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Eva’s income tax liability and class 4 national insurance contributions （NIC) for the tax

Eva’s income tax liability and class 4 national insurance contributions (NIC) for the tax year 2015–16 are ￡4,840. Her income tax liability and class 4 NICs for the tax year 2014–15 were ￡6,360.

What is the lowest amount to which Eva could make a claim to reduce each of her payments on account for the tax year 2015–16 without being charged interest？

A.￡4,840

B.￡0

C.￡3,180

D.￡2,420

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发布时间：2021-04-23

更多“Eva’s income tax liability and class 4 national insurance contributions （NIC) for the tax”相关的问题

第1题

（ii) Explain how the inclusion of rental income in Coral’s UK income tax computation could

(ii) Explain how the inclusion of rental income in Coral’s UK income tax computation could affect the

income tax due on her dividend income. (2 marks)

You are not required to prepare calculations for part (b) of this question.

Note: you should assume that the tax rates and allowances for the tax year 2006/07 and for the financial year to

31 March 2007 will continue to apply for the foreseeable future.

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第2题

（ii) Explain the income tax （IT), national insurance （NIC) and capital gains tax （CGT) imp

(ii) Explain the income tax (IT), national insurance (NIC) and capital gains tax (CGT) implications arising on

the grant to and exercise by an employee of an option to buy shares in an unapproved share option

scheme and on the subsequent sale of these shares. State clearly how these would apply in Henry’s

case. (8 marks)

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第3题

（b) （i) State the condition that would need to be satisfied for the exercise of Paul’s sha

(b) (i) State the condition that would need to be satisfied for the exercise of Paul’s share options in Memphis

plc to be exempt from income tax and the tax implications if this condition is not satisfied.

(2 marks)

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第4题

（b) （i) Explain, by reference to Coral’s residence, ordinary residence and domicile positi

(b) (i) Explain, by reference to Coral’s residence, ordinary residence and domicile position, how the rental

income arising in respect of the property in the country of Kalania will be taxed in the UK in the tax year

2007/08. State the strategy that Coral should adopt in order to minimise the total income tax suffered

on the rental income. (7 marks)

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第5题

（ii) List the additional information required in order to calculate the employment income

(ii) List the additional information required in order to calculate the employment income benefit in respect

of the provision of the furnished flat for 2007/08 and advise Benny of the potential income tax

implications of requesting a more centrally located flat in accordance with the company’s offer.

(4 marks)

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第6题

A company's trial balance shows a debit balance of $2.1 million brought forward o

n current tax and a credit balance of $5.4 million on deferred tax.The tax charge for the current year is estimated at $16.2 million and the carrying amounts of net assets are $13 million in excess of their tax base.The income tax rate is 30%

What amount will be shown as income tax in the statement of profit or loss for the year().

A、$15.6 million

B、$12.6 million

C、$16.8 million

D、$18.3 million

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第7题

A computer trading company took ten computers from its warehouse.Which of the following us

A computer trading company took ten computers from its warehouse.

Which of the following uses of the computers will be classed as a deemed sale for BOTH value added tax (VAT) and enterprise income tax (EIT)？

A.To be used in the company’s offices as fixed assets

B.To be given as souvenirs to the company’s customers

C.To be sent to the company’s branch office for sale

D.To be scrapped as they were no longer saleable

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第8题

The following scenario relates to questions 11–15.

Mighty IT Co provides hardware, software and IT services to small business customers.

Mighty IT Co has developed an accounting software package. The company offers a supply and installation service for $1,000 and a separate two-year technical support service for $500. Alternatively, it also offers a combined goods and services contract which includes both of these elements for $1,200. Payment for the combined contract is due one month after the date of installation.

In December 20X5, Mighty IT Co revalued its corporate headquarters. Prior to the revaluation, the carrying amount of the building was $2m and it was revalued to $2·5m.

Mighty IT Co also revalued a sales office on the same date. The office had been purchased for $500,000 earlier in the year, but subsequent discovery of defects reduced its value to $400,000. No depreciation had been charged on the sales office and any impairment loss is allowable for tax purposes.

Mighty It Co’s income tax rate is 30%.

In accordance with IFRS 15 Revenue from Contracts with Customers, when should Mighty IT Co recognise revenue from the combined goods and services contract？

A.Supply and install: on installation Technical support: over two years

B.Supply and install: when payment is made Technical support: over two years

C.Supply and install: on installation Technical support: on installation

D.Supply and install: when payment is made Technical support: when payment is made

In January 20X6, the accountant at Mighty IT Co produced the company’s draft financial statements for the year ended 31 December 20X5. He then realised that he had omitted to consider deferred tax on development costs. In 20X5, development costs of $200,000 had been incurred and capitalised. Development costs are deductible in full for tax purposes in the year they are incurred. The development is still in process at 31 December 20X5.

What adjustment is required to the income tax expense in Mighty IT Co’s statement of profit or loss for the year ended 31 December 20X5 to account for deferred tax on the development costs？

A.Increase of $200,000

B.Increase of $60,000

C.Decrease of $60,000

D.Decrease of $200,000

For each combined contract sold, what is the amount of revenue which Mighty IT Co should recognise in respect of the supply and installation service in accordance with IFRS 15？A.$700

B.$800

C.$1,000

D.$1,200

In accordance with IAS 12 Income Taxes, what is the impact of the property revaluations on the income tax expense of Mighty IT Co for the year ended 31 December 20X5？

A.Income tax expense increases by $180,000

B.Income tax expense increases by $120,000

C.Income tax expense decreases by $30,000

D.No impact on income tax expense

Mighty IT Co sells a combined contract on 1 January 20X6, the first day of its financial year.

In accordance with IFRS 15, what is the total amount for deferred income which will be reported in Mighty IT Co’s statement of financial position as at 31 December 20X6？

A.$400

B.$250

C.$313

D.$200

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第9题

1 The Health and Fitness Group （HFG), which is privately owned, operates three centres in

1 The Health and Fitness Group (HFG), which is privately owned, operates three centres in the country of Mayland.

Each centre offers dietary plans and fitness programmes to clients under the supervision of dieticians and fitness

trainers. Residential accommodation is also available at each centre. The centres are located in the towns of Ayetown,

Beetown and Ceetown.

The following information is available:

(1) Summary financial data for HFG in respect of the year ended 31 May 2008.

1 The Health and Fitness Group （HFG), which is pri

(2) HFG defines Residual Income (RI) for each centre as operating profit minus a required rate of return of 12% of

the total assets of each centre.

(3) At present HFG does not allocate the long-term borrowings of the group to the three separate centres.

(4) Each centre faces similar risks.

(5) Tax is payable at a rate of 30%.

(6) The market value of the equity capital of HFG is $9 million. The cost of equity of HFG is 15%.

(7) The market value of the long-term borrowings of HFG is equal to the book value.

(8) The directors are concerned about the return on investment (ROI) generated by the Beetown centre and they are

considering using sensitivity analysis in order to show how a target ROI of 20% might be achieved.

(9) The marketing director stated at a recent board meeting that ‘The Group’s success depends on the quality of

service provided to our clients. In my opinion, we need only to concern ourselves with the number of complaints

received from clients during each period as this is the most important performance measure for our business.

The number of complaints received from clients is a perfect performance measure. As long as the number of

complaints received from clients is not increasing from period to period, then we can be confident about our

future prospects’.

Required:

(a) The directors of HFG have asked you, as management accountant, to prepare a report providing them with

explanations as to the following:

(i) Which of the three centres is the most ‘successful’？ Your report should include a commentary on return

on investment (ROI), residual income (RI), and economic value added (EVA) as measures of financial

performance. Detailed calculations regarding each of these three measures must be included as part of

your report;

Note: a maximum of seven marks is available for detailed calculations. (14 marks)

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第10题

（a) Mr Xu, a domestic Chinese, is a designer. He is considering the following four options

(a) Mr Xu, a domestic Chinese, is a designer. He is considering the following four options:

Option A: Joining Delta Ltd as a manager with a monthly salary of RMB40,000 and an annual bonus of RMB100,000 payable in December each year.

Option B: Providing services to Delta Ltd as a consultant for a consultancy fee of RMB50,000 per month.

Option C: Setting up his own sole proprietorship. He will pay himself a monthly salary of RMB20,000 from this sole proprietorship. For 2014 the net profit of the sole proprietorship after charging Mr Xu’s salary is expected to be RMB420,000.

Option D: Setting up a limited company, Xupa Ltd. He will pay himself a monthly salary of RMB20,000 from Xupa Ltd. For 2014 the net profit of the company after charging Mr Xu’s salary is expected to be RMB420,000. Xupa Ltd will pay enterprise income tax at the rate of 25% and distribute all of its profit after tax to its shareholder, Mr Xu, as a dividend.

Required:

Calculate the individual income tax (IIT) payable by Mr Xu for 2014 under each of the four options.

Note: Ignore value added tax and business tax. (10 marks)

(b) State, giving reasons, whether the following persons will be subject to individual income tax in China on their worldwide income in 2014:

(1) Ms Wang has her household in Xiamen and holds a China identity card. She has been studying in Australia since 2010 and has not returned to China for the last six years, including in 2014.

(2) Mr Beth is a US citizen, who has lived in China working for a non-government organisation since 2010. He has not travelled outside China for the last six years, including in 2014.

(3) Ms Ruth is an Australian citizen. She travelled to China and stayed in China for a total of 250 days in 2014. (5 marks)

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