Chunhua Wong is financial risk management consultant; she owns and manages Wong Financial Management Services Ltd. Wong Financial Management Services Ltd is a limited company incorporated under the UK Companies Act 2006. During the tax year 2020/21, Wong Financial Management Services Ltd’s taxable turnover (excluding capital items) was £204,050. The company has seven employees. Four employees were provided with cars that were used for both work and private purposes. All fuel is paid for by Wong Financial Management Services Ltd, including fuel used by employees for private journeys. Three employees were provided with living accommodation: this living accommodation was non-job related. Chunhua also sub-contracts some of the company’s work to Kong Shang Murray, a sole trader and self-employed financial derivatives specialist. Which of the following are chargeable to Wong Financial Management Services Ltd for the tax year 2020/21? A. Corporation tax; income tax; Class 4 National Insurance contributions; VAT B. Corporation tax; Class 1A National Insurance contributions; capital gains tax; VAT C. Corporation tax; Class 1 secondary National Insurance contributions; Class 1A National Insurance contributions; VAT D. Income tax; Class 1 primary National Insurance contributions;; capital gains tax; VAT
Chunhua Wong is financial risk management consultant; she owns and manages Wong
During the tax year 2020/21, Wong Financial Management Services Ltd’s taxable turnover (excluding capital items) was £204,050.
The company has seven employees. Four employees were provided with cars that were used for both work and private purposes. All fuel is paid for by Wong Financial Management Services Ltd, including fuel used by employees for private journeys. Three employees were provided with living accommodation: this living accommodation was non-job related. Chunhua also sub-contracts some of the company’s work to Kong Shang Murray, a sole trader and self-employed financial derivatives specialist.
Which of the following are chargeable to Wong Financial Management Services Ltd for the tax year 2020/21?
A. Corporation tax; income tax; Class 4 National Insurance contributions; VAT
B. Corporation tax; Class 1A National Insurance contributions;
C. Corporation tax; Class 1 secondary National Insurance contributions; Class 1A National Insurance contributions; VAT
D. Income tax; Class 1 primary National Insurance contributions;; capital gains tax; VAT
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