Reference no: EM131439413
Problem -
Following HMRC's campaign to find people with an undeclared second income you suddenly have a new client; Mr McDonald. He works as an executive chef for a city institution on Monday to Friday. Your new client has become concerned about his income as a part-time caterer which, for the last four years, comes to £8,000 a year before costs/expenses. Your client has produced receipts evidencing his costs/expenses which are mainly food, drink, travel and other expenses.
Food and drink of various types come to 34% of turnover. Mr McDonald reckons that each year his business travel for the catering business comes to about 2,000 miles. Other identifiable expenses total £1,500. Mr McDonald has been based at home for his part-time work which totals about 120 hours a year.
Your client has produced satisfactory original documentation confirming employment income over the last four years as follows:
Gross Salary £ Form P11D
2013/14 42,000 2,000
2014/15 43,000 3,000
2015/16 44,000 3,500
2015/16 45,000 3,500
Unfortunately, the office junior has miss-filed the original P60's & P11D's. With the present filing problems and back-log of work, these documents will probably be retrieved sometime in May 2017.
Your client assures you he has no other income from any other source.
Your manager has suggested you start with a calculation of what has been paid and then calculate what should have been paid. The difference between the two should be the amount due to HMRC. You need to present a reconciliation of the various amounts to demonstrate the total due to HMRC. Your manager suggests you get some practice with a spread sheet for this one.
Required: For each year, calculate the following: Income Tax and National Insurance due, Interest on unpaid Income Tax and any penalties due in respect of the unpaid Income Tax. You should include a short note detailing your calculations. Explain any assumptions you make.
|
Develop an e-r diagram for lms
: Develop an E-R diagram for LMS that includes at least six major entities with relationships tied between them. Consider cardinality or modality and include relationships that are potentially many-to-many, one-to-one, and one-to-many and explain wh..
|
|
Difference between data and entity models
: Can you explain the difference between data and entity models, data flow diagrams and process models?
|
|
Determine the descriptive and explanatory methods
: Determine the descriptive, explanatory, and predictive analytical methods used by Cox Committee, IC, and CRS to develop the report's conclusions on the PRC's intelligence threat. Your assignment is to describe the various analytical methods used...
|
|
College with a print management system
: Provide the college with a print management system for their student pay for print program. There will be an implementation of applications for the purpose of tracking and billing students and guest for printing services at the college.
|
|
Calculate the income tax and national insurance
: Required: For each year, calculate the following: Income Tax and National Insurance due, Interest on unpaid Income Tax and any penalties due in respect of the unpaid Income Tax. You should include a short note detailing your calculations. Explain..
|
|
Who was king in the year 1000
: 1) Who was king in the year 1000? Give the name and nickname. 2) Find all the pairs of kings or queens (A,B) such that A was the great grandchild of B. 3) Find the name and nickname of all kings or queens that have a nickname that does not begin with..
|
|
How is your company different from its competitors
: How is your company different from its competitors? Think about the products/services offered or their pricing strategy or even their distribution strategy.
|
|
Explore the elements of emotional intelligence
: According to the article "Emotional Intelligence and Effective Leadership", one of the most important constructs in leadership today is the concept and application of emotional intelligence (EI) (Batool, 2013). Imagine that you are an internal con..
|
|
People on their use of electronic games
: Survey at least 15 people on their use of electronic games; then present the results in a brief report with charts. Your data should reflect such information as types of games, devices used, gender, and time spent.
|