We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

Taxation Principles and Concepts (Taxation) - Coursework Example

Comments (0) Cite this document
Taxation Principles and Concepts (Taxation) By Code+ University Name Taxation Principles and Concepts (Taxation) FIRST REQUIREMENT Dear Tobby, Hello, my friend. It has been a long time since we last met at campus…
Download paper
Taxation Principles and Concepts (Taxation)
Read TextPreview

Extract of sample
Taxation Principles and Concepts (Taxation)

A capital allowance refers to the amounts in cash that a business operating in the United Kingdom can deduct from the overall income tax on its profits or the corporate tax. The sources of these sums of money come from certain purchases as well as investments as outlined in the Capital Allowances Act of 2001 (Channer & Rogers 2007, p.xiv). A business or corporate organization can claim capital allowances on the costs of cars, vans and machines purchased for business use, or other assets in the business such as scaffolding, equipment, ladders, furniture, computers, and tools. In addition, a business can also claim capital allowances on the expenditures incurred on plant and machinery, as well as, on facilities and equipment used for research and development, and items that a business operator uses privately before using them commercially. Another capital deduction occurs on the premises used for the company to run its business, such as improving a property, and converting a space above a building for rental purposes. As for your case Tobby, you can claim capital allowances on the following items: computers, car, premises and rent for Tamara. The capital allowance on computers is ? 200, car as ? 2,700, premises at ? 12, 5000 and Tamara’s rent at ? 4,000. As such, the total capital allowance that Tobby can claim from the tax authority is ? 19,400 (Dunn & Rogers 2008, p.664). The taxable profits of Lewis include all the expenses as well as the revenues generated by the company. The taxable profits include a deduction of all the expenses that are incurred in the business. These include the rates at 1,500, telephone charges for business calls only at 1,000, light and heat for the whole property at 3,000, NIC contribution for himself at 1,000, wage expenses for lily at 20,000 and for himself at 25,000. The other expenses also included in the expenditure of the company are car-running costs at 6000, depreciation expense on the cars at 4,000, loan repayment costs at 3,500, interests on loans at 5,000, insurance charges at 1,800, advertisement expenses at 1,500. The other additional expenses recorded in the business include parking fines at 1,000, gift aid donations at 1000, membership at a sports club for 900, and donations for lewisham hospital at 1000. He further needs to add an additional expense of wages, which he pays to Tamara at 20000 for the part time job she performs at his corporation. This totals all the business expense to ? 77,200 (Gabay, et al. 2007, p.180). This total expenditure by the business of ? 77,200 shows that the business in incurring a lot of expenses which in turn reduce its level of profitability. In order to calculate the profitability of the firm, this includes a deduction of the expenses from the revenues or incomes made or generated by the firm. The general income made by the business from its business processes and activities is ? 90,102, and a subtraction of the two provides the business profits at ? 12,102. This is the general profit, which is subjected to taxation as the income made by the business during the fiscal year under operation. As such, the profitability of the company for the year ended 31 July 2013 was ? 12,102. The projected assessable profits for the business in the fiscal year ending 2013/2014 were ? 12,102 plus the deductible allowances for the business (Gupta 2003, p.67). The best way to set an accounting year is to position it in line with the financial year of her majesty’ ... Read More
Cite this document
  • APA
  • MLA
(“Taxation Principles and Concepts (Taxation) Coursework”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/110524-taxation-principles-and-concepts-taxation
(Taxation Principles and Concepts (Taxation) Coursework)
“Taxation Principles and Concepts (Taxation) Coursework”, n.d. https://studentshare.net/finance-accounting/110524-taxation-principles-and-concepts-taxation.
  • Cited: 0 times
Comments (0)
Click to create a comment
Design Principles and Practice
Abstract This report is aimed at designing a jogging stroller for parents wishing to run while taking care of their infants. The product design will ensure compliance with aesthetic, economic, statutory requirements as well as best design practices. Contents Introduction Jogging strollers are a handy running accessory especially for parents and baby sitters who do not wish to be restricted by caring for little children.
7 Pages(1750 words)Coursework
Michelle grows 200 pounds of potato and 50 chickens per year. Thus the opportunity cost of potato producing is (=50/200), i.e. 1/4 chicken per pound of potato. Answer 2 The opportunity cost of chickens producing for Michelle is (=200/50), i.e. 4 pounds of potato per chicken.
3 Pages(750 words)Coursework
Assignment 5 Economics: Taxation, Welfare, and International
ession is a state where there is not enough spending by businesses and individuals on newly produced goods and services, meaning that there is a deficiency is aggregate demand. Keynes asserted that depression conditions could be corrected by third party spending, such as
6 Pages(1500 words)Coursework
Is Article 5 of the OECD's Model Tax Convention still fit for purpose given the changes in world trade since the Article was first written, or should it be amended to include specific provisions governing the taxation of income from cross-border services
VAT accounts for another 17.2%. Corporate income taxes account for only 7.4 % of UK’s tax revenues 1. The proportion of corporate taxes in the total taxes for all OECD countries is
8 Pages(2000 words)Coursework
The central government revenue is got from the income tax of the citizens, national insurances, VAT (value added tax), corporation and fuel tax. The local government collects tax from the giants identified in the central government who collect their funds
10 Pages(2500 words)Coursework
Key Concepts in Management
To some extent achieving their respective goals hold importance but survival occupies the position of higher priority. Machine can be more stable than an organization in terms of productivity but it need not necessarily sustain employees of an organization for long term.
3 Pages(750 words)Coursework
Marketing Principles
For such a big company like the airline industry, they advertise their products both locally and internationally (Kotler & Armstrong, 2011). Marketing is usually concerned with rewarding customer’s needs. Marketing concept focuses on the consumers’ needs and
2 Pages(500 words)Coursework
Basic Concepts
Taylor Swifts lyrics that reads “You should have thought twice before you let it all go./ You shouldve known that word bout what you did with” is actually an economic concept of
1 Pages(250 words)Coursework
Learning Principles
A perfect example on how it can be applied to Billy is by Billy receiving appreciation whenever he converses without using a foul language. By
1 Pages(250 words)Coursework
Business concepts 2
echnological-director of the organization hence he needs to make budget propositions of the best programs and upgrades as part of the role of presiding over all IT-related projects. Comprehensively, Clara, the human resources manager should include other roles as part of the
7 Pages(1750 words)Coursework
Let us find you another Coursework on topic Taxation Principles and Concepts (Taxation) for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us