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In the tax year 2021/22 Henry Murray has been working as a finance manager earning 67,500 per annum. He is provided with a diesel
In the tax year 2021/22 Henry Murray has been working as a finance manager earning 67,500 per annum. He is provided with a diesel car by his employer, list price 27,000, with CO2 emissions of 123g/km. His employer pays for all the fuel for the car. He is also provided with a parking space at work in the centre of London that is worth 785 a year. There is a staff canteen available to all staff where Henry has a subsidised lunch each day; this costs him 1.40 and he estimates an equivalent meal elsewhere would be approximately 5.90. Henry had to pay professional subscriptions to the ICAEW of 405 this year. Calculate for Henry the total amount of employment remuneration that he should include on his tax return for 2021/22. [Remuneration only required, no taxation 2 Required: Henry also runs his own consultancy business, running personal finance workshops. This year he made profits of 8,700 after deducting personal withdrawals of 3,600. He kept accurate mileage logs and charged 245 in petrol costs to arrive at this profit, and deducted the cost of gifts to personal contacts who had referred clients to him, amounting to 970. Calculate for Henry the correct profits that he should include on his tax return for 2021/22. During the year Henry received interest on his bank savings account of 600 and dividends of 2,323. He has an ISA, on which he received 570 of interest during the year. Calculate Henry's total income tax liability for the year 2021/22. You must include the employment income and profits calculated in Questions 1 and 2 in your calculation 4 In August this year Henry sold an antique table for 32,400. He had to pay 475 for special packaging, and agents fees of 5% of the sales price. He bought the table years ago at an auction for 295. In 1999 he had the legs repaired at a cost of 375. Required: Calculate for Henry what his capital gain will be, and the tax payable on the gain
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To calculate Henrys income tax liability for the year 202324 we need to consider his various sources of income and apply the relevant tax rates and allowances Lets break down the calculation Employmen...Get Instant Access to Expert-Tailored Solutions
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