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For this part, assume today’s date is 15 August 2005.
5 (a) Donald is aged 22, single, and about to finish his university education. He has plans to start up a business selling
computer games, and intends to start trading on 1 April 2006, making up accounts to 31 March annually.
He believes that his business will generate cash (equal to taxable profits) of ￡47,500 in the first year. He
originally intended to operate as a sole trader, but he has recently discovered that as an alternative, he could
operate through a company. He has been advised that if this is the case, he can take a maximum gross salary
of ￡42,648 out of the company.
Required:
(i) Advise Donald on the income tax (IT), national insurance (NIC) and corporation tax (CT) liabilities he
will incur for the year ended 31 March 2007 trading under each of the two alternative business
structures (sole trade/company). Your advice should be supported by calculations of disposable income
for both alternatives assuming that in the company case, he draws the maximum salary stated.
(7 marks)
参考答案
更多 “ For this part, assume today’s date is 15 August 2005.5 (a) Donald is aged 22, single, and about to finish his university education. He has plans to start up a business sellingcomputer games, and intends to start trading on 1 April 2006, making up accounts to 31 March annually.He believes that his business will generate cash (equal to taxable profits) of ￡47,500 in the first year. Heoriginally intended to operate as a sole trader, but he has recently discovered that as an alternative, he couldoperate through a company. He has been advised that if this is the case, he can take a maximum gross salaryof ￡42,648 out of the company.Required:(i) Advise Donald on the income tax (IT), national insurance (NIC) and corporation tax (CT) liabilities hewill incur for the year ended 31 March 2007 trading under each of the two alternative businessstructures (sole trade/company). Your advice should be supported by calculations of disposable incomefor both alternatives assuming that in the company case, he draws the maximum salary stated.(7 marks) ” 相关考题
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Which of the following is indicative of negative float?A.The late start date is earlier than the early start date.B.The critical path supports the imposed end date.C.The early finish date is equal to the late finish date.D.When leads are employed in the schedule.E.The project is sinking.
考题
1 Which of the following is indicative of negative float?A. The late start date is earlier than the early start date.B. The critical path supports the imposed end date.C. The early finish date is equal to the late finish date.D. When leads are employed in the schedule.E. The project is sinking
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An activity has an early start date-of the lOth and a late start date of the 19th. The activity also has a duration of 4 days. There are no nonworkdays. From the information given, （）what can be concluded about the activity?A.Total float for the activity is 9 days.B.The early finish date ofthe activity is the end ofthe day on the 14th.C.The late finish date is the 25th.D.The activity can be completed in 2 days ifthe resources devoted to it are doubled.
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● Which of the following is indicative of negative float?A The late start date is earlier than the early start date.B The critical path supports the imposed end date.C The early finish date is equal to the late finish date.D When leads are employed in the schedule.E The project is sinking.
考题
(b) Donald actually decided to operate as a sole trader. The first year’s results of his business were not as he hadhoped, and he made a trading loss of ￡8,000 in the year to 31 March 2007. However, trading is now improving,and Donald has sufficient orders to ensure that the business will make profits of at least ￡30,000 in the year to31 March 2008.In order to raise funds to support his business over the last 15 months, Donald has sold a painting which wasgiven to him on the death of his grandmother in January 1998. The probate value of the painting was ￡3,200,and Donald sold it for ￡8,084 (after deduction of 6% commission costs) in November 2006.He also sold other assets in the year of assessment 2006/07, realising further chargeable gains of ￡8,775 (afterindexation of ￡249 and taper relief of ￡975).Required:(i) Calculate the chargeable gain on the disposal of the painting in November 2006. (4 marks)
