Taxation Northern Ireland. Sample Paper 3 Questions & Suggested Solutions

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1 Taxation Northern Ireland Sample Paper 3 Questions & Suggested Solutions

2 INSTRUCTIONS TO CANDIDATES PLEASE READ CAREFULLY For candidates answering in accordance with the law and practice of the Northern Ireland. In this examination paper the symbol may be understood and used by candidates in Northern Ireland to indicate the UK pound sterling. Candidates should answer the paper in accordance with the appropriate provisions up to and including the Finance Act The provisions of the Finance Act 2015 should be ignored. Allowances and rates of taxation, to be used by candidates, are set out in a separate booklet supplied with the examination paper. Answer ALL THREE QUESTIONS in Section A, and ANY TWO of the THREE questions in Section B. If any more than TWO questions are answered in Section B, then only the first two questions, in the order filed, will be corrected. Candidates should allocate their time carefully. All workings should be shown. All figures should be labelled as appropriate e.g. s, units etc. Answers should be illustrated with examples, where appropriate. Question 1 begins on Page 2 overleaf. The following inserts are enclosed with the paper: Tax Reference Material

3 Section A Answer ALL THREE questions QUESTION 1 Corin runs a garden centre (registered for VAT purposes) and has been trading for many years. The following is a summary of his profit and loss account for the year ended 30 th September Notes Sales 367,012 Cost of sales 281,697 Gross profit 85,315 Other income: Interest receipts 368 Profit on sale of equipment 1,601 Overheads: Employee costs (1) 47,213 Premises costs (2) 6,993 Repairs (3) 6,441 General administrative costs (4) 2,948 Motor expenses (5) 6,039 Travel and subsistence (6) 2,086 Advertising, promotion and entertainment (7) 1,853 Legal and professional costs (8) 5,290 Bad debts (9) 2,718 Interest (10) 1,729 Other finance charges (11) 2,012 Depreciation 4,735 Other expenses (12) 5,205 Loss per accounts 1,969 87,284 95,262 (7,978)

4 QUESTION 1 (Cont d) Notes (1) Employee costs: Wages to Corin s wife 5,300 Staff wages 31,853 Drawings by Corin 10,060 47,213 Corin s wife is employed part-time in the business as a bookkeeper. (2) Premises costs: Heat and light 3,876 Rates and insurance 3,117 6,993 Heat and light includes utility bills for Corin s own home totaling 1,480. Corin believes 15% of this cost refers to his use of the house as an office. Insurance also includes premiums of 410 in respect of Keyman Insurance taken out by Corin. (3) Repairs: Constructing new fire escape 4,171 New till and scanner 1,993 Replacing broken windows 277 6,441 The new fire escape was required by law under the Health and Safety Act. (4) General administrative costs: Telephone 2,143 Trade subscription 78 Printing and stationery 727 2,948

5 QUESTION 1 (Cont d) The telephone payments include domestic telephone bills of 619. Corin estimates that 1/6 th of these relate to business use. (5) Motor expenses Corin s car 3,985 Business mileage paid to 1,914 employee Corin s Parking fines 140 6,039 It has been agreed with HMRC that 2/3rds of Corin s motor expenses relate to private use (6) Travel and subsistence: Corin s travel costs to a trade fair Training course fees for employee Season tickets provided to employee for home to work travel 1, ,086 (7) Advertising, promotion and entertainment: Gift to employee on 250 marriage Entertaining customers 973 Gifts to customers 630 1,853 The gifts to customers consisted of branded calendars advertising the business at a cost of 4.20 each.

6 QUESTION 1 (Cont d) (8) Legal and professional costs: Accountancy fees 850 Cost of pursuing bad 785 debts Cost of defending HMRC 3,655 enquiry 5,290 The enquiry costs relate to Corin s personal self assessment tax returns and undeclared income from another source. Corin has agreed a settlement figure with HMRC. (9) Bad debts The bad debts account is as follows: Loan to customer written off Loan to employee written off Increase in specific reserve ,388 2,718 (10) Interest Interest is charged as follows: Business bank account overdraft interest 1,087 Interest on late payment of 449 PAYE Interest charged by supplier on late payment of invoice 193 1,729

