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Jamal received a salary of £47,000 (PAYE deducted in year £5,000) and £10,000 deposits interest in the bank for the tax year.   What is tax payable for the year?       Ragad uses her own vehicle to complete in the company. During the taxable year she derived 100,000 km and the company paid for her £0.70 per km.   Instruction: Calculate the total Allowable deduction in her income for the tax year, if the statutory approved allowance as the following: 0km-10,000km £0.20 10,001km – 15,000km £0.37 15,001km – 25,000km £0.50 25,001km and more £0.8

Jamal received a salary of £47,000 (PAYE deducted in year £5,000) and £10,000 deposits interest in the bank for the tax year.   What is tax payable for the year?       Ragad uses her own vehicle to complete in the company. During the taxable year she derived 100,000 km and the company paid for her £0.70 per km.   Instruction: Calculate the total Allowable deduction in her income for the tax year, if the statutory approved allowance as the following: 0km-10,000km £0.20 10,001km – 15,000km £0.37 15,001km – 25,000km £0.50 25,001km and more £0.8

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. Jamal received a salary of £47,000 (PAYE deducted in year £5,000) and £10,000 deposits interest in the bank for the tax year.

 

What is tax payable for the year?

 

 

 

  1. Ragad uses her own vehicle to complete in the company. During the taxable year she derived 100,000 km and the company paid for her £0.70 per km.
  2.  

Instruction: Calculate the total Allowable deduction in her income for the tax year, if the statutory approved allowance as the following:

  1. 0km-10,000km £0.20
  2. 10,001km – 15,000km £0.37
  3. 15,001km – 25,000km £0.50

25,001km and more £0.8

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