Sarah purchased a warehouse for £420,000 in September 2020. She sold a retail premises to Bettina for£152,000 in November 2020.How much Stamp Duty is payable on these transactions and by whom?£10,540 by SarahO £21,000 by Sarah and £3,040 by BettinaO £10,500 by Sarah and E40 by BettinaO £24,040 by Sarah

STAMP DUTY LAND TAX (non-residential )Freehold and Leasehold Premiums0 - £150,0000%£150,001 -…

Answered: Sarah purchased a warehouse for…

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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A sole trader, Nitin, has plant and machinery with a tax written down value of £18,400 on 1 January 2023. During the six-month period of account to 30 June 2023 he purchased a Mercedes car (emissions of 28 g/km) for £24,400, used only for business purposes. What is the maximum amount of capital allowances available to Nitin for the six months ended 30 June 2023? A £26,056 B £3,852 C £27,712 D £7,704
On 1 April 2018, Magda received a low interest loan of $40,000 from her employer, ABC Pty Ltd. The interest payable was only 3%. Magda used half of the loan to pay for her wedding and half of the loan to buy shares in Pinkscope Steel Ltd. Advise ABC Pty Ltd of the grossed up taxable value amount .
Amanda purchased a home for $860,000 in 2016. She paid $172,000 cash and borrowed the remaining $688,000. This is Amanda's only residence. Assume that in year 2021 when the home had appreciated to $1,290,000 and the remaining mortgage was $516,000, interest rates declined and Amanda refinanced her home. She borrowed $860,000 at the time of the refinancing, paid off the first mortgage, and used the remainder for purposes unrelated to the home. What is her total amount of her amount of acquisition indebtedness for purposes of determining the deduction for home mortgage interest? (Assume not married filing separately.) Multiple Choice ___ $516,000. ___ $645,000. ___ $860,000. ___ $946,000.
LO.2 Selma operates a contractor's supply store. She maintains her books using the cash method. At the end of 2023, her accountant computes her accrual basis income that is used on her tax return. For 2023, Selma had cash receipts of $1,400,000, which included $200,000 collected on accounts receivable from 2022 sales. It also included the proceeds of a $100,000 bank loan. At the end of 2023, she had $250,000 in accounts receivable from customers, all from 2023 sales. a. Compute Selma's accrual basis gross revenues for 2023. b. Selma paid cash for all of the purchases. The total amount paid for merchandise in 2023 was $1,300,000. At the end of 2022, she had merchandise on hand with a cost of $150,000. At the end of 2023, the cost of merchandise on hand was $300,000. Compute Selma's gross income from merchandise sales for 2023.
Kanye West needs cash so he sells $100,000 of Accounts Receivable with recourse. He is charged a 5 percent commission by the factor and estimates the fair value of the recourse liability to equal $6,000. He receives $80,000 in cash on the day of the sale. What total expense does Kanye West record related to the sale?
Qw.34.
32. Jin is engaged in business. The following pertains to her transactions during 2018: • Sold his personal car which was purchased at P200,000 to a friend who paid only half of the car's P500,000 current fair value. Sales of merchandise was P800,000 and the cost of goods sold was P600,000. Jin acquired several stocks from the Philippines Stock Exchange for speculation. These stocks have an aggregate purchase price of P400,000 but with P700,000 fair value by December 31, 2018. Jin's house and lot which he acquired for P1,500,000 in 2014 now have a current fair value of P2,500,000. Compute Jin's total income subject to income tax.
Faisal is self-employed, and for the tax year 2021-22 had a trading profit of £47,500. He has brought forward trading losses of £8,000 What are the total national insurance contributions payable by Faisal for the tax year 2021-227
Erika has a mining operation. In 2021, she earned 175 coins with a fair market value (FMV) of $250 per coin at the time she received them. She received 11.25 coins at the same time for transaction verifications. She had no other income from the mining. She sold 120 of the coins for $265 per coin a month later. Her deductible expenses for the mining operation were $12,000. Finally, she earned ten coins for interest with an FMV of $2,300 total. How much net income does Erika show on her Schedule C?
ohn purchased a 150-day $500,000 bank bill (at a simple interest rate) on 15 July 2021. The purchase price was $490,550. He sold this bank bill on 13 August 2021. (b) Assume that John sold this bank bill at a simple interest rate of 3.17% p.a. up to the maturity date of the above bank bill. What is the annualised (simple interest) yield for this investment from 15 July 2021 to 13 August 2021? Round your answer to 3 decimal places in terms of percentage. a. 9.924% b. 10.905% c. 11.182% d. 10.647%
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Andrew has been self-employed as a builder for several years and generated taxable trading profit of £82,000 in the 2020/21 tax year. He has trading losses brought forward of £10,000. His partner Sophie works part time as a mobile dog groomer and has taxable trading profit of £10,560 for the tax year 2020/21. What are the total NICS payable by Andrew and Sophie for the tax year 2020/21? £4,244 £4,180 E4,698 E4,498

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Sarah purchased a warehouse for £420,000 in September 2020. She sold a retail premises to Bettina for £152,000 in November 2020. How much Stamp Duty is payable on these transactions and by whom?