Explain how the individuals are treated resident in UK and why Rod and Ana will both be