7 QUESTION 1 (Cont d) (11) Other finance charges: Interest on Corin s 781 credit card Interest on loan to buy the car provided for the sales 748 manager Business bank charges 483 2,012 Corin estimates his credit card is used 70% for business purposes. (12) Other expenses: Goods taken by Corin for his 864 own use Accrual for VAT due 4,256 Donation to local community 85 centre 5,205 The retail value of the goods taken for own use were 1,031. The cost of these goods, 864, has not been included in sales. Requirement Compute Corin s tax adjusted profit for the year ended 30 th September Total 20Marks

8 QUESTION 2 Lauren, Fred and Charles are the sales staff in STARDUST LTD. Details of their cumulative earnings & deductions, inclusive of month 7 of the tax year 2014/2015 are as follows: Lauren Fred Charles Gross cumulative salary exclusive of all ,985 17,973 deductions Charitable payroll deductions (25 per month) Childcare Vouchers (150 per month) Nil 175 Nil 1,050 Tax due to date , , Tax code - K L Company pension scheme contributions Nil 7% 7% Gross salary in month 8 1,370 4,105 2,690 Lauren joined the company in month 7 but, to date, no P45 has been received from her previous employer. STARDUST Ltd have completed form P46 in respect of Lauren. Requirement (i) (ii) Complete all relevant payroll calculations, relating to PAYE and NIC for Lauren, Fred and Charles for month 8 of 2014/2015. (15 Marks) Briefly outline the penalty regime for late PAYE returns. (5 Marks) N.B. Please show all workings clearly. Note: where relevant you may perform prorata calculations by reference to months rather days. You are not required to complete form P11 nor are you required to indicate how you would have done so. Total 20 Marks

9 QUESTION 3 Ian works as a senior sales executive for a national car dealership. His annual salary is 130,700 and he has received bonuses of 8,000 and 7,000 on 6 th June 2014 and 6 th June 2015 respectively. These bonuses were paid in relation to the company s trading results for the years ending 31 st March 2014 and 31 st March In addition Ian received the following benefits in the tax year 2014/ As Ian had only recently returned to Northern Ireland the company provided for the use of one of their houses for him and his family. The company originally purchased the house on 3 rd September 2010 for 189,000. Ian first moved into the house on 1 October 2013 when it had a market value of 275,000. Ian has occupied the house throughout 2014/2015 paying rent to the company of 350 per month. The ratable value of the house is 3,750. The house is not job-related and Ian meets the cost of all other household expenses. - Ian was provided with a diesel-powered company car on 6 th May The car had a list price of 33,500 and has an official CO 2 emissions rate of 122 g/km. Ian paid the company 1,100 during tax year 2014/2015 for the use of the car and the company provided all fuel. - Free private medical insurance. This had cost the company 875 for the tax year 2014/2015, it would have cost Ian 1,050 if he had arranged the cover himself. - The use of a company owned computer. Ian has been provided with a computer to use at home for both business and private usage. Ian estimates that the private usage amounted to 30% and the business usage 70%. The computer was first provided in January 2014 when it had a market value of 1,850 and Ian has used it throughout the whole of the tax year 2014/ Ian s company deducted 49,320 of income tax (PAYE) from his salary during the tax year 2014/2015. Ian s other income for the tax year 2014/2015 was: Bank interest 3,260 Dividends from UK companies 1,287 Building society interest 352

10 QUESTION 3 (Cont d) The bank interest is from an account held in joint names with his wife Helen and is the total amount due for both Ian and Helen. The building society interest is from an Individual Savings Account (ISA). All three amounts shown are the cash amounts received or credited to the accounts. Ian paid 248 (net) to a UK registered charity under the gift aid scheme and a fee of 240 to an HM Revenue & Customs (HMRC) approved relevant professional body, required for his position in the company. Both of these payments were made during January Requirement Calculate the income tax payable by Ian for the tax year 2014/2015. Total 20 Marks

11 SECTION B Answer ANY TWO of the Three Questions QUESTION 4 Requirement You have been asked to draft a memo to a new client outlining the Key Self Assessment tax return filing and payment deadlines together with the associated late return and late payments penalties that may be levied. Total 20 Marks

12 QUESTION 5 In each of the following instances a trader commenced self-employment on 1 st February Their trading results for the opening years of business are as follows: (a) Year ended 31 st January ,200 Year ended 31 st January ,800 (b) 6 months ended 31 st July ,200 Year ended 31 st July ,600 (c ) 13 months ended 28 th February ,780 Year ended 28 th February ,000 (d) 16 months ended 31 st May ,400 Year ended 31 st May ,000 Requirement Calculate the assessable profit for the relevant tax years detailing the basis periods and show the overlap profits and overlap periods in each instance. Total 20 Marks NOTE: For the purposes of answering this question, all pro-rata calculations may be taken to the nearest month.

