Mr Shea Case Study - Ann, Bea and Cal - Law Assignment Help

Assignment Task:

Question 1

Mr Shea is an employee with a remuneration package of £95,000 per annum and his employer provides him with the following benefits during the tax year 2019/20:

• The personal use of two mobile phones, each costing £1,800

• Medical insurance of market value £1,000 but the company got a 35% group discount

• Two new suits which cost the company £250 each but retail value was £400 each

• An interest free loan of £11,000 from 6 September 2019.

Calculate the National Insurance Contributions due for 2019/20 from both Mr Shea and his employer in respect of his employment package.

State two actions that Mr Shea should do to ensure his taxable benefit in the future is reduced. 

Question 2

Ann, Bea and Cal have been in partnership for many years preparing accounts to 30 September each year.  The partnership agreement is that Bea receives £15,000 per annum salary and the balance of profits is shared equally between the three partners. During the year ended 30 September  2019 the partnership made trading profits of £180,000.

Ann wants to claim rollover relief in respect of the office that she owns but the partners trade from.

Calculate the trading profits assessable on each partner and state the tax year of assessment in respect of 30 September 2019, explaining how and when the tax is payable. 

State the conditions that must apply to allow Ann to make a claim for rollover relief. (maximum word count 200 words)

Question 3

In 2019/20 Sasha earns a salary of £125,750 per annum and bank interest of £12,800 and dividends of £13,500. Sasha uses her own car to visit clients and during 2019/20 her business mileage totals 25,000 miles. Her employer reimburses her at a rate of 50p per mile.

Sasha’s civil partner is a higher rate taxpayer in 2019/20 but will have no source of income in 2020/21 due to a career break. 

Calculate Sasha’s income tax liability for 2019/20 and explain what changes Sasha and her civil partner should make for the tax year 2020/21 outlining the tax savings that Sasha could achieve by making these changes.

This Law Assignment has been solved by our Law Experts at onlineassignmentbank. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.