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

Assignment lasa-tax seminaryou are the instructor of a

Assignment: LASA-Tax Seminar You are the instructor of a one-day tax seminar to inform international students studying business in the United States about the current tax system. You are preparing a background report to ...

Criterion 11 which of the following is not a primary tax

Criterion 1 1. Which of the following is NOT a primary tax authority? a. Treasury Regulation b. Revenue Ruling c. a Tax Court Memorandum decision d. an IRS publication 2. Congress' authority to enact an income tax was es ...

Preferred stock bailouts and personal holding company

Preferred Stock Bailouts and Personal Holding Company" Please respond to the following: From your analysis of Section 306 in the e-Activity. (,http://www.taxalmanac.org/index.php/Tax_Research_Resources, or use the Intern ...

Instructions complete this cover sheet and attach it to

Instructions: Complete this cover sheet and attach it to your portfolio report. This is an individual portfolio report and must be your own work. Collusion, copying or plagiarism may result in disciplinary action. It is ...

Research paper of gift taxestate tax systemwrite a research

Research Paper of Gift Tax/Estate Tax System Write a research paper explain tax popic of Gift Tax /Estate Tax System the follow must be addressed: 1.what is the tax benefit or tax implication of this topic? 2.Who does it ...

Accounting taxa1 organize an outline that lists the

Accounting TAX A 1. Organize an outline that lists the advantages and disadvantages of making a consolidated return election. Include at least five advantages and five disadvantages of making the election.?2. From a proc ...

Question 1corporations have been scrutinized as to the

Question 1 Corporations have been scrutinized as to the recording and valuation of taxes they owe. The determination of how much they will pay is a combination income and expenses they report. There are many tax rules an ...

Discussion forumnote the video has closed captioning to

DISCUSSION Forum Note: The video has Closed Captioning. To activate it, start the video, mouse over the bottom of the video and click on the CC icon, then select from the menu. We are going to examine substitute goods, h ...

Taxone paragraph of writing is required at a minimum for

Tax One paragraph of writing is required at a minimum for each question. Two paragraphs is the maximum 1. How is a single-member LLC taxed for federal income tax purposes? 2. What is a three-factor formula and how does i ...

Assignment1you are the tax director for a fortune 500

Assignment 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 the co ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen