- Could You Please Answer Question I 15 Marks Il 20marks Ili 16 Marks And Iv 5 Marks Could You Please Answer Ac 1 (81.32 KiB) Viewed 44 times
Could you please answer Question i (15 marks) ,il (20marks), ili (16 marks) and iv (5 marks). Could you please answer ac
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Could you please answer Question i (15 marks) ,il (20marks), ili (16 marks) and iv (5 marks). Could you please answer ac
Could you please answer Question i (15 marks) ,il (20marks), ili (16 marks) and iv (5 marks). Could you please answer accordingly to the question marks. i will give a 100% review and 5 stars thank you
1. Kimberley Kimberley has prepared accounts for her business of manufacturing hot sauce from her home for the tax year 2021-22. Her operating profits in a typical year are £110,000 and she would take drawings of £55,000 per year from the business. This is her only source of income. You should assume that this will continue in the foreseeable future. If Kimberley wants to form a company to run this business, she would need to extract £55,000 per year either as a director's salary or as a dividend. Required: For the tax year 2021-22 and corporation tax year FY2021. i. Calculate the total amount of income tax and National Insurance contributions payable for the tax year 2021/22 with Kimberley running the business as a sole trader. (15 marks) ii. Calculate the total amount of corporation tax, income tax and National Insurance contributions that would be payable for this tax year if Kimberley incorporates the business and takes director's salary of £55,000. (20 marks) iii. Calculate the total amount of corporation tax, income tax and National Insurance contributions that would be payable for this tax year if Kimberley incorporates the business and takes dividends of £55,000. (16 marks) iv. Evaluate the best option (5 marks) You should show your answers to the nearest, £. Presentation 4 marks
1. Kimberley Kimberley has prepared accounts for her business of manufacturing hot sauce from her home for the tax year 2021-22. Her operating profits in a typical year are £110,000 and she would take drawings of £55,000 per year from the business. This is her only source of income. You should assume that this will continue in the foreseeable future. If Kimberley wants to form a company to run this business, she would need to extract £55,000 per year either as a director's salary or as a dividend. Required: For the tax year 2021-22 and corporation tax year FY2021. i. Calculate the total amount of income tax and National Insurance contributions payable for the tax year 2021/22 with Kimberley running the business as a sole trader. (15 marks) ii. Calculate the total amount of corporation tax, income tax and National Insurance contributions that would be payable for this tax year if Kimberley incorporates the business and takes director's salary of £55,000. (20 marks) iii. Calculate the total amount of corporation tax, income tax and National Insurance contributions that would be payable for this tax year if Kimberley incorporates the business and takes dividends of £55,000. (16 marks) iv. Evaluate the best option (5 marks) You should show your answers to the nearest, £. Presentation 4 marks