 for higher rate and nil for additional rate taxpayers). "Dividend allowance of 2.000 (unchanged from 2020/21) ** These rates apply in England, Wales and Northem Ireland only. Scottish IT rates: 12,097=19%,2,09812,726=20%,12,72731,092=21%, 31,093150,000=41%, over 150,000=46% Income tax reliefs and incentives: annual limits Approved mileage rates Excess payments over these rates are taxable. Shortfalls can be claimed as tax relief by the employee. If the employee carries another employee in their own car or van on a business journey, and additional tax-free payment of 5p per mile applies. Car and fuel benefits in kind (Round reported CO2g/km down to find the correct percentage) Company car benefit charge (registered before 6 April 2020 - NEDC - non-hybrid): Company car benefit charge (registered after 6 April 2020 - WLTP - non-hybrid): Company car benefit charge (hybrid cars with CO2250K 925K=5% (above this normal rates apply). Annual Tax on Enveloped Dwellings Uver I ou, unu 1. 4% supplement on additional dwelling purchased over 40,000. LBTT relief for 1st time purchasers up to 175,000. Non-residential property (on or after 25 Jan 19) Welsh Land Transaction Tax 1. 4% supplement on additional dwelling ( 3% before 22 December 20) ** LBTT relief for 1st time purchasers up to 175,000. Effective 27 July 20 to 30 June 21 reduced rates apply for purchases up to 250K=0%, (above rates apply thereafter) Insurance Premium Tax: Standard Higher Ra vehicles) Air Passenger Duty: HMRC interest rates (These rates change occasionally - see the HMRC website for details) Duty rates Duty Typical Item Employment at Queens Words Ltd d) During the tax year 2021/2022 Harry earned a gross annual salary of 31,850 working for Queens Words Ltd Harry paid 6,110 income tax and 4,197 national insurance contributions Pay as You Earn. e)Throughout the tax year 2021/22 Queens Words Ltd provided Harry with non-jobrelated living accommodation. The company purchased the property in 2017 for 199,500 and when Harry moved in on the 6 April 2021 it was valued at 256,000. The annual value of the property is 6,100 and the company furnished the property during March 2021 at a cost of 7,600. f) Harry was provided with unrestricted use of a mobile phone. The phone contract cost Queens Words Ltd 38 a month. TABLE OF 2021/22 TAX RATES AND ALLOWANCES The current rates and allowances for income tax, corporation tax, capital gains tax, inheritance tax and other taxes are set out below. Income tax rates 0% rate on savings only available up to 5,000 of savings income if non-savings income does not exceed this sum. In addition, a 1,000 personal savings allowance is available to basic rate taxpayers ( 500 for higher rate and nil for additional rate taxpayers). "Dividend allowance of 2.000 (unchanged from 2020/21) ** These rates apply in England, Wales and Northem Ireland only. Scottish IT rates: 12,097=19%,2,09812,726=20%,12,72731,092=21%, 31,093150,000=41%, over 150,000=46% Income tax reliefs and incentives: annual limits Approved mileage rates Excess payments over these rates are taxable. Shortfalls can be claimed as tax relief by the employee. If the employee carries another employee in their own car or van on a business journey, and additional tax-free payment of 5p per mile applies. Car and fuel benefits in kind (Round reported CO2g/km down to find the correct percentage) Company car benefit charge (registered before 6 April 2020 - NEDC - non-hybrid): Company car benefit charge (registered after 6 April 2020 - WLTP - non-hybrid): Company car benefit charge (hybrid cars with CO2250K 925K=5% (above this normal rates apply). Annual Tax on Enveloped Dwellings Uver I ou, unu 1. 4% supplement on additional dwelling purchased over 40,000. LBTT relief for 1st time purchasers up to 175,000. Non-residential property (on or after 25 Jan 19) Welsh Land Transaction Tax 1. 4% supplement on additional dwelling ( 3% before 22 December 20) ** LBTT relief for 1st time purchasers up to 175,000. Effective 27 July 20 to 30 June 21 reduced rates apply for purchases up to 250K=0%, (above rates apply thereafter) Insurance Premium Tax: Standard Higher Ra vehicles) Air Passenger Duty: HMRC interest rates (These rates change occasionally - see the HMRC website for details) Duty rates Duty Typical Item Step by Step Solution
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