VAT shall be paid by Jasmin on her purchases as per UK tax law
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- 7-Ahmed uses his own car for business travel. During 2019/20, Ahmed drove £20,000 miles while performing of his duties. Ahmed's employer paid him 35p a mile. Which one of the following is Ahmed's taxable benefit from mileage allowance as per the UK tax laws? a. £2,500 b. £7,000 c. £4,500 d. None of the options26-Jaleel is an insurance agent and collects insurance premiums from his clients every month. His total collection of insurance premiums for the month of June 2019, £30,000. Which of the following is correct with regards to the calculation of VAT as per UK tax laws? a. 5% VAT on such Taxable Supplies O b. Exempted Supplies so not VAT O c. 0% VAT on such Taxable Supplies O d. 10% VAT on such Taxable Supplies5-Asila uses her own car for business travel. During 2019/20, Asila drove 20,000 miles while performing of her duties. Asila's employer paid her 50p a mile. Which one of the following is Asila's taxable benefit from mileage allowance as per the UK tax laws? O a. None of the options O b. £3,000 c. £10,000 O d. £4,500
- A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a.File his April 2022 VAT Return on the 15 May 2022 b.He is not required to file a VAT Return as the sales is below the VAT threshold. c.File his February 2022 VAT Return on the 15 March 2022 d.File his March 2022 VAT Return on the 15 April 2022A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a. File his April 2022 VAT Return on the 15 May 2022 b. He is not required to file a VAT Return as the sales is below the VAT threshold. c. File his February 2022 VAT Return on the 15 March 2022 d. File his March 2022 VAT Return on the 15 April 2022Sophie has the following information about her payments of tax for 2017/18: Payment on account 1 £2,000 paid in full on 31 March 2018 Payment on account 2 £2,000 paid in full on 31 July 2018 Final balancing payment £3,000 paid in full on 16 March 2019 Calculate any penalties due. Right to amend an income tax/capital gains tax return: Even once a tax return has been submitted, thetaxpayer has a right to amend it for any mistakes as long as it is within the time frame below. HMRC also have a right to amend the return HMRC- Nine months form the date the return is actually filed Taxpayer- 12 months from the usualsubmission date
- The Net Income of Mr. Richard was £130,000 during the tax year 2019-2020. He travelled 10,000 miles for business trip by his own car. His employer paid him 0.50 penny per mile for each business mile. His taxable income after mileage allowance was £: a. 112,500 b. 125,000 c. 130,500 d. 135,000Edward Bridgewater has adjusted net income of £101,300 for the tax year 2020/21. Edward is 29 years old and is married to Rahma Bridgewater. Rahma is 30 years old; her adjusted net income for the tax year 2020/21 was £119,200. What is Edward Bridgewater’s personal allowance for the tax year 2020/21? £11,850 £13,150 £0 £11,200Case Study 2 Identify the relevant elements of Australian tax law in the following scenarios and calculate the total tax payable (including Medicare Levy and any other tax offsets) by James for the 2021/22 financial year. Show your workings. On 1 July 2021, James sold some jewellery for $5,000 which he bought on 1 April 2019 for $2,780. On 1 August 2021, James sold his camera for $22,000 which he bought on 15 June 2019 for $23,000. On 5 October 2021, James sold a painting for $950 which he bought on 4 April 2013 for $480. On 8 November 2021, James sold some listed shares for $49,500 which he bought on 30 January 2021 for $42, 400 (net costs). On 30 June 2022, James receives interest income of $24,000.
- Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.32020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 foreach dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 foreach dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 foreach dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 foreach dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 foreach dependent Source: Internal Revenue Service. Carson Holiday has a federal…Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.32020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 foreach dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 foreach dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 foreach dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 foreach dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 foreach dependent Source: Internal Revenue Service. Karen Most has a federal tax…