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6 Alasdair, aged 42, is single. He is considering investing in property, as he has heard that this represents a goodinvestment. In order to raise the funds to buy the property, he wants to extract cash from his personal company, BeezerLimited, whose year end is 31 December.Beezer Limited was formed on 1 May 1998 with ￡1,000 of capital issued as 1,000 ￡1 ordinary shares, and tradeduntil 1 January 2005 when Alasdair sold the trade and related assets. The company’s only asset is cash of￡120,000. Alasdair wants to extract this cash from the company with the minimum amount of tax payable. He isconsidering either, paying himself a dividend of ￡120,000, on 31 March 2006, after which the company would haveno assets and be wound up or, leaving the cash in the company and then liquidating the company. Costs of liquidationof ￡5,000 would then be incurred.Since Beezer Limited ceased trading, Alasdair has been taken on as a partner at a marketing firm, Gallus Co. Heestimates his profit share for the year of assessment 2005/06 will be ￡30,000. He has not made any capital disposalsin the current tax year.Alasdair wishes to reinvest the cash extracted from Beezer Limited in property but is not sure whether he should investdirectly in residential or commercial property, or do so via some form. of collective investment. He is aware that Gallus Co are looking to rent a new warehouse which could be bought for ￡200,000. Alasdair thinks that he may be ableto buy the warehouse himself and lease it to his firm, but only if he can borrow the additional money to buy theproperty.Alasdair has a 25% shareholding in another company, Glaikit Limited, whose year end is 31 March. The remainingshares in this company are held by his friend, Gill. Alasdair is considering borrowing ￡15,000 from Glaikit Limitedon 1 January 2006. He does not intend to pay any interest on the loan, which is likely to be written off some timein 2007. Alasdair does not have any connection with Glaikit Limited other than his shareholding.Required:(a) Advise Alasdair whether or not a dividend payment will result in a higher after-tax cash sum than theliquidation of Beezer Limited. Assume that either the dividend would be paid on 31 March 2006 or theliquidation would take place on 31 March 2006. (9 marks)Assume that Beezer Limited has always paid corporation tax at or above the small companies rate of 19%and that the tax rates and allowances for 2004/05 apply throughout this part.
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4 Assume today’s date is 15 May 2005.In March 1999, Bob was made redundant from his job as a furniture salesman. He decided to travel round the world,and did so, returning to the UK in May 2001. Bob then decided to set up his own business selling furniture. Hestarted trading on 1 October 2001. After some initial success, the business made losses as Bob tried to win morecustomers. However, he was eventually successful, and the business subsequently made profits.The results for Bob’s business were as follows:Period Schedule D Case ITrading Profits/(losses)￡1 October 2001 – 30 April 2002 13,5001 May 2002 – 30 April 2003 (18,000)1 May 2003 – 30 April 2004 28,000Bob required funds to help start his business, so he raised money in three ways:(1) Bob is a keen cricket fan, and in the 1990s, he collected many books on cricket players. To raise money, Bobstarted selling books from his collection. These had risen considerably in value and sold for between ￡150 and￡300 per book. None of the books forms part of a set. Bob created an internet website to advertise the books.Bob has not declared this income, as he believes that the proceeds from selling the books are non-taxable.(2) He disposed of two paintings and an antique silver coffee set at auction on 1 December 2004, realisingchargeable gains totalling ￡23,720.(3) Bob took a part time job in a furniture store on 1 January 2003. His annual salary has remained at ￡12,600per year since he started this employment.Bob has 5,000 shares in Willis Ltd, an unquoted trading company based in the UK. He subscribed for these sharesin August 2000, paying ￡3 per share. On 1 December 2004, Bob received a letter informing him that the companyhad gone into receivership. As a result, his shares were almost worthless. The receivers dealing with the companyestimated that on the liquidation of the company, he would receive no more than 10p per share for his shareholding.He has not yet received any money.Required:(a) Write a letter to Bob advising him on whether or not he is correct in believing that his book sales are nontaxable.Your advice should include reference to the badges of trade and their application to this case.(9 marks)
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6 Assume today’s date is 16 April 2005.Henry, aged 48, is the managing director of Happy Home Ltd, an unquoted UK company specialising in interiordesign. He is wealthy in his own right and is married to Helen, who is 45 years old. They have two children – Stephen,who is 19, and Sally who is 17.As part of his salary, Henry was given 3,000 shares in Happy Home Ltd with an option to acquire a further 10,000shares. The options were granted on 15 July 2003, shortly after the company started trading, and were not part ofan approved share option scheme. The free shares were given to Henry on the same day.The exercise price of the share options was set at the then market value of ￡1·00 per share. The options