13 QUESTION 6 Hedley owns four properties in Northern Ireland which, with the exception of house number 1, he rents out through a letting agent. The letting agent charges a fee of 15% of gross rentals for their service. Details of the four properties are as follows: Property Rental () Basis House pcm Monthly in Arrears This is Hedley s neighbouring property and he manages this property himself. The house is let on a furnished basis and the tenant pays the annual rates on this property (1,200 p.a.). This property has been let on a long term basis since 2013 and, with constant occupancy, provides stable income. The living room furniture had been replaced in October 2014 at a cost of 1,800. Property Rental () Basis House pcm or Monthly/weekly 45/room/week in Advance This four bedroomed property is located in an area commonly used for student accommodation in Belfast and was let (per room) until the end of June 2014 on a weekly basis and with full occupancy. The property was let again from September 2014 to a group of students but on a monthly basis. The letting agent arranged for advertising in order to attract the new tenants. Two of the previous tenants did not pay any rent for June Hedley had this property repainted during the summer at a cost of 1,150. Hedley pays the annual rates of 1,500. Property Rental () Basis Apartment pcm Quarterly in Advance This apartment over-looks the River near the heart of Belfast and was acquired with a view to it being let to young professionals. Hedley bought the apartment in May 2014 and had the apartment re-painted (750), decorated (500) and furnished (2,500) before the first tenants moved in on August 15 th. These tenants were required to pay the equivalent of two months rent as a deposit which the agent will hold against damages. The tenants of this property were responsible for the local council rates. Property Rental () Basis Apartment pcm or 450 per week during July & August Monthly/weekly in Advance This three-bedroomed property is located on the north coast and is let to university students during time term and holiday makers during the summer. Hedley reserved the apartment for two weeks of personal use during the summer but it was otherwise fully let for the remaining 6 summer weeks. It was fully let to students outside the summer months. The student tenants are required to pay a refundable deposit of 500 to cover the cost of incidental damages. When the

14 QUESTION 6 (Cont d) student tenants left at the end of June 2014, they were only refunded 200 to cover the cost of damages to furniture. Hedley pays the annual rates for this property (1,750), electricity (852 in 2014/15), heating (1,800) and cable television subscription (324) Note: pcm refers to a letting rate per calendar month. Requirement Calculate the assessable rent received from Hedley s rental properties for 2014/15. Total 20 Marks

15 Taxation I (Northern Ireland) Sample Paper 3 Suggested Solutions

16 ANSWER 1 Corin s tax adjusted profits for the period ending 30 th September 2014 Loss per accounts (7,978) Add Drawings 10,060 Heat & Light (85% x 1480) 1,258 Keyman Insurance 410 Fire Escape 4,171 New till and scanner 1,993 Telephone (5/6 x 619) 516 Motor (2/3 x 3,985) 2,657 Parking fines 140 Entertaining 973 HMRC enquiry 3,655 Write-off of loan to customer 235 Interest on PAYE 449 Credit card interest (30% x ) Depreciation 4,735 VAT accrual 4,256 Goods for own use 1,031 Less Interest receipts 368 Profit on sale of equipment 1,601 36,773 (1,969) 26,826

17 ANSWER 2 (i) Stardust Ltd Lauren Fred Charles Month 8 () () () Gross salary to 27, , date Salary month 8 1, , , Payroll Deduction (8 x 25) CCV (150 x 8) - (200.00) - (1,200.00) Pension contribution - (2,246.30) (1,446.41) Free Pay 10,000 x 1/12 (833.33) 4,949 x 8/12 (3,299.33) Additional Pay 1,869 x 8/12 1, Net Taxable , , Taxed as per 20% % 2, % 4, % 3, , , Less Cumulative to date N/A (7,042.02) (2,555.59) , NIC Primary (1, ) x 12% (3, ) x 12% (4,105 3,488) x 2% (2, ) x 12% Secondary (1, ) x 13.8% (4, ) x 13.8% (2, ) x 13.8% (ii) When an employer fails to make a PAYE payment on time, the employer will be in considered to be in default a penalty will not be charged on the occasion of this first late payment (unless it is more than 6 months late), however, a penalty may be imposed on the occasion of subsequent late PAYE payments. The rate of subsequent penalty imposition is on a sliding scale rising from 1% - 4% of the late PAYE payment, rising as the number of late PAYE payments increases. In all cases, interest will accrue on any underpaid tax.

