UG 128 College of Banking and Financial Studies Taxation Accounting Questions All the requirement in the word file . Total word is 1400 . Also Noted that

UG 128 College of Banking and Financial Studies Taxation Accounting Questions All the requirement in the word file .

Total word is 1400 . Also Noted that each question they Mentioned how many word required

There is three type of questions :

type 1 : in red color which mean the answer should be written link to the scenario in the question it self .

type 2 : green color the answer in general .

type 3 : yellow color the answer should be link to the calculation answer which i attached in the question .

Also i will attached for you my Handout whit the Dr explanation to know exactly the way which our Mr need in the thury part

The similarity should be zero %

turnitin report needed Section A
1. During 2019/20, John sold and gifted the following assets:
a) sold the old Factory on 10/1/2020 and purchased another replacement Factory on
20/4/2020, both used for business purposes. He is wishing to claim Rollover Relief for
the gain from the sale of Factory.
b) He gifted Quoted shares of ABC plc to his daughter and wishing to claim Gift Relief.
c) He gifted his Factory to his daughter and wishing to claim Gift relief
Explain the conditions to claim the various reliefs and connect it to the case study
given above. Advise him with the reasons which gain is not eligible to claim any
relief and why?
(word count around 400 words)
2.
$
January/2020 20,000
Feb2020
30,000+20,000
March2020 (30,000+8000 -5000) +50,000
April 2020 40,000 +83000
20,00
50,000
83,000
123000
123000 (this figure exceeds 85000) go 30 days and notify -3052020 and is
registration in 162020 and its effective.
Don Ltd stared business on 1January2020. His taxable supply exceeded the limit
of $ 85,500 by the end of April 2020. Then must notify HMRC on or before 30May-2020 (30 days from 30 April 2020). HMRC will register him effective from 1
June 2020 or earlier date if the trader desires.
Explain and discuss, when Don Ltd must notify HMRC and when it is required to register
for VAT. Substantiate your answer with calculation and explanation. (300 words)
3.
(i)
Explain the meaning of Taxable Person under Inheritance Tax. (100 words)
4.
Discuss the withholding tax consequences for the payment made to Overseas Company in
respect of Royalty. (100 words) in Oman system
Section b
5.
a) Explain the various conditions to claim the Relief for bad debts under VAT
(word count = 100 words)
6.
b.
Motor car
Warehouse
Residence
LESS: repayment mortgage
Shares of unquoted company
Cash
Van
Insurance proceeds
LESS: endowment mortgage – (loan covered
by insurance)
20000
600000
25000
(40000)
210000
60000
20000
50000
150000
0
1110000
LESS: liabilitiesexpenses:
Credit card payment
Income tax
Administration expense (its not deducible)
Funeral expense
(5000)
(3000)
0
(4000)
(12000)
1098000
LESS: exempt legacy
Gift to his wife (van 50000+life insurance
policy150000)
Gross Chargeable Estate
(200000)
LESS: residence nill rate band
Death Estate=210000
It more than 150000
(150000)
LESS: NRB
(325000)
Death Estate
423000
898000
IHT on death estate 40*413,000=165,200, due date for payment date of death 15/6/2019, got to
worth end 30/6/2019=31/12/2019.
a) In the following situations, explain with supporting, how much Residence Nil Rate Band
can be claimed when calculating the Death Estate of Dingo (200 words):
(i)
The Market Value included in the death estate is £120,000 and as per the will it is
inherited to his son.
(ii)
Dingo gifted the Residence to his wife
The Market Value included in the death estate is £210,000 and as per the will it is inherited
to his son, but Dingo has not stayed in the residence during his lifetime.
8.
A.The calculation of Capital Allowances:
(General Pool)
From 1/4/2019 to 31/3/2020
• Opening balance of pool
(Allowances)
£80,000
Additions:
Not qualifying for AIA (only WDA):
→ Car purchase
£20,000
Qualifying for AIA and for WDA:
•
Machinery for production
purposes.
£1,120,000
•
Packing Machine
£ 40,000 +
•
Furniture for office purposes
£180,000
1,340,000
(1,000,000)
➢ (LESS): AIA (maximum 1M)
➢ (LESS): (sale asses/sale price or
340,000
(£25,000)
415000
(74700)
cost which ever is less)
➢ (LESS): WDA 18%*415000
1,000,000
+
340300
74700
Closing (Total WDA)
Total Allowance
1074700
a) Adjusted Trading Profit
• Net profit as per (P/L)
1,800,000
LESS:
➢ Capital Gain
➢ Interest Income
➢ Rental Income
ADD:
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
Depreciation
Purchase of new printer
Redecoration to the office building
Extension of Office building
Donation Political Party
Donation National Charity
Donation Local Charity
Customers Entertainment
Staff Entertainment
Gift to Staff
Pen drive costing £10 each to 1000
customers
Food hampers £5 each to 100
customers
Cigarette packet £5 each to 50
customers
Car Lease Rent (CO2 emission = 140
gms) (9,000*15%)
Fines for not following the safety
regulation
(£40,000)
(£18,000)
(£ 25,000)
1717000
80,000
2,000
0
8,000
4,000
10,000
0
3,000
0
0
0
500
250
800
1350
1826900
o LESS: Capital allowances
TTP: Trading profit
(1074700)
752200
Not trading profit
Not trading profit
Not trading profit
Capital expenses
Fixed assets-repair cost
Cost of improvement
Capital expenses
Political party
National Charity
Local Charity
Gfit to a staff
Don’t exceed 50 per
customer
Food for customers
High emission Co2 car
exceed 140g/km
Not following the rules
c) Capital Gain:
▪ Sale
£150,000
(LESS): Selling cost
–
Net proceeds
–
▪ (LESS): cost
✓ Cost of improvement
Unindexed gain
(£60,000)
(£20,000)
70,000
▪ (LESS): indexation allowance:
▪ For cost (60,000*0.405)
(24300)
▪ For improvement (20,000*0.350)
(7000)
▪ Chargeable gain
38700
d) Calculate Taxable Total Profit (TTP)
Trading profit
Capital Gain
Interest Income
Rental Income
Additional interest income
Dividend Income
Interest from Singapore (GROSS) (Income received
+ Tax) (20000 +(20%×20000)
✓ Total profit
LESS:
Less: Brought forward trading loss
Less: QCD
✓ Taxable total profit
752200
38700
10,000
25,000
8,000
0
24000
857900
(30,000)
(10,000)
817900
e.
Calculate the Corporation Tax Liability
Corporation Tax: 19% *817900
Less: DTR
a) UK tax for Overseas Income
24,000*19%
b) Overseas Tax paid
4560
Less: DTR (take the less)
4000
Corporation Tax payable
155401
(4000)
151401
•
•
Due data for payment of tax is 112021
Due data for filing return is 3132012
You are tax adviser for the above companies and explain the tax incidence and the due date
for payment of tax for each company. (word count = 200)

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