are notcapable of being exercised after 10 years from the date of grant. The company has been successful, and the currentvalue of the shares is now ￡14·00 per share. Another shareholder has offered to buy the shares at their market value,so Henry exercised his share options on 14 April 2005 and will sell the shares next week, on 20 April 2005.With the company growing in size, Henry wishes to recruit high quality staff, but the company lacks the funds to paythem in cash. Henry believes that giving new employees the chance to buy shares in the company would help recruitstaff, as they could share in the growth in value of Happy Home Ltd. Henry has heard that there is a particular sharescheme that is suitable for small, fast growing companies. He would like to obtain further information on how sucha scheme would work.Henry has accumulated substantial assets over the years. The family house is owned jointly with Helen, and is worth￡650,000. Henry has a ￡250,000 mortgage on the house. In addition, Henry has liquid assets worth ￡340,000and Helen has shares in quoted companies currently worth ￡125,000. Henry has no forms of insurance, and believeshe should make sure that his wealth and family are protected. He is keen to find out what options he should beconsidering.Required:(a) (i) State how the gift of the 3,000 shares in Happy Home Ltd was taxed. (1 mark)
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(ii) Write a letter to Donald advising him on the most tax efficient manner in which he can relieve the lossincurred in the year to 31 March 2007. Your letter should briefly outline the types of loss relief availableand explain their relative merits in Donald’s situation. Assume that Donald will have no source of incomeother than the business in the year of assessment 2006/07 and that any income he earned on a parttimebasis while at university was always less than his annual personal allowance. (9 marks)Assume that the corporation tax rates and allowances for the financial year 2004 and the income tax ratesand allowances for 2004/05 apply throughout this question.Relevant retail price index figures are:January 1998 159·5April 1998 162·6
考题
He has acquired a (comprehensive) knowledge of his subject through reading many new materials and up-to-date publications. 选择能代替括号里的选项A、extensiveB、comparativeC、subjectiveD、excessive
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He was reluctant to give up his travel plans but I succeeded in persuading him _____.A、to doB、to give upC、toD、to do this
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_____________. That was five years ago and he has no regrets about his new direction. “My previous work didn’t have an artistic element to it, whereas this is exciting and creative,” he says. “I really enjoy the design side.”［A］Graham has become increasingly busy, supplying flat-packed weathervanes to clients worldwide.［B］Graham decided to concentrate his efforts on a weathervane business. He had served an apprenticeship as a precision engineer and had worked in that trade for 15 years when he and his wife, Liz, agreed to swap roles—she went out to work as an architectural assistant and he stayed at home to look after the children and build up the business.［C］Last month, a local school was opened with his galleon ship weathervane hoisted above it.［D］“For centuries, weathervanes have kept communities in touch with the elements, signaling those shifts in wind direction that bring about changes in the weather,” he explains.［E］Graham has no plans for expansion, as he wants to keep the business as a rural craft.［F］Graham has now perfected over 100 original designs. He works to very fine detail, always seeking approval for the design of the silhouette from the customer before proceeding with the hand-cutting.
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_____________. “And nowadays, with more and more people moving to the country, individuals want to put an exclusive finishing touch to their properties. It has been a boost to crafts like mines,”［A］Graham has become increasingly busy, supplying flat-packed weathervanes to clients worldwide.［B］Graham decided to concentrate his efforts on a weathervane business. He had served an apprenticeship as a precision engineer and had worked in that trade for 15 years when he and his wife, Liz, agreed to swap roles—she went out to work as an architectural assistant and he stayed at home to look after the children and build up the business.［C］Last month, a local school was opened with his galleon ship weathervane hoisted above it.［D］“For centuries, weathervanes have kept communities in touch with the elements, signaling those shifts in wind direction that bring about changes in the weather,” he explains.［E］Graham has no plans for expansion, as he wants to keep the business as a rural craft.［F］Graham has now perfected over 100 original designs. He works to very fine detail, always seeking approval for the design of the silhouette from the customer before proceeding with the hand-cutting.