18 If the payment is still unpaid after 6 months, a penalty of 5% is imposed and a further penalty of 5% is imposed if the PAYE payment is still unpaid after 12 months. If the amount underpaid is less than (or equal to) 100, no penalty will be imposed (although interest may still accrue).

19 ANSWER 3 Ian s Income Tax Computation for the tax year 2014/15 NS S D Total () () () () Employment Income (WI) 151, ,980 Bank Interest (3,260 x 100/80) x 50% 2,038 2,038 Dividends (1,287 x 100/90) 1,430 1,430 ISA Interest - exempt STI 151,980 2,038 1, ,448 Less PA (W2) NIL NIL Taxable Income 151,980 2,038 1, ,448 Extension of basic rate band 31,865 + (248 x 100/80) = 32,175 Tax payable () () 20% 6,435 40% 47,254 45% ,980 45% 37.5% ,893 Less Tax Credit on dividends (143) Less tax deducted at source Interest 408 PAYE 49,320 (49,728) Tax Payable 6,022

20 ANSWER 3 (cont d) Workings W1 Income from Employment Salary 130,700 Bonus receipt basis 8,000 Accommodation Rateable Value 3,750 Additional (189,000-75,000) x 3.25% 3,705 7,455 Contribution (350 x 12) (4,200) 3,255 Co2 percentage 20% Benefit (33,500 x 20% x 11/12) 6,142 Contribution (1,100) 5,042 Fuel (21,700 x 19% x 11/12) 3,978 Medical Insurance cost to 875 company Computer (1,850 x 20%) ,220 Less Expenses Professional subscription (240) Employment Income 151,980 W2 STI 155,448 Less: Gross Gift Aid (310) Adjusted Net Income 155,138 ANI far exceeds the threshold (100k) and so PA is reduced to Zero.

21 ANSWER 4 Memo To: From: New Client A Technician Subject: Self Assessment Overview Tax return deadlines and late return penalties 31 October: Paper returns If you are sent a notice to complete a tax return before or on 31 July and you want to send the Revenue a paper return you must send the completed return to them by 31 October. If you are sent a notice to complete a tax return after 31 July you must send the completed paper tax return to the Revenue by the later of 31 October or three months following the date of issue of the notice. For paper returns that reach HMRC by this date they will: o Calculate your tax for you (though you can calculate it for yourself if you want) o Tell you what to pay by the following 31 January o Collect tax through your tax code (if possible) where you owe less than 3,000 unless you inform them otherwise. In this instance, HMRC must be informed by 30 December. Taxpayers filing late returns will face at least some of fixed penalties, daily penalties and tax geared interest penalties in addition to interest which accumulates on tax paid late. If the paper return arrives after the deadline you ll be charged an automatic 100 penalty. If the paper return is more than three months late then the inspector may levy a daily penalty of 10 per day (up to a maximum of 900) and, if more than six months late, a penalty equal to the greater of (i) 5% of the tax liability shown on the tax return or (ii) 300, is levied. Where the return is more than 12 months late then the above penalty applies equally with the caveat that the 5%, referred to above, may increase with greater severity (up to 100%) should the late return include the deliberate with-holding of information and/or deliberate concealment. These penalties are imposed in addition to late payment penalties (equal to 5% of unpaid tax, cumulatively, for tax which is 30 days, 6 months & 12 months late). Not that these penalties do not apply to payments on account. Finally, interest on overdue tax accumulates interest at the rate of 3% p.a.

