每日一练F6 (UK) 答案回复可见
楼主#更多 发布于：2010-08-18 14:32
1 Sam and Kim White are a married couple. Sam is aged 36 and Kim is aged 38. The following information is available
for the tax year 2007–08:
(1) Sam is self-employed running a retail clothing shop. His profit and loss account for the year ended 5 April 2008
is as follows:
Note £ £
Gross profit 140,300
Motor expenses 2 8,800
Patent royalties 3 700
Professional fees 4 1,860
Other expenses 5 71,340
Net profit 50,000
(2) During the year ended 5 April 2008 Sam drove a total of 25,000 miles, of which 5,000 miles were driven when
he visited his suppliers in Europe. The balance of the mileage is 25% for private journeys and 75% for business
journeys in the United Kingdom.
(3) During the year ended 5 April 2008 Sam paid patent royalties of £700 (gross) in respect of specialised
technology that he uses when altering clothes for customers.
(4) The figure for professional fees consists of £1,050 for legal fees in connection with an action brought against a
supplier for breach of contract and £810 for accountancy. Included in the figure for accountancy is £320 in
respect of personal capital gains tax advice for the tax year 2006–07.
(5) The figure for other expenses of £71,340 includes £560 for gifts to customers of food hampers costing £35 each
and £420 for gifts to customers of pens carrying an advertisement for the clothing shop costing £60 each.
(6) Sam uses one of the eight rooms in the couple’s private house as an office for when he works at home. The total
running costs of the house for the year ended 5 April 2008 were £5,120. This cost is not included in the profit
and loss account expenses of £90,300.
(7) Sam uses his private telephone to make business telephone calls. The total cost of the private telephone for the
year ended 5 April 2008 was £1,600, and 25% of this related to business telephone calls. The cost of the private
telephone is not included in the profit and loss account expenses of £90,300.
(8) During the year ended 5 April 2008 Sam took goods out of the clothing shop for his personal use without paying
for them and no entry has been made in the accounts to record this. The goods cost £820, and had a selling
price of £1,480.
(9) The tax written down values for capital allowance purposes at 6 April 2007 were as follows:
General pool 14,800
Expensive motor car 20,200
The expensive motor car is used by Sam.
(1) Kim is employed as a sales person by Sharp-Suit plc, a clothing manufacturing company. During the tax year
2007–08 she was paid a gross annual salary of £21,600.
(2) On 1 June 2007 Sharp-Suit plc provided Kim with an interest free loan of £12,000 so that she could purchase
a new motor car.
(3) During the period from 1 June 2007 to 5 April 2008 Kim used her private motor car for business and private
purposes. She received no reimbursement from Sharp-Suit plc for any of the expenditure incurred. Kim’s mileage
during this period included the following:
Normal daily travel between home and permanent workplace 3,400
Travel between permanent workplace and Sharp-Suit plc’s customers 11,200
Travel between home and a temporary workplace for a period of one month 1,300
(4) During the tax year 2007–08 Kim paid interest of £140 (gross) on a personal loan taken out on 1 January 2007
to purchase a laptop computer for use in her employment with Sharp-Suit plc.
Joint income – Building society deposit account
The couple have savings of £25,000 in a building society deposit account which is in their joint names.
During the tax year 2007–08 Sam and Kim received building society interest totalling £1,200 from this joint account.
This was the actual cash amount received.
(a) Calculate Sam’s tax adjusted trading profit for the year ended 5 April 2008. (11 marks)
(b) Calculate Sam and Kim’s respective income tax liabilities for the tax year 2007–08.
Note: you should ignore any capital allowances that Kim might be entitled to. (10 marks)
(c) Explain to Sam and Kim how their overall income tax liability could be reduced if they were to either:
(i) transfer their joint building society deposit account into individual savings accounts (ISAs); or
(ii) transfer their joint building society deposit account into Kim’s sole name. (2 marks)