Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 12, 2024

Don is a sole trader and has trading profits of 25,000 for the tax year 2020/21. He makes gross pension contributions of 60,000 to a

Don is a sole trader and has trading profits of 25,000 for the tax year 2020/21. He makes gross pension contributions of 60,000 to a personal pension scheme.

What is the amount of pension contributions that will attract tax relief and what is his income tax payable for 2020/21?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Public Finance

Authors: Stephen Bailey

1st Edition

0333922212, 978-033392221

More Books

Students also viewed these Finance questions

Question

★★★★★

Maffin Corp. owns 75% of Grey Inc. Both companies are in the mining industry. During 2011, Maffin Corp. purchased a building from Grey Inc. for $1,000. The building's carrying amount in Grey Inc.'s...

Answered: 1 week ago

Question

★★★★★

=+) Under the usual null hypothesis, what are the expected values? b) Compute the x2 statistic.

Answered: 1 week ago

Question

★★★★★

Calculate the value of each of the bonds shown in the following table, all of which pay interest annually. Bond Par value $1,000 1,000 Coupon interest rate Years to maturity 20 16 Required return 14%...

Answered: 1 week ago

Question

★★★★★

View Policies Current Attempt in Progress Coronado Company has a contribution margin of $146000 and a contribution margin ratio of 20%. How much are total variable costs? $29200 $584000 O $116800 O...

Answered: 1 week ago

Question

★★★★★

\ table [ [ Equipment ] , [ Jan . 1 Bal., 1 2 0 , 0 0 0 , Nov. 1 0 Cost of equipment sold, 3 6 , 7 5 0 ] , [ July 3 1 Purchase of equipment, 5 2 , 5 0 0 , , , ] , [ Sept . 2 Purchase of equipment, 3...

Answered: 1 week ago

Question

★★★★★

Captain Jack Sparrow has been marooned on an island in the Atlantic by his crew, and decides to build a raft to escape. The wind seems quite steady, and first blows him due east for 18 km, and then...

Answered: 1 week ago

Question

★★★★★

Compute the Gross Profit Given; Show your answer as a number only, no Dollar signs, decimals, or commas. Sales Revenues = $180,000 Office Expense = $33,000 Rent Expenses $10,000 Cost of Good...

Answered: 1 week ago

Question

★★★★★

angley has a debt ratio of 0.3 and its competitor, Appleton, has a debt ratio equal to 0.7. Determine the statement below that is correct . Multiple Choice Higher financial leverage involves lower...

Answered: 1 week ago

Question

★★★★★

A potential buyer signs a contract with a seller but then decides not to buy. The seller may sue the potential buyer for specific performance or damages unless the contract was A. a bilateral...

Answered: 1 week ago

Question

★★★★★

Kristin us a distributor of brass picture frames. For 2020, the company plans to purchase for P30 each and sell them for P45 each. The company's fixed costs are expected to be P240,000. Its only...

Answered: 1 week ago

Question

★★★★★

Are your goals SMART?

Answered: 1 week ago

Question

★★★★★

Are they clearly articulated and shared widely amongst the employees?

Answered: 1 week ago

Question

★★★★★

Will your goals drive business as usual behaviour or the kind of change that is needed?

Answered: 1 week ago

Previous Question Next Question