Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Taxation Expert

Both Bob and Catherine are in their early 30s.

Bob Marston is a UK resident taxpayer with two different sources of income. He works part time as a project manager for five different clients in UK. A separate contract is drawn up for each project. Bob works to a specific deadline, expected output, and the fee to be paid. Bob only needs a computer to do his work, which he has purchased himself and works mainly from home.

Bob also works two days a week (Monday and Tuesday) as a Financial Accountant for a nearby Business School. He is provided with his own office at the Business School, where he is required to be at his desk between 8a.m. and 6 p.m. Bob also gets holiday pay and sick pay from the Business School.

Bob’s wife, Catherine Jones is a full time director for a pharmaceutical company, ITU group, which she joined on 6 July 2013. Her gross pay for 2013-14 was £100,000and paid income tax under PAYE of £26,950.

Catherine is provided with a company car for both business and private use. Details of the cars provided during 2013-14 are as follows:

a) A Nissan - with a list price of £15,700, and emissions of 129g/km, this was available from 6 July 2013 to 5 October 2013.

b) From 6 October to 5 April 2014, Catherine obtained a BMW with a list price of £32,010emissions of 143g/km.

c) ITU group paid for all the running costs of both these cars but Catherine contributed £150 per month for the private use of the BMW car. She reimbursed ITU group for the private fuel of the Nissan motor car. Both the cars are petrol–driven.

On 6 August 2013, the company lent Catherin £27,000 at an interest rate of 2% per annum; Catherine repaid £18,000 of the loan on 6 March 2014.

Catherine is provide with a mobile telephone and uses this telephone for both business and private calls.

Catherine’s other income included, interest from Government Securities of £14,210, dividends from UK companies of £2,322 and ISA interest of £240.

Required:

a) prepare a report to discuss and apply the criteria, which may be used to determine whether Bob Marston should be regarded as employed or self-employed.

b) Prepare an income tax computation for Catherine Jones for the tax year 2013-14.

c) find out the national insurance payable in relation to Catherine Jones for 2013-14. You should assume that Catherine Jones in not contracted out.

d) find out the national insurance payable by the ITU group.

e) Assume official interest rate is 4%.

Taxation, Accounting

  • Category:- Taxation
  • Reference No.:- M96029

Have any Question? 


Related Questions in Taxation

Assignmentaccess the latest annual report or form 10-k of a

Assignment Access the latest annual report, or Form 10-K, of a publicly-traded company of your choice using the company's website or www.sec.gov. You can usually access from a company's website by clicking on investor re ...

Discussionpart 1 please respond the following question no

Discussion PART 1 PLEASE RESPOND THE FOLLOWING QUESTION NO LESS THEN 350 WORDS (ORIGINAL WORK, NO PLAGIARISM, 1 Reference "Gift Transfers and Gift Tax Planning" Please respond to the following: • Per the text and IRC, a ...

Assignmentpaige turner is single and has two children from

Assignment Paige Turner is single and has two children from her previous marriage. Ali, her daughter, lives with Paige and provides more than half of her support. Leif lives with his father, Will (Leif lived with Will fo ...

Assignmentcarrie a morgan age 45 is single and lives with

Assignment Carrie A. Morgan, age 45, is single and lives with her dependent mother at 426 Grouse Avenue, Allentown, PA 18105. Her Social Security number is 111-11-1112. 1. Carrie is a licensed hairstylist and operates he ...

From circular 230 compare and contrast the ability to

From Circular 230 compare and contrast the ability to practice before IRS between a CPA and an AFSP tax preparer during 2015

Requireduse the following information to complete paul and

Required: use the following information to complete Paul and Judy Vance's 2015 federal income tax return. Facts: 1. Paul J. and Judy L. Vance are married and file a joint return. Paul is selfemployed as a dentist, and Ju ...

Alice johnson social security number 222-23-3334 is a

Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by state University of FloridaShe has the following items pertaining to her income tax return for the current year: R ...

Consolidated tax return with intercompany

Consolidated Tax Return with Intercompany Transactions ParentCo and SubCo are calendar year corporations that keep their respective books on the accrual basis. The companies have taxable income of $200,000 and $250,000, ...

Write a response to these two posts only has to be about

Write a response to these two posts. Only has to be about 150 words each: Post1: A) As the CPA preparing the tax return in Situation A, I would have to rely on the information received by Tom. Unless I have prepared tax ...

Tax questionsa1 you are the tax director for a fortune 500

TAX QUESTIONS A 1 You are the tax director for a FORTUNE 500 company and the new CFO comes to you and asks you what ASC 740 is? He also asks you to tell him what a deferred tax asset is and when it can be reflected on th ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro