[SOLVED] MAN3102/Sem 2 2021/22

MAN3102/Sem 2 2021/22

Copyright By Assignmentchef assignmentchef

UNIVERSITY OF SURREY

Faculty of Arts and Social Sciences

Surrey Business School

BSc Honours in Accounting & Finance

Module MAN3102: 15 credits

Advanced Taxation
(Close Book Class Test)

Level FHEQ6

Time allowed: 1 hourSemester 2: March 2022

Instructions to candidates:
The paper consists of one compulsory question. You must answer all parts of
this question. Write your answers in the answer booklet provided.

Calculators are permitted providing they are non-programmable and not
wireless enabled

Additional materials:
Tax Data Sheet FA2021

MAN3102/Sem 2 2021/22

Question 1

The following information is available for Alpha, Delta, Omicron and Rho
(none of whom are Scottish taxpayers) for the tax year 2021/22:

1. During the tax year Alpha received a retirement pension of 27,100.
2. Alpha received ISA interest of 15,000, Building Society interest of

100 and net debenture interest of 1,520 during the tax year.
3. Alpha received dividend income of 205,000 in the tax year.

1. Delta receives income from National Savings certificates of 2,200 and
bank interest of 4,900.

2. Delta owns a house which she lets to tenants. The house was let
throughout the tax year and rents received during the year were
28,500. Her deductible expenditure for the year was 9,500. She had
property losses bought forward of 4,800.

1. Omicron commenced self-employment as a consultant on 6 April 2021.
Her tax adjusted trading profit based on draft accounts for the year
ended 5 April 2022 is 120,000.

2. During the tax year Omicron made donations under the gift aid scheme
totalling 800 net to national charities.

3. During the tax year Omicron made net contributions of 12,000 into a
personal pension scheme.

Rho has been trading for many years, preparing annual accounts to the 30
June. Recent trading profits/ (losses), adjusted for tax purposes, are as
Year to 30 June 2019 39,000
Year to 30 June 2020 15,000
Year to 30 June 2021(13,000)
Rhos only other income comprises rental income of 12,500 per annum.

MAN3102/Sem 2 2021/22

a) Calculate the income tax liability for the tax year 2021/22 for Alpha.

b) Calculate the income tax liability for the tax year 2021/22 for Delta.

c) Calculate the income tax liability for the tax year 2021/22 for Omicron.

d) Identify the claims Rho could make in relation to the trading loss

incurred in the year to 30 June 2021. Which of these loss relief claims
would you recommend?

END OF TEST
–
EXAMINER: Jacqueline McCartney
EXTERNAL EXAMINER:

Faculty of Arts and Social Sciences
Advanced Taxation
Instructions to candidates:

CS: assignmentchef QQ: 1823890830 Email: [email protected]