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OCD65
UNIVERSITY OF BOLTON
WESTERN INTERNATIONAL COLLEGE FZE
BA (HONS) ACCOUNTANCY
SEMESTER 1 EXAMINATION JANUARY 2016
PERSONAL AND BUSINESS TAXATION
MODULE NO: ACC5003 Date: Thursday 14th January 2016 Time: 4:00pm to 7:00pm INSTRUCTIONS TO CANDIDATES: There are 5 questions in this
examination 4 questions to be answered as follows:
Answer BOTH questions in
Section A Answer ONLY TWO questions
from Section B This is a closed book examination. You must hand in this exam paper
with your answer booklet.
Page 2 of 10 Western International College FZE BA (Hons) Accountancy Semester 1 Examination 2015/2016 Personal and Business Taxation Module No. ACC5003
SECTION A – ANSWER BOTH QUESTIONS FROM THIS SECTION
Question 1 Nord Ltd's summarised statement of comprehensive income for the year ended 31 December 2015 is as follows: £ Turnover 227,100 Cost of sales (100,000)
Gross profit 127,100 Expenses Depreciation (27,240) Gifts and donations (2,300) Impairment charge (1,600) Leasing costs (4,400) Other costs (205,160) Interest (6,400)
Loss before tax (120,000)
Additional information: Gifts and donations includes an amount of £720 of Christmas turkeys for all
employees at a cost of £60 each, gifts to customers £480 consisting of calendars
with an individual cost of £8 each and the company logo is embossed at the top of
each page, political donations of £420 and also donations amounting to £680 that
were paid to a registered UK charity.
Impairment charge includes an amount of £1,600 in relation to a trade debt that was
written off at the year-end in respect of an amount that had been owed since July
2015. The leasing costs are in respect of a motor vehicle that was leased on 1
January 2015 and has CO2 emissions of 145 grams per kilometre. Included within
other expenses is an amount of £5,100 in relation to a fine for a breach of company
regulations and £4,860 incurred for legal fees in relation to a trade dispute. All other
expenses are deemed to be fully allowable.
Interest is in respect of the company's 5% loan notes which were repaid on 30 April
2015. Interest of £9,600 was paid on 30 April 2015 and an accrual of £3,200 had
been provided for at 1 January 2015.
Question 1 continues over the page
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Page 3 of 10 Western International College FZE BA (Hons) Accountancy Semester 1 Examination 2015/2016 Personal and Business Taxation Module No. ACC5003
Question 1 continued On 1 January 2015 the capital allowances written down values of the plant and
equipment main pool was £39,300 and the following purchases took place
throughout the year: 3 March 2015 Renault Clio cost £14,700 (Emissions of
124grams per kilometre), 7 April 2015, Citroen delivery van cost £28,300 (Emissions
of 162 grams per kilometre) and on the 12 November 2015 the company purchased
a Smart car at a cost of £12,400 (Emissions of 86 grams per kilometre).
This is the third year of trading for the company and the previous two years results are as follows: Year ended 31 December 2014 31 December 2013 £ £ Tax adjusted trading profit 47,900 56,600 Bank interest receivable 0 1,300 Qualifying charitable donations (330) (540) Required: Calculate Nord Ltd's adjusted trading loss for the year ended 31 December 2015
(include all items included in the additional information and enter a 'zero' for the
items that do not require adjustment) and (assuming that Nord Ltd claim relief for
any losses as early as possible) calculate the companies taxable profits for the years
ended 31 December 2014 and 2013. For any unrelieved losses state the amounts
and how this can be relieved.
Total 30 Marks End of Question 1 Question 2 is on the next page
PLEASE TURN THE PAGE…
Page 4 of 10 Western International College FZE BA (Hons) Accountancy Semester 1 Examination 2015/2016 Personal and Business Taxation Module No. ACC5003
Question 2 Damon was born on 8th August 1965, he is an employee of Techno Bats Ltd which is a company specialising in sonic sensors to detect Bat activity in caves. Damon has been employed at Techno Bats Ltd for several years where he is employed as a senior electronics specialist. The following information is available in respect of Damon's employment for the tax year 2015/16. a) During the tax year 2015/16 Damon was paid a monthly gross salary of £10,800.
b) In addition to his salary, Damon was paid the following performance related bonuses.
Amount Payment Date Entitlement Date In respect of the six month period
ended £4,600 25 April 2015 31 March 2015 31 December 2014 £8,100 20 August 2015 3 July 2015 30 June 2015 £2,900 15 April 2016 15 April 2016 31 December 2015
b) During the period 6 April 2015 to 31 August 2015 Damon used his own car for both
personal and business use, he was reimbursed by the Techno Bats Ltd at the rate of
55p per mile as follows:
Miles Normal daily travel between home and Techno Bats Ltd office 2,420 Travel between home and clients premises 8,580 Travel between home and temporary workplace (10 week placement)
2,860
Total mileage reimbursed by Techno Bats Ltd 13,860 d) During the period 1st September 2015 to 5 April 2016, Techno Bats Ltd provided Damon with a petrol powered car with a list price of £15,800. Techno Bats Ltd purchased the car for £14,500 (new) and the vehicle has CO2 emissions of 86 grams per kilometre, the company also covers the cost of all fuel. e) In February 2016, Damon spent 10 nights in a hotel in France on company business and was given a daily allowance of £10 per day to cover incidental personal expenses in respect of telephone calls to his family back in the UK. Question 2 continues over the page
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Page 5 of 10 Western International College FZE BA (Hons) Accountancy Semester 1 Examination 2015/2016 Personal and Business Taxation Module No. ACC5003
Question 2 continued. f) For the whole of the 2015/16 tax year the company provided Damon with two mobile phones at a cost of £400 each, paid his gym membership of £500 and Damon was also provided with private medical insurance costing £1,000. g) Throughout the tax year 2015/16 Damon was also provided with living accommodation by his employer. The company had purchased the property in 2011 paying £142,000 and it was provided to Damon on 1 February 2014. Improvements to the property costing £14,400 were made during October 2011 with further improvements costing £9,800 being made in during August 2014. The annual value of the property is £4,600 and the official rate of interest is 3.35%. h) Damon has investments in shares in UK listed companies, he received dividends amounting to £13,500 during the 2015/16 tax year as well as interest on his cash savings of £8,000. Required Compute Damon's taxable income, personal allowance and the amount of tax payable for the 2015/16 tax year. Total 30 Marks End of Question 2 Question 3 is on the next page
Page 6 of 10 Western International College FZE BA (Hons) Accountancy Semester 1 Examination 2015/2016 Personal and Business Taxation Module No. ACC5003
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SECTION B ANSWER TWO QUESTIONS ONLY FROM THIS SECTION
Question 3 You are a first class honours degree student from the University of Bolton and as a
result have been head hunted and employed by a prestigious firm of accountants in
their tax team. The tax partner has approached you as the firm has recently received
a query from one of their new clients, Mr Richard Tracy who is considering setting up
his own security company whereby they will provide security equipment as well as
detective services. Mr Tracy has a little knowledge of how to run a business but has
asked for some general tax advice as well as clarification of some things his friends
have told him surrounding depreciation and capital allowances, wages, expenses,
purchase of equipment, gifts to customers/employees, personal allowances,
dividends, interest on his savings in both the NSB and also the local high street
bank. He is also going to employ two members of staff and he is considering using
his own car in the business as well as providing vehicles for his staff. In addition his
friends have confused him even more by saying he "needs to wear some badges of
trade" and he has no idea what they mean.
Required:
Draft a letter on behalf of the tax partner to Mr Tracy outlining some general taxation
advice comparing both self-employment and Limited company; in addition address
each of the matters raised by Mr Tracy. Your letter is to be professional in style
covering all aspects of Income and Corporation tax (where you deem relevant),
however the tone of the letter should be in terms easily understood by Mr Tracy with
use of examples where necessary, however computation of tax and complex
adjustments must be excluded as this may confuse Mr Tracy who may then take his
business elsewhere.
Total 20 marks
Page 7 of 10 Western International College FZE BA (Hons) Accountancy Semester 1 Examination 2015/2016 Personal and Business Taxation Module No. ACC5003
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Question 4
Magda Skiba owns three properties which are let out. The following information
relates to the tax year 2015–16:
Property one
This is a freehold house that qualifies as a trade under the furnished holiday letting
rules. Magda purchased this property on 1 July 2015 for £282,000. The purchase
price included £4,600 for furniture and kitchen equipment (which has been agreed
with HMRC can be written off as an expense in the period). Magda borrowed
£220,000 to purchase this property. During the period 1 July 2015 to 5 April 2016
she made loan repayments totalling £14,300, of which £12,700 was in respect of
loan interest. The property was let for 22 weeks at £425 per week during the period 1
July 2015 to 5 April 2016. Due to a fire, £12,200 was spent on replacing the roof of
the house during March 2016. Only £10,900 of this was paid for by Magda’s property
insurance.
During the tax year 2015–16 Magda drove 1,170 miles in her motor car in respect of
the furnished holiday letting business. She uses HM Revenue and Customs’
authorised mileage rates to calculate her expense deduction. The mileage was for
the following purposes:
Miles
Purchase of property 160
Running the business on a weekly basis 880
Property repairs 130
Other expenditure on this property for the period 1 July 2015 to 5 April 2016
amounted to £3,770, and this is all allowable.
Question 4 continues over the page
Page 8 of 10 Western International College FZE BA (Hons) Accountancy Semester 1 Examination 2015/2016 Personal and Business Taxation Module No. ACC5003
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Question 4 continued
Property two
This is a leasehold shop that is let out unfurnished. The property was acquired on 1
May 2015 and was immediately let to a tenant, with Magda receiving a premium of
£45,000 for the grant of a five-year lease. During the period 1 May 2015 to 5 April
2016 Magda received four quarterly rental payments of £2,160 per quarter, payable
in advance
Property three
This is a freehold house that is let out unfurnished. The property was let from 6 April
2015 to 31 January 2016 at a monthly rent of £580. On 31 January 2016 the tenant
left, owing three months’ rent. Magda recovered two months of the outstanding rent
by retaining the tenant’s security deposit, but was unable to recover the balance.
On 1 March 2016 a new tenant paid Magda a security deposit of £1,200, being two
months’ rent, although the new tenancy did not commence until 15 April 2016.
During the tax year 2015–16 Magda paid loan interest of £9,100 in respect of a loan
that was taken out to purchase this property.
Other expenditure
The other expenditure on properties two and three for the tax year 2015–16
amounted to £36,240, and this is all allowable.
Furnished room
During the tax year 2015–16 Magda rented out one furnished room of her main
residence. During the year she received rent of £3,170, and incurred allowable
expenditure of £4,840 in respect of the room. Magda always uses the most
favourable basis as regards the tax treatment of the furnished room.
Required:
Calculate Magda Skiba’ s property business loss for the tax year 2015–16.
Note: Your answer should separately identify the furnished holiday letting loss.
Page 9 of 10 Western International College FZE BA (Hons) Accountancy Semester 1 Examination 2015/2016 Personal and Business Taxation Module No. ACC5003
State how any losses can be utilised.
Total 20 marks
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Question 5
a) Andrew began trading on 1 October 2014, preparing accounts to 30 September
each year. Adjusted trading profits are £21,600 for the year to 30 September 2015
and £25,920 for the year to 30 September 2016.
i) What is the basis period for tax year 2015-16?
ii) What are the taxable profits for tax year 2015-16?
iii) What is the amount of overlap profits that arise on the commencement of
trade?
(6 Marks)
b) Adam begins trading on 1 January 2015, preparing accounts to 30 June. Adjusted
trading profits are £13,050 for the six months to 30 June 2015 and £19,800 for the
year to 30 June 2015.
i) What is the basis period for tax year 2015-16?
ii) What are the taxable profits for tax year 2015-16?
iii) What is the amount of overlap profits that arise on the commencement of
trade?
(6 Marks)
c) Michael ceased trading on 30 September 2015. Adjusted trading profits in the last
two accounting periods were £6,480 for the year to 31 December 2014 and £4,320
for the nine months to 30 September 2015. Overlap profits arising on the
commencement of trade were £1,000.
Required:
i) Compute the taxable profits for tax year 2015-16. (2 Marks)
ii) Provide brief explanations to your answers for part c(i) above (your explanation is
expected to include the computation of the opening, current, and closing year rules).
Page 10 of 10 Western International College FZE BA (Hons) Accountancy Semester 1 Examination 2015/2016 Personal and Business Taxation Module No. ACC5003
(6 Marks)
Total 20 marks
END OF QUESTIONS
Lymer & Oats 2015/16 Tables of tax rates and allowances
The current rates and allowances for income tax, corporation tax, capital gains tax, inheritance tax and other taxes are set out below.
Personal income tax rates
2015/16 2014/15 Increase £ £ £
Income tax allowances Personal allowance: Born after 6 April 1948 10,600 10,000 600 Born 6 April 1938 – 5 April 1948 10,600 10,500 100 Born before 6 April 1938 10,660 10,660 0
Income limit: personal allowances 100,000 100,000 0 Married couple’s allowance –
Born before 6 April 1935 8,355 8,165 190 Married couple’s allowance – minimum amount 3,220 3,140 80
Transferable tax allowance 1,060 0 1,060 Income limit for age-related allowances 27,700 27,000 700
Blind person’s allowance 2,290 2,230 60
Capital gains tax annual exempt amount Individuals, etc. 11,100 11,000 100 Capital gains tax standard rate 18% 18% 0 Capital gains tax higher rate 28% 28% 0 Entrepreneurs’ Relief limit 10 million 10 million 0 Entrepreneurs’ Relief rate 10% 10% 0
Inheritance tax threshold 325,000 325,000 0 (each if couple/partner) Inheritance tax rate 40% 40% 0 Lower rate (10%+ of estate left to charity) 36% 36% 0
Pension scheme allowances Annual allowance 40,000 40,000 0 Lifetime allowance 1,250,000 1,250,000 0
Lymer & Oats - Rate Card 2015/16
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Taxable bands 2015/16
Non-savings Savings Dividends £0 – £5,000 –* 0%* –* £0 (or £5,000) – £31,785 20% 20% 10% £31,786 – £150,000 40% 40% 32.5% Over £150,000 45% 45% 37.5% *0% rate on savings only available up to £5,000 of taxable income if non-savings income does not exceed this sum
National Insurance Contributions Item 2015/16 2014/15 Class 1: Lower Earnings Limit – LEL (per week) £112 £111
Primary (employees) Threshold (per week) £155 £153 Secondary (employers) Threshold (per week) £156 £153 Upper Earnings Limit – UEL (per week – employees only) £815 £805 Upper Secondary Threshold (per week – <21yr old apprentices) £0 £815 Upper Accrual Point – UAP £770 £770 Employment allowance (per employer) £2,000 – Employee’s contributions 12% 12%
(£155pw to £815pw +2% over £815pw) Employee’s Contracted-out Rebate 1.4% 1.4%
Salary Related (LEL to UAP) Employer’s Contribution Rates 13.8% 13.8%
(all earnings over £156pw) Employer’s Contracted-out Rebate
Salary Related (LEL to UAP) 3.4% 3.4% Employer NIC allowance £2,000 £2,000 Class 1A and 1B 13.8% 13.8% Class 2: Self employed Contribution (per week) £2.80 £2.75
Small Profits Threshold (per annum) £5,965 £5,885 Class 3: Contribution (per week) (voluntary) £14.10 £13.90 Class 4: Contributions – Upper Profits Limit £42,385 £41,865
Contributions – Lower Profits Limit £8,060 £7,956 Contribution Rate 9.0% 9.0% (£8,060pa – £42,385pa then 2% over £42,385pa)
Lymer & Oats – Rate Card 2015/16
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Tax credits:
Working tax credit
£ per year
Basic element 1,960.00 Couple and lone parent element 2,010.00 30 hour element 810.00 Disability element 2,970.00 Severe disability element 1,275.00
Childcare element: £ per week Maximum eligible cost for 2 or more children 300.00 Maximum eligible cost for 1 child 175.00 Max. percent of eligible costs covered 70%
Child tax credit £ per year
Family element 545.00 Child element (each child) 2,780.00 Disabled child element 3,140.00 Severe disabled child element 1,275.00
Tapering £
Income thresholds & withdrawal rates First income threshold 6,420.00 First withdrawal rate 41% First threshold for child tax credit 16,105.00 entitlement only (where no WTC claimed) Income disregard 5,000.00 Income fall disregard 2,500.00
Pension credit £
Standard Minimum income guarantee credit: (per week) Single 151.20 Couple 230.85 Capital: Amount disregard 10,000.00 Amount disregard – care homes 10,000.00 Deemed income: £1 per week for every £500 (or part thereof) in excess of these amounts
Lymer & Oats - Rate Card 2015/16
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Car and fuel benefits in kind
CO2 Taxable % CO2 Taxable % CO2 Taxable % g/km Petrol Diesel g/km Petrol Diesel g/km Petrol Diesel 0(EV)
1 51 76 95
5 5 9 13 14
5 8 12 16 17
125 130 135 140 145
20 21 22 23 24
23 24 25 26 27
175 180 185 190 195
30 31 32 33 34
33 34 35 36 37
100 15 18 150 25 28 200 35 37 105 16 19 155 26 29 205 36 37 110 115 120
17 18 19
20 21 22
160 165 170
27 28 29
30 31 32
210+ 37 37
Round down to find the correct percentage. Van benefit charge – £3,150
Fuel benefit charge – £22,100 Van fuel benefit charge – £594
Approved private car mileage rates
Business Miles Allowance rate per mile
0 – 10,000 45p 10,000+ 25p
Excess payments over these rates are taxable. Shortfalls can be claimed as tax relief by the employee.
Corporation tax 2015/16
Band Rate £0 + 20%*
Tax fee saving accounts 2015/16 2014/15
ISA subscription limit £15,240 £15,000 Junior ISA subscription limit £4,080 £4,000 Child Trust Fund subscription limit £4,080 £4,000
Lymer & Oats – Rate Card 2015/16
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VAT
after 1 April 2015 after 1 April 2014
Standard Rate 20% 20% Reduced Rate 5% 5% Annual Registration Limit £82,000 £81,000 De-registration Limit £80,000 £79,000 VAT Fraction – standard rate 1/6 1/6 Cash Accounting Scheme – max. turnover to join £1,350,000 £1,350,000 Annual Accounting Scheme – max. turnover to join £1,350,000 £1,350,000 Optional Flat Rate Scheme – max. taxable turnover (ex VAT) £150,000 £150,000
Environmental taxes
2015/16 Landfill tax:
Standard rate (per tonne) £82.60 (£80.00) Lower rate (inactive waste per tonne) £2.60 (£2.50)
Aggregates levy (per tonne) £2.00 (£2.00) Climate Change Levy: Electricity 0.554p/kwh Natural Gas 0.193p/kwh LPG 1.24p/kg Insurance Premium Tax: Standard Rate 6% Higher Rate 20%
HMRC interest rates Late Repayment Payment (%) (%) All taxes (unchanged since 29/9/09) 3.00 0.5
Average Official rate for 2015/16 3.00% Average Official rate for 2014/15 3.25% (These rates change occasionally – see the HMRC website for details)
Lymer & Oats - Rate Card 2015/16
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Capital gains tax (Corporations only)
Retail prices index (January 1987 = 100.0)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1982 – – 79.44 81.04 81.62 81.85 81.90 81.90 81.85 82.26 82.66 82.51 1983 82.61 82.97 83.12 84.28 84.64 84.84 85.30 85.68 86.06 86.36 86.67 86.89 1984 86.84 87.20 87.48 88.64 88.97 89.20 89.10 89.94 90.11 90.67 90.95 90.87 1985 91.20 91.94 92.80 94.78 95.21 95.41 95.23 95.49 95.44 95.59 95.92 96.05 1986 96.25 96.60 96.73 97.67 97.85 97.79 97.52 97.82 98.30 98.45 99.29 99.62 1987 100.0 100.4 100.6 101.8 101.9 101.9 101.8 102.1 102.4 102.9 103.4 103.3 1988 103.3 103.7 104.1 105.8 106.2 106.6 106.7 107.9 108.4 109.5 110.0 110.3 1989 111.0 111.8 112.3 114.3 115.0 115.4 115.5 115.8 116.6 117.5 118.5 118.8 1990 119.5 120.2 121.4 125.1 126.2 126.7 126.8 128.1 129.3 130.3 130.0 129.9 1991 130.2 130.9 131.4 133.1 133.5 134.1 133.8 134.1 134.6 135.1 135.6 135.7 1992 135.6 136.3 136.7 138.8 139.3 139.3 138.8 138.9 139.4 139.9 139.7 139.2 1993 137.9 138.8 139.3 140.6 141.1 141.0 140.7 141.3 141.9 141.8 141.6 141.9 1994 141.3 142.1 142.5 144.2 144.7 144.7 144.0 144.7 145.0 145.2 145.3 146.0 1995 146.0 146.9 147.5 149.0 149.6 149.8 149.1 149.9 150.6 149.8 149.8 150.7 1996 150.2 150.9 151.5 152.6 152.9 153.0 152.4 153.1 153.8 153.8 153.9 154.4 1997 154.4 155.0 155.4 156.3 156.9 157.5 157.5 158.5 159.3 159.5 159.6 160.0 1998 159.5 160.3 160.8 162.6 163.5 163.4 163.0 163.7 164.4 164.5 164.4 164.4 1999 163.4 163.7 164.1 165.2 165.5 165.6 165.1 165.5 166.2 166.5 166.7 167.3 2000 166.6 167.5 168.4 170.1 170.7 171.1 170.5 170.5 171.7 171.6 172.1 172.2 2001 171.1 172.0 172.2 173.1 174.2 174.4 173.3 174.0 174.6 174.3 173.6 173.4 2002 173.3 173.8 174.5 175.7 176.2 176.2 175.9 176.4 177.6 177.9 178.2 178.5 2003 178.4 179.3 179.9 181.2 181.5 181.3 181.3 181.6 182.5 182.6 182.7 183.5 2004 183.1 183.8 184.6 185.7 186.5 186.8 186.8 187.4 188.1 188.6 189.0 189.9 2005 188.9 189.6 190.5 191.6 192.0 192.2 192.2 192.6 193.1 193.3 193.6 194.1 2006 193.4 194.2 195.0 196.5 197.7 198.5 198.5 199.2 200.1 200.4 201.1 202.7 2007 201.6 203.1 204.4 205.4 206.2 207.3 206.1 207.3 208.0 208.9 209.7 210.9 2008 209.8 211.4 212.1 214.0 215.1 216.8 216.5 217.2 218.4 217.7 216.0 212.9 2009 210.1 211.4 211.3 211.5 212.8 213.4 213.4 214.4 215.3 216.0 216.6 218.0 2010 217.9 219.2 220.7 222.8 223.6 224.1 223.6 224.5 225.3 225.8 226.8 228.4 2011 229.0 231.3 232.5 234.4 235.2 235.2 234.7 236.1 237.9 238.0 238.5 239.4 2012 238.0 239.9 240.8 242.5 242.4 241.8 242.1 243.0 244.2 245.6 245.6 246.8 2013 245.8 247.6 248.7 249.5 250.0 249.7 249.7 251.0 251.9 251.9 252.1 253.4 2014 252.6 254.2 254.8 255.7 255.9 256.3 256.0 257.0 257.6 257.7 257.1 257.5 2015 255.4 256.7 257.1 258.0 258.5
Lymer & Oats – Rate Card 2015/16
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Personal benefit rates 2015/16 2014/15
£ £ Basic Retirement Pension (per week):
– Single Person (based on own NIC) 115.95 113.10 – Single Person (based on spouse’s NIC) 69.50 67.80 – Non-contributory (over 80 pension) 69.50 67.80
Child Benefit (per week – from 5 April 2015): – First Eligible Child 20.70 20.50 – Each Extra Child 13.70 13.55 – Guardian allowance 16.55 16.35
Statutory Sick Pay (per week): – normally receive £112 per week or more 88.45 87.55
Statutory Maternity Pay (per week): Average Weekly Earnings of £112 or over
– Higher Weekly Rate (first 6 weeks) 90% of weekly earnings – Standard Rate (remaining 33 weeks) 139.58 138.18
Statutory Paternity/Adoption Pay (per week) 139.58 138.18 Job Seekers Allowance (income based – per week):
– Single Person (over 25) 73.10 72.40 – Married Couple (both over 18) 114.85 113.70
National Minimum Wage (per hour): – aged 21 and over From October 2015 – £6.70
From October 2014 – £6.50 Youth rate (from October 2015 – per hour):
– ages 18 to 20 £5.30 – ages 16 to 17 £3.87 – apprentice rate £2.80
Employment & Support Allowance (per week): – Single under 25 (first 13 weeks) 57.90 57.35 – Single 25 and over (first 13 weeks) 73.10 72.40 – Work related Activity Group (week 14+) 102.15 101.15 – Support Group (week 14+) 109.30 108.15
Universal Credit (per month): – Single under 25 251.77 249.28 – Single 25 and over 317.82 314.67 – Couple over 25 498.89 493.95 – Child element:
– First child 277.08 274.58 – Second/subsequent child 231.67 229.17
Benefit Cap (per week) – Single under 25 (no children) 500.00 – Single parent (children living with them) 500.00 – Single adult (no children living with them) 350.00
These rates are selected from a complex list of benefits available based on personal circumstances and therefore are provided in basic outline only. For a full list of benefits see the www.gov.uk website.
Lymer & Oats - Rate Card 2015/16
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Duty rates
Duty Typical Item
Cigarettes 16.5% of retail packet of 20 price + £189.49 per thousand Cigars £236.37/kg packet of 5 Hand rolling tobacco £185.74/kg 25g
Beer 18.37p/litre pint 8.1p for low strength or an extra 5.48p for high strength apply
Wine >22% abv £27.66/litre pure alcohol 15%–22%abv £3.6437/litre 75cl bottle 5.5%–15%abv £2.7331/litre 4%–5.5%abv £1.158/litre 1.2%–4%abv 84.21p/litre
Sparkling wine 5.5%–8.5%abv £2.6461/litre 75cl bottle 8.5%–15%abv £3.5007/litre
Cider/Perry Still 1.2%–7.5%abv 38.87p/litre 75cl bottle 7.5%–8.5%abv 58.75p/litre Sparkling 1.2%–5.5%abv 38.87p/litre 75cl bottle 5.5%–8.5%abv £2.6461/litre Spirits £27.66/litre of 70cl bottle pure alcohol Fuel Duties (until 5 April 2016):
Unleaded/Heavy oil (Diesel)/Bio-diesel & bioethanol 57.95p/litre Bio-diesel for non-road use 11.14p/litre LPG 31.61p/kg Other Natural gas (road fuel) 24.7p/kg Fuel Oil 10.7p/litre Aviation gasoline 37.7p/litre
OCD65
ACC5003
Personal and Business Taxation
Tax Tables
2015/16 Additional Tax allowances
Capital allowances
Annual Investment Allowance:
1 January 2013 to 5 April 2014 - £250,000 of qualifying expenditure.
6 April 2014 to 31 December 2015 - £500,000 for qualifying expenditure
1 January 2016 onwards - £25,000 for qualifying expenditure
(Note: Cars do not attract the AIA and separate rules apply for those cars with emissions over
130g/km and below 75g/km)
Special Rate Pool – 8%
General Pool -18%
First Year Allowance for qualifying expenditure – 100%
Tax tables are overleaf