Income Tax Coursework Example | Topics and Well Written Essays - 2000 words

Income Tax - Coursework Example2. compensation and salaries was composed of Salary taken by Ronni, 25,000 Wages paid to Bryn (Ronnis father) for work done to repair bicycles, at a gait of 20 per mo (30 hrs x 48 weeks) = 28,800 Wages paid to assistant bicycle repairer at a rate of 15 per hour (30 hrs x 48 weeks) = 21,600 Casual help in shop, 5,400 4. Repairs and renewals was composed of Repairs to warehouse push down 850 Repairs to flat above shop 750 Cleaning materials 300 Cleaning contract for shop and workshop five hundred Sundry small items 250 5. Motor Expenses mainly for the cost of running Ronnis estate car use for collecting/delivering bustn/mended bicycles and for transporting items for the shop from the cash and carry outlet. Private use of the car had been agreed at 30%. Diesel fuel, car 8500 Insurance for car 1200 Repairs, car 350 Road fund revenue, car 375 lease of van 600 7. Sundry expenses of were composed of Subscription to magazine, Cycling Today 100 Subscript ion to car park party 50 Subscription to spic-and-span Transport Systems 24 Sponsorship of local junior school cycling proficiency awards 50 Donation to Green party 25 Donation to local hospital A&E department (Ronni had an accident and broke her arm) 100 Postage, stationery and telephone expenses 100 Accountancy charges 80 Sundry other items 100 guess the taxable trading profit for Ronnis business for the year ended 30 September 2011. You should brook your own data where none is given, ensuring that you retain a taxable trading profit (i.e. not a trading loss) and should ensure that you choose data that will fully demonstrate your knowledge of taxation.Calculate the Income tax payable by Ronni for the tax year 2011/12, providing your own data where none is given, to fully demonstrate your knowledge