Mary's income for tax year 2017-18 consists of business profits of 26,920, dividends received of 124,460 and

Question:

Mary's income for tax year 2017-18 consists of business profits of £26,920, dividends received of £124,460 and rents received of £3,750.

Her personal allowance for the yearis £nil. Calculate Mary's income tax liability for 2017-18, assuming that the rents received are not within the "rent-a-room" scheme.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Taxation Finance Act 2017

ISBN: 9781292200804

23rd Edition

Authors: Alan Melville

See More Books

Question Posted: Feb 06, 2024 05:00 AM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
If a quantity is measured to be Q and its exact value is A, then the relative error in Q is If the exact value is A = 35 and you want the relative error in Q to be less than or equal to 0.02 (or 2%),...
An amusement park ride consists of a rotating circular platform 8.00 m in diameter from which 10.0-kg seats are suspended at the end of 2.50-m mass less chains (Fig. P6.63). When the system rotates,...
Beecham Limited began operations in early 1995. Summaries of the statements of cash flows for 1995, 1996, and 1997 follow. 1997 1996 1995 Net cash provided (used) by operating activities $ ? $(252) $...
E14.4. Reverse Engineering (Easy) A firm reports $3,721 million of net operating assets and $560 million of net financial obligations at the end of 2008. Its 105 million shares outstanding trade at...
Suppose 3 control limits are constructed for the average temperature in a furnace. Sample of size 4 were selected with the average temperature being 5000C and a standard deviation of 50C. (a) Find...
Since the SUTA rates changes are made at the end of each year, the available 2022 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate...
Ben (who is not a Scottish taxpayer) has business profits of 110,520 in 2017-18. He has no other income and makes no Gift Aid donations or pension contributions . Calculate the amount of his 2017-18...
Ivan's income for the tax year 2017-18 is as follows: Part-time salary 15,985 Net interest on gilt-edged securities 1,360 Premium bond prize 50 Dividends 18,560 His personal allowance for 2017 -18 is...
If you've looked around your neighborhood or college campus, you may have noticed more bicyclesand the increased popularity of custom-designed bicycles. A recent report indicates that 34% of...
What is judgement sampling?Explain with a suitable example.
What is convenience sampling?Explain with a suitable example.
Customer Distribution Channels (all amounts in thousands of U.S. Dollars) Wholesale Customers Retail Customers Total Total N. America S. America Total Wholesale Wholesaler Wholesaler Retail Green...
MA Assignment 3 Motor Tyres manufactures one size of tyre in each of its production lines. The following information relates to one production line for the most recent period. The company uses the...
Describe an operational unit within an organization, and define the mission statement, goals, and operational objectives for the unit. The operational unit should be an organization they would like...
For a sequence of events {A n }, n 1, Show that (i) A n = { W; A n for all but finitely many ns }, (ii) A n = { W; A n for finitely many ns } (to be denoted by) (A n i.o.) and read (A n s...
In the series connection below, what are the respective power consumptions of R, R2, and R3? R R www 4 V=6V P1-3 W; P2=3W; and P3= 3 W OP10.5 W; P2-1 W; and P3= 1.5 W P1=1.5 W; P2=1 W; and P3= 0.5 W...
Elite Leisure is a private limited liability company that operates a single cruise ship. The ship was acquired on 1 October 2011. Details of the cost of the ship's components and their estimated...
H Ltd began trading on 1 January 2016, preparing financial statements to 31 December each year. During 2019, the company decided to change its accounting policy with regard to one of its operating...
Chilwell Ltd prepares financial statements to 31 October each year. The company's trial balance at 31 October 2019 is as follows: The following information is also available: 1. Land is...
Justice Corporation Comparative Balance Sheet December 31, 2025 and 2024 2025 2024 Assets Current Assets: $ Cash and Cash Equivalents 2,254 $ 1,876 Justice Corporation reported the following...
The Fields Company has two manufacturing departments forming and painting. The company uses the FIFO method of process costing at the beginning of the month the forming department has 33.000 units in...
A comparative balance sheet for Lomax Company containing data for the last two years is as follows: Lomax Company Comparative Balance Sheet This Year Last Year $ 96,000 $ 70,000 640,000 672,500...

Mary's income for tax year 2017-18 consists of business profits of 26,920, dividends received of 124,460 and

Question:

Step by Step Answer:

To calculate Marys income tax liability for the tax year of 201718 we first need to know the tax rat...View the full answer

Taxation Finance Act 2017

Students also viewed these Business questions