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On 31 December 2012 Mark Anyang ceased trading as a marketing consultant. He had been self-employed since 2006. On 1 January 2013 Mark commenced employment as the marketing manager of Sleep-Easy plc. The company runs a hotel. The following information is available for the tax Year 2012/13:
Self-employment
Mark's tax adjusted trading profit for the nine-month period ended 31 December 2012 is Kshs 200,700. Thisfigure is before taking account of capital allowances.
The tax written down values for capital allowances purposes at Dec 2012 were as follows:
Main pool Kshs130,800
Expensive motor car Kshs140,600
The expensive motor car was used by Mark, and 40% of the mileage was for private purposes.
Employment
Mark is paid a salary of Kshs 30,250 (gross) per month by Sleep-Easy plc, from which income tax of 6020 per month has been deducted under PAYE.
During the period from 1 January 2013 to 5 April 2013 Mark used his private motor car for businesspurposes. He drove 2,500 miles in the performance of his duties for Sleep-Easy plc, for which the companypaid an allowance of Kshs 10 per mile.
On 1 January 2013 Sleep-Easy plc provided Mark with an interest free loan of 640,000 so that he couldpurchase a new main residence.
During the period from 1 January 2013 to 5 April 2013 Mark was provided with free meals in Sleep-Easyplc's staff canteen. The total cost of these meals to the company was shs 4,000.
Property income
3,050 per month.
Investment income
Other information
Required
Compute the income tax payable by Mark for the tax year 2012/13 and the balancing payment or repaymentthat will be due for the year.
Advise Mark as to how long he must retain the records used in preparing his tax return for the tax year 2012/13, and the potential consequences of not retaining the records for the required period.
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