Julie has been provided a diesel car. The list price of the car when new was £19,000. CO2 emission is 99g/km. The car was provided throughout the tax year 21/22. In addition to private use of the car, private fuel was also paid by the employer. What is fuel benefit for in 2021/22? £4,370 £0 £5,904 £19,000

Julie has been provided a diesel car. The list price of the car when new was £19,000. CO2 emission is 99g/km. The car was provided throughout the tax year 21/22. In addition to private use of the car, private fuel was also paid by the employer. What is fuel benefit for in 2021/22? £4,370 £0 £5,904 £19,000

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 13DQ

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On 1st July 2021, Fred was appointed as a musician in an international hotel chain earning £18,000 as a basic annual salary. In addition, he received a monthly commission of £250 for evening performances during the 2021/22 tax year. He received a diesel car worth £28,000 with CO2 emissions of 157g/km from his employer. His employer contributed £250 towards his fuel expenses each month he had the car. He was pleased to be provided with a work mobile, paid for by his employer, worth £599, and his employer paid for his annual eye test at the opticians. Fred recently invested a legacy on the London Stock Exchange, earning dividends of £2,440. He also holds a cash ISA which earned £645 interest. If Fred also had savings that were not in an ISA, how would interest on this be taxed? What rate of tax would he pay on it?
On 1st July 2021, Fred was appointed as a musician in an international hotel chain earning £18,000 as a basic annual salary. In addition, he received a monthly commission of £250 for evening performances during the 2021/22 tax year. He received a diesel car worth £28,000 with CO2 emissions of 157g/km from his employer. His employer contributed £250 towards his fuel expenses each month he had the car. He was pleased to be provided with a work mobile, paid for by his employer, worth £599, and his employer paid for his annual eye test at the opticians. Fred recently invested a legacy on the London Stock Exchange, earning dividends of £2,440. He also holds a cash ISA which earned £645 interest. Calculate Fred’s income tax liability for the year 2021/22.
Ms. Elizabeth is a senior Manager in UK Company. She was provided with Ford Petrol Car (meeting RDE) The list price of the Car is £56,000. The CO2 emission rate was 102. The taxable amount of Car benefit will be included in her employment income is: (the CO2 emission upto 95 gm/km : 23%) a. 12,880 b. 68,880 c. Exempted d. 13,440
On 1st July 2021, Fred was appointed as a musician in an international hotel chain earning £18,000 as a basic annual salary. In addition, he received a monthly commission of £250 for evening performances during the 2021/22 tax year. He received a diesel car worth £28,000 with CO2 emissions of 157g/km from his employer. His employer contributed £250 towards his fuel expenses each month he had the car. He was pleased to be provided with a work mobile, paid for by his employer, worth £599, and his employer paid for his annual eye test at the opticians. Calculate for Fred the correct amount of employment remuneration that he should include on his tax return for 2021/22. [Only remuneration, not taxation on it.]
Random Company requires their employees to travel for work using their own vehicles. The Company pays their employees a $0.75 per kilometer mileage rate allowance for the use of employee-owned cars. Ronny Ronald drove 7481 km this year and was provided an allowance at the company rate of $0.75 per kilometer. Ronny and the company are in Ontario. The non-deductible portion of the allowance provided to Ronny is
Sam is self-employed and prepares accounts annually to 5 April. At 6 April 2022, the written down value brought forward in the main pool was £26, 000. During the year to 5 April 2023, he purchased a car with emissions of 45 g/km for £19, 200 and another car with emissions of 104 g/km for £25, 600. What are the maximum capital allowances that Sam can claim for the year to 5 April 2023? Question 6Answer a. £12, 744 b. £25, 416 c. £9, 672 d. £28, 488
Mr Ali is an employee of Alba Ltd. He has the use of a car which is used for both business and private mileage for the current VAT quarter. Alba Ltd pays all the petrol costs in respect of the car, totaling £1,700 of which 30% is for private mileage. The relevant quarterly scale charge is £717. Both figures are inclusive of VAT. Required (a) What is the VAT effect of the above on Alba Ltd if it uses the quarterly scale charge? (b) What is the VAT effect of the above on Alba Ltd if it charges John for the private fuel?
During the fiscal year of 2023/24, John received £40 of income tax repayment interest relating to overpaid income tax from 2022/23. John has been employed part-time by Medical Support Ltd since 2013. He received the following remuneration package in 2023/24: · Salary £15,000 per year; · Eye test which would have cost £20, offered to all employees who use computers. · Private medical insurance costing the company £800, and which would have cost John £1,000 had he bought it directly from the insurers; and · From 1 June 2023, use of a van for significant private use with CO2 emissions of 130 g/km. The van had a list price of £10,000 and Medical Support Ltd paid for all John’s private fuel. John received £1,500 of dividends in January 2024 from an ISA. John has also run his own business as a sole trader for many years. Therefore, he has calculated his taxable trading profits for 2023/24 to be £20,600. In arriving at his taxable trading profits, he deducted the following amounts. · £200…
41-Jasmin is the owner of a food store in Central London. She made a purchase of food items worth £30,000 in the month of May 2019. How much VAT shall be paid by Jasmin on her purchases as per UK tax laws? O a. £0 O b. Exempted from VAT O c. £2,400 O d. £2,800
From 1 March 2021 to 28 February 2022, employee A used her own vehicle for business purposes. She received a travelling allowance of R20 000 per month for this purpose. She travelled a total of 65 000 kilometers during the year of which 45 000 kilometers was for private travel. She kept an accurate logbook during the period she received the travel allowance. She purchased a motor vehicle for R660 000 (including VAT) on 28 February 2020. Finance charges for the current year was R105 000 and insurance was R3 500 a month, fuel was R7 000 a month and maintenance was R12 000 for the period. Do not use R, brackets, spaces, signs or decimals (unless specifically instructed) The deemed cost per kilometer is R?? (calculate to 3 decimals) Blank 1 Travel allowance for the year: Blank 2 Wear and tear: Blank 3 Finance charges: Blank 4 Insurance: Blank 5 Fuel: Blank 6 Maintenance: Blank 7 Actual cost per kilometer in Rand (calculate to 3 decimals): Blank 8 Possible deduction allowed for business…
You travel for work and your employer gives you a car that you can use for both business and personal purposes. Your employer purchased the car two years ago for $45,200, including $5,200 HST. If you do not need the car for work, you are asked to return the car and car keys to your employer. In 2020, you drove at total of 37,000 kilometers. Your employer has deducted the maximum capital cost allowance (income tax’s method of depreciation) and paid for all of the car’s operating expenses. In 2020, the operating expenses alone totaled $15,780. Required: Calculate the taxable benefit your employer will include on your 2020 T4 slip in the each of the following separate cases: Case 1 — You had the car for 9 months and drove 6,000 kilometers for personal use. Case 2 — You had the car for 11 months and drove 28,000 kilometers for personal use. Case 3 – You had the car for 7 months and drove 18,600 kilometers for work.
Emma is an employee and in 2021-22, her salary was £108,150. She made 1,200 (Net) gift aid donations during 2021-22. What is the amount of personal allowance that Emma will be entitled to? £12,570 £9,245 £0 £8,150