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?
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- 2. Ms. Fatima sold to Ms. Ruqaiya OMR 60,000 worth of goods on the 15th of April 2022 by accepting a 150 days, 6% interest bearing note. Both Ms. Fatima & Ms. Ruqaiya need your help in understanding how and in what way the notes receivable and the payables should be treated. Provide them with the required help by showing how the transactions would be treated in the books of both parties in the following situations: a) When the notes are accepted. b) On the maturity date, the note is honored. c) Suppose Ms. Fathima prepared final accounts on the 25th of July 2022 d) Following the above situation, the bill is met on maturity. e) The note was dishonored on the maturity date by Ms. Ruqaiya.41-Jasmin is the owner of a food store in Central London. She made a purchase of food items worth £30,000 in the month of May 2019. How much VAT shall be paid by Jasmin on her purchases as per UK tax laws? O a. £0 O b. Exempted from VAT O c. £2,400 O d. £2,800Lisa is a wholesaler of DIY kitchen fittings. In the year ended 28 February 2021 her business transactions included the following: Purchase on credit of goods for resale at a cost of £13,100 Drawings by Lisa of £10,000 Payment of interest on a business bank overdraft of £550 Sale of a non-current asset for £7,000. The asset had cost £23,000 and accumulated depreciation at the date of sale was £18,660. For each transaction show the impact on cash, other assets and liabilities and the impact on profit.
- gostino purchased five crypto coins for $1,300 in October of 2021. He sold two of the coins for $650 in May of 2022. He later sold the remaining three coins for $695 in September of 2022. What is his net gain or loss on the coins? $85 short-term loss. $45 short-term gain. $130 short-term gain. $145 short-term gain.Paul is an employee, but also has a small business. For the year ended 31st March 2024 his sales were £2, 500 and his running expenses were £460. He also bought a second-hand computer for use in his business for £200. His taxable trading income for the year will be: Question 14Select one: a. £2,500 b. £2, 040 c. £1,840 d. £1,500Give typing answer with explanation and conclusion Donna owns and operates a dress shop . In 2022, her total sales were$80,000. She refunded $950 to customers who were unsatisfied. Her cost of goods sold was $30,000 what is Donna's gross income on her schedule c, profit or loss from business (sole proprietorship)
- Sam is self-employed and prepares accounts annually to 5 April. At 6 April 2022, the written down value brought forward in the main pool was £26, 000. During the year to 5 April 2023, he purchased a car with emissions of 45 g/km for £19, 200 and another car with emissions of 104 g/km for £25, 600. What are the maximum capital allowances that Sam can claim for the year to 5 April 2023? Question 6Answer a. £12, 744 b. £25, 416 c. £9, 672 d. £28, 488CryptocurrencyLisa converted cryptocurrency into $27,200 Australian dollars in October2019. To complete the transaction, she incurred $950 in transaction fees.Therefore, Lisa received $26,250 in cash. Lisa had acquired thecryptocurrency in September 2018 for $9,200 Australian dollars. SharesLisa sold shares she held in a construction company in March 2020 for$182,000. She had purchased the shares for $37,200 in December 1986.Lisa has indicated that she has carried forward losses from prior years of$180,000 relating to a prior disposal of shares and land. A.1 Determine the taxable capital gain (loss) on the sale of theCryptocurrency. Briefly justify your answer/show all workings A.2 Determine the capital gain on the sale of the Shares. Briefly justify youranswer/show all workings.Sally is in the business of purchasing accounts receivable last year Sally purchased an account receivable with a face value of 83,000 for 60,000. During the current year, Sally settled the account, receiving 65,000. Determine the maximum amount of the bad debt deduction for Sally for the current year.
- Timothy has been trading for many years preparing his accounts to 31 December eachyear. He decided to change his accounting date to 30 June. His first period prepared tonew date was 1 January 2019 to 30 June 2019, which showed a profit of £34,320. Theprevious year ending 31 December 2018 showed a profit of 65,410. On 30 April 2021 hedecided to pass his business to his son and retire.His business profits were as follows:i. £72,980 for year ended 30 June 2020,ii. £46,760 for period ended 30 April 2021.He had overlap profits from the first periods of trading of £6,120 – which is a profit for 2months. Required:Calculate Timothy's trading income for all tax years starting from 2018-19.Stephen purchased a 2017 Toyota Camry on 2 July 2021 for $46,000. He financed the full price of the vehicle and borrowed $9,000 extra to pay off his credit card What will the interest apportionment percentage be? 0% 76.99% 54.90% 68.01% 83.64%In January 2022, Sonja deposited $20,000 in a bank in the Bahamas. She earned $500 interest income. She closed the account in December 2022. Question Content Area a. Is Sonja subject to the FBAR reporting requirement? Sonja is required to file an FBAR form for 2022 because on at least one day during 2022 she had over $fill in the blank 08426906fff3031_1 in a foreign bank account. Question Content Area b. Is the interest income taxable in the United States? , of the interest income earned from this account is taxable in the United States.