22 30 December: Online returns (for tax to be collected through your tax code) If you are sending the Revenue your tax return online you must send it to them by this date if you want them to collect tax through your tax code where you owe less than 3,000. Otherwise you can send the Revenue your return up to 31 January. 31 January: Online returns Where a notice to complete a tax return is issued before 31 October this is the deadline for sending back an online tax return. Where a notice to file a tax return is issued after 31 October the deadline to send it back is three months after the date of issue of the notice. If it arrives after this deadline you ll be charged an automatic 100 penalty (see above for further penalties). Tax Returns received after 31 October If you received your tax return (or Notice to file if you file online) after 31 October, you must complete and return to the Revenue within three months of the date of the receipt. As a rule you have 30 days from the date on the request for payment (called the Self Assessment Statement ). Self Assessment payment deadlines and late payment penalties 31 January If you were sent a notice to complete a tax return by the previous 31 October, then you must pay the Revenue any balance of any tax you owe by 31 January. This is referred to as the balancing payment. HMRC will charge you daily interest after this date, until they receive your payment. This is also the date by which you may be asked to make any first payment on account for the current tax year. For example, on 31 January 2015 you may have to pay both of the following: o The balance of tax owing for the year 2013/14; and o The first payment on account for 2014/ st January + 30 days. If you still haven t paid the balancing payment due on 31 January, you ll be charged an automatic 5 per cent penalty on top of the amount still owing. This is in addition to any interest payments.

23 31 July If you are due to make payments on account, this is the deadline for making a second payment on account for tax owing for the preceding tax year. If you still owe tax that you were due to pay by the previous 31 January, you ll be charged a second automatic 5 per cent surcharge on top of the amount you owe. I hope this overview has been useful. Should you wish to discuss any aspects of this memo further please do not hesitate to give me a call. Regards A Technician

24 ANSWER 5 (a) Year of Assessment Basis Period Assessable Profit () 4, / /02/13 to 05/04/13 (2/12 x 25,200) 2013/2014 Year ended 31 January , /2015 Year ended 31 January ,800 Overlap period 01/02/13 to 05/04/13 Overlap profits 4,200 (b) Year of Basis Period Assessable Profit Assessment () 2012/ /02/13 to 05/04/13 (2/6 x 12,400 37,200) 2013/ /02/13 to 31/07/13 37,200 01/08/13 31/01/14 (6/12 x 35,600) 17,800 55, /2015 Year ended 31/07/14 35,600 Overlap period 01/02/13 05/04/13 01/08/13 31/01/14 Overlap profits 12,400 17,800 30,200 (c) Year of Assessment Basis Period 2012/ /02/13 to 05/04/13 (2/13 x 13,780) 2013/ /03/13 to 28/02/14 (12/13 x 13,780) Assessable Profit () 2,120 12,720

25 2014/2015 Year ended 28 February ,000 Overlap period 01/03/13 to 05/04/13 Overlap profits (1/13 x 1,060 13,780) (d) Year of Basis Period Assessable Profit Assessment () 2012/ /02/13 to 05/04/13 (2/16 x 3,050 24,400) 2013/ /04/13 to 05/04/14 (12/16 18,300 x 24,400) 2014/ m/e 31/05/14 (12/16 x 18,300 24,400) 2015/2016 Year ended 31 May ,000 Overlap period 01/06/13 to 05/04/14 Overlap profits (10/16 x 15,250 24,400)

26 ANSWER 6 Property Income Expenses Net () House #1 500 x 12 = 6,000 Wear & Tear 6,000 x 10% = 600 5,400 House #2 (12 x 4 x 45) + (7 x 750) = 7,410 Apt. #1 7.5 x 450 = 3,375 Repainting Rates Wear & Tear Unpaid Rent Letting Agent Fee Painting Decorating Wear & Tear Letting Agent 1,150 1,500 (7,410-1,500) x 10%= x 2 x 45 = 360 7,410 x 15% = 1,111 2, ,375 x 10% = 337 3,375 x 15% = 506 1,282 Apt. #2 (525 x 10) + (450 x 6) = 7,950 Rates Electricity Heating Cable TV Wear & Tear Letting Agent 1, , (7,950 1, , ) x 10% = 322 7,950 x 15% = 1,192 1,710 Total 11,090 Assume that the painting & decorating with respect to apartment #1 represents an expense borne in making good wear and tear, as does repainting with respect to house #2. Assume that the period 6/4/14 end of June 2014 represents 12 weeks.

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