考题
_____________. American and Danish buyers in particular are showing interest. “Pricing,” he explains, “depends on the intricacy of the design.”His most recent request was for a curly-coated dog. Whatever the occasion, Graham can create a gift with a difference.［A］Graham has become increasingly busy, supplying flat-packed weathervanes to clients worldwide.［B］Graham decided to concentrate his efforts on a weathervane business. He had served an apprenticeship as a precision engineer and had worked in that trade for 15 years when he and his wife, Liz, agreed to swap roles—she went out to work as an architectural assistant and he stayed at home to look after the children and build up the business.［C］Last month, a local school was opened with his galleon ship weathervane hoisted above it.［D］“For centuries, weathervanes have kept communities in touch with the elements, signaling those shifts in wind direction that bring about changes in the weather,” he explains.［E］Graham has no plans for expansion, as he wants to keep the business as a rural craft.［F］Graham has now perfected over 100 original designs. He works to very fine detail, always seeking approval for the design of the silhouette from the customer before proceeding with the hand-cutting.
考题
Questions 9~11 refer to the following information.
The daily changes of the market can lead investors astray. The ups and downs make the tendency to look at the portfolio’s performance frequently too tempting. This means investors are likely to perceive more risk, forgetting about their long term goals.
When investors log into their trading accounts they can see the potential gain or loss of all of their assets. They can also see the day change on assets which are coded gain and loss. However, it's believed that those who look less get more.
For instance, if you look at FTSE index from today to tomorrow there is a roughly 50% chance that it has gone up or down. If you look at it over a year you may find that 60%-65% of the time it is going up. And if you look over a five-year period you will find that 90% of the time it goes up.
What’s the author’s suggestion to investors?
A. Keep themselves from checking their trading accounts.
B. Pay attention to long-term interests rather than short-term ones.
C. Avoid risks in terms of their investment plans.
D. Stick to one portfolio for at least five years.
考题
现在天晴了。我们开始装货吧。（）A、It’s raining! Let’s stop discharging .B、It’s clear up! Let’s start discharging .C、It’s clear up! Let’s start loading .D、It’s raining! Let’s stop loading .
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A user reports that every time they start up their computer it stops with a bluescreen error. Whichof the following methods will give an alternate method of trying to start up a Windows computer?（）A、Press the F4 key during start up.B、Hold down the left Shift key during start up.C、Press the F2 key during start up.D、Press the F8 key during start up.
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Which step is required for recover from an instance failure？ （）A、Start up only.B、Restore needed data files， then start up.C、Complete restore from backup， then start up.D、Perform point in time recovery， then start up.
考题
单选题_____A
He plans to go abroad.B
He plans to start his own business.C
He plans to work in another bank.D
He plans to venture with Kitty.
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单选题We understand you need easy access _____ up-to-date information about your accounts in our bank.A
inB
toC
forD
with
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填空题A new Representative can hardly feel easy about his position in that he has to prepare for re-election at the start of his new job.____
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单选题Before you can start a business up, you have to raise the necessary ______ .A
investmentB
incomeC
savingsD
capital
考题
单选题现在天晴了。我们开始装货吧。（）A
It’s raining! Let’s stop discharging .B
It’s clear up! Let’s start discharging .C
It’s clear up! Let’s start loading .D
It’s raining! Let’s stop loading .
考题
单选题An activity has an early start date-of the lOth and a late start date of the 19th. The activity also has a duration of 4 days. There are no nonworkdays. From the information given, （）what can be concluded about the activity?A
Total float for the activity is 9 days.B
The early finish date ofthe activity is the end ofthe day on the 14th.C
The late finish date is the 25th.D
The activity can be completed in 2 days ifthe resources devoted to it are doubled.
考题
单选题Which step is required for recover from an instance failure？ （）A
Start up only.B
Restore needed data files， then start up.C
Complete restore from backup， then start up.D
Perform point in time recovery， then start up.
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