Taxation question(CPA/ACCA/Degree)

timer Asked: Nov 18th, 2016

Question description

please assist me@$10-just simple computation i will appreciate

Assist me compute i only have 10 bucks You are given the accounts of Crowne Ltd for the year to 31 March 2017. £ £ 4000,000 600,000 3400000 Sales Less: Cost of Sales Gross Profit Add: Other income: Profit on sale of asset Interest received Rental income Dividend received Less: expenses: Salary and wages Maintenance Water bill Telephone Expenses Motor Car Expenses Heating Depreciation Advertisement Subscription Entertainment expenses Donation Legal and professional charges General Expenses Directors’ fees Audit fees 1,000 2,200 8,000 4,500 3415700 50,000 3,000 1,000 2,500 6,500 6000 5,000 6,000 3,000 4,700 900 600 3,200 5,000 2000 NET PROFIT Notes: a) b) The amount of £ 3,000 for Maintenance includes £500 purchase of printer. Motor Car expenses include 2% personal expenses of the CFO. c) Entertainment expenses includes :Gift to customers (table clock costing £13 each for 5 customers) Customers’ entertainment d) Donation is done to a trading party for local charity purpose. e) Legal and Professional Fees includes:- £ 65 £40 99400 3316300 Accountancy fees Special Audit fees £50 £100 f) General Expenses includes a mobile usage fine of £50 ,paid by the director for using mobile while driving. g) Plant and Machinery: On 1 April 2016 the opening balance of plant and machinery in the pool was £2,200 The following transactions took place during the year ended 31 March 2017: September 2016 Purchased equipment £850,000 June 2016 Purchased Car (CO2 emmission is 130 g/ km) £ 25,000 January 2017 Sold equipment £2,800 h) The details of some trading loss to be adjusted is as follows:Loss for the year ended 31 March 2015 Loss for the year ended 31 March 2016 £3800 £300 Calculate Chargeable profits Required:1-determine the chargeable profits of Crowne Ltd for the year ended 31 March 2017after necessary adjustments. Your answer should clearly show the calculation of Capital Allowance, trading loss adjustment and the computation of TTP). 2-Calculate the tax liabilities and due payment date Required:Calculate the tax liabilities of Crowne Ltd for the year ended 31 March 2017 and specify due date for filing the return and payment of tax. What are the consequences of late filing after the due date? 3- Explain how income tax deductions are dealt with. Required:As a tax adviser, you are required to show the various tax deductions to be made by Crowne Ltd and how to deal with it. You are required to explain the various tax deductions for Crowne Ltd during the year 2016/17

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