PLEASE I NEED THE ANSWER AS SOON AS POSIBILE THE SUBMITION IS VERY SOON

Assume today's date is 1 August 2022. You are working as an assistant for a tax advisor in a UK firm. Your manager has forwarded the information (as shown below) and asked you to write a report to him regarding one of the new clients, James, who appointed your firm as a tax advisor in 2020 . In this report, your manager is expecting you to explain the UK tax system, Tax Calculation, how to reduce the tax liability of James utilizing his wife, the role of the tax advisor, fundamental principles of ethics to be followed by the tax advisor, and proper advice to James regarding principles and registration issues of VAT and ethical issues. The information supplied by your manager is as follows: James, married to Joana has 2 children. James is an Engineer and a high-paid employee, also owning the building and given for rent. Recently he started his own business. He purchased shares of various companies in the UK and receives a Dividend income of 50,000 every year. He has not deposited in any tax-saving schemes in the UK. A. Details of Employment Income: James is working for a large UK company as a quality Engineer, carning a salary of 80,000 per annum and receiving a bonus of 8,000. PAYE deducted by the employer is 6,000. He contributed 10% of his basic salary to the Occupation Pension scheme. His Employer also contributed 6,000 to the same pension scheme for the benefit of James. James also contributed the membership fees of 500 to the Gym. Company (Employer) contributed 3,000 to a Professional body for employment purposes. James requested his employer to deduct 50 per month to contribute to a Charity under Payroll Deduction Scheme. James received various benefits from the company, as listed below: Accommodation benefit: On 1 April 2019, Company purchases accommodation by spending 100,000 and immediately gave the accommodation to James. The company spent the additional amount on the accommodation as shown below: The Annual Rateable Value of the property was 8,000 and James repaid 2,0200 to her employer for the use of the house for personal purposes. Car benefit: James Received a petrol-powered company car with CO2 emission of 109g/km, costing 30,000, with a list price of 35,000. The employer spent 4,000 on the accessories to the car. James has paid her employer 7,000 for the capital cost of the car and 1,000 for the use of the car during the tax year. The company spent on all running expenses of the car including the petrol cost. Use of asset benefit: The company has provided James with the use of a computer costing 6,000. Other benefits: James has received a car parking space near his office, for that company spent 800. Also, James was bringing his children to the childcare Centre managed by the company. The company spent 5,000 on the same. B. James' Rental Income details are as mentioned below: On 1/1/2019, James rented his house as furnished accommodation for the annual rent of 48,000, same tenant continued the contract till the current tax year-end. But the tenant has left the house by the end of August 2022 without paying 2 months rent. James was able to get a new tenant from the beginning of October 2022 with the same terms. Various expenses incurred and paid relating to the house are as below: Council Tax paid 250. Water Tax paid by the tenant is 200. Paid Repairs and maintenance 1,000. Paid Insurance for the year-end 31/7/2022 720. Replacement of old wooden door to new steel door 500. Paid 400 for replacement of Window-AC to Split AC (if he replaces the similar window-AC, then the cost will be 200 ). He sold the old Window-AC for 20. Purchased new furniture for the house for 900. Interest on loan borrowed for the building 2,000. C. Business Income: James started his business on 1 February 2022. Till now he has not registered for VAT He was selling standard rated and exempt goods. as follows: The sales of June 2022 include a sale of plant and machinery of 3,000. James does not know the principles of VAT and what is the procedure for VAT registration. It is already calculated the taxable trading profit for the tax year 2021/22 is 12,000. D: other Information relating to Tax: (i) James's wife Joana is a housewife, not having any income other than Interest Income of 12,570. which is already covered under Personal Allowance, and she is not paying any tax at present. But she is dealing with all tax issues through another Tax Adviser. As James is paying tax at a higher rate band, he wants to reduce the tax by shifting a few of his income to his wife. But he does not know how to do this tax planning. (ii) Recently, James and Joana had a small misunderstanding with each other, and both are not disclosing their income to each other. Joana now decided to shift her file from her tax adviser to the firm that James appointed for his file. She submitted all her financial details and introduced herself as the wife of James. While verifying her file, the firm of tax advisor highlights that Joana has sold her jewellery in 2018 and she has not disclosed this fact to HMRC and failed to pay capital gain tax for the sale. (ii) On enquiring, Joana refuses to give a satisfactory explanation and indirectly informs that as a new tax advisor the firm is not supposed to ask any questions relating to the old tax information. She also has her own personal intention and requested the firm to accept her file with the same tax adviser who is dealing with James' case. She has also requested the tax advisor to provide her husband's file to collect some information. b) Compute the Tax Liability and tax payable by calculating the Property business income and Employment income and analyze the various deductions and benefits. (10 marks) Assume today's date is 1 August 2022. You are working as an assistant for a tax advisor in a UK firm. Your manager has forwarded the information (as shown below) and asked you to write a report to him regarding one of the new clients, James, who appointed your firm as a tax advisor in 2020 . In this report, your manager is expecting you to explain the UK tax system, Tax Calculation, how to reduce the tax liability of James utilizing his wife, the role of the tax advisor, fundamental principles of ethics to be followed by the tax advisor, and proper advice to James regarding principles and registration issues of VAT and ethical issues. The information supplied by your manager is as follows: James, married to Joana has 2 children. James is an Engineer and a high-paid employee, also owning the building and given for rent. Recently he started his own business. He purchased shares of various companies in the UK and receives a Dividend income of 50,000 every year. He has not deposited in any tax-saving schemes in the UK. A. Details of Employment Income: James is working for a large UK company as a quality Engineer, carning a salary of 80,000 per annum and receiving a bonus of 8,000. PAYE deducted by the employer is 6,000. He contributed 10% of his basic salary to the Occupation Pension scheme. His Employer also contributed 6,000 to the same pension scheme for the benefit of James. James also contributed the membership fees of 500 to the Gym. Company (Employer) contributed 3,000 to a Professional body for employment purposes. James requested his employer to deduct 50 per month to contribute to a Charity under Payroll Deduction Scheme. James received various benefits from the company, as listed below: Accommodation benefit: On 1 April 2019, Company purchases accommodation by spending 100,000 and immediately gave the accommodation to James. The company spent the additional amount on the accommodation as shown below: The Annual Rateable Value of the property was 8,000 and James repaid 2,0200 to her employer for the use of the house for personal purposes. Car benefit: James Received a petrol-powered company car with CO2 emission of 109g/km, costing 30,000, with a list price of 35,000. The employer spent 4,000 on the accessories to the car. James has paid her employer 7,000 for the capital cost of the car and 1,000 for the use of the car during the tax year. The company spent on all running expenses of the car including the petrol cost. Use of asset benefit: The company has provided James with the use of a computer costing 6,000. Other benefits: James has received a car parking space near his office, for that company spent 800. Also, James was bringing his children to the childcare Centre managed by the company. The company spent 5,000 on the same. B. James' Rental Income details are as mentioned below: On 1/1/2019, James rented his house as furnished accommodation for the annual rent of 48,000, same tenant continued the contract till the current tax year-end. But the tenant has left the house by the end of August 2022 without paying 2 months rent. James was able to get a new tenant from the beginning of October 2022 with the same terms. Various expenses incurred and paid relating to the house are as below: Council Tax paid 250. Water Tax paid by the tenant is 200. Paid Repairs and maintenance 1,000. Paid Insurance for the year-end 31/7/2022 720. Replacement of old wooden door to new steel door 500. Paid 400 for replacement of Window-AC to Split AC (if he replaces the similar window-AC, then the cost will be 200 ). He sold the old Window-AC for 20. Purchased new furniture for the house for 900. Interest on loan borrowed for the building 2,000. C. Business Income: James started his business on 1 February 2022. Till now he has not registered for VAT He was selling standard rated and exempt goods. as follows: The sales of June 2022 include a sale of plant and machinery of 3,000. James does not know the principles of VAT and what is the procedure for VAT registration. It is already calculated the taxable trading profit for the tax year 2021/22 is 12,000. D: other Information relating to Tax: (i) James's wife Joana is a housewife, not having any income other than Interest Income of 12,570. which is already covered under Personal Allowance, and she is not paying any tax at present. But she is dealing with all tax issues through another Tax Adviser. As James is paying tax at a higher rate band, he wants to reduce the tax by shifting a few of his income to his wife. But he does not know how to do this tax planning. (ii) Recently, James and Joana had a small misunderstanding with each other, and both are not disclosing their income to each other. Joana now decided to shift her file from her tax adviser to the firm that James appointed for his file. She submitted all her financial details and introduced herself as the wife of James. While verifying her file, the firm of tax advisor highlights that Joana has sold her jewellery in 2018 and she has not disclosed this fact to HMRC and failed to pay capital gain tax for the sale. (ii) On enquiring, Joana refuses to give a satisfactory explanation and indirectly informs that as a new tax advisor the firm is not supposed to ask any questions relating to the old tax information. She also has her own personal intention and requested the firm to accept her file with the same tax adviser who is dealing with James' case. She has also requested the tax advisor to provide her husband's file to collect some information. b) Compute the Tax Liability and tax payable by calculating the Property business income and Employment income and analyze the various deductions and benefits. (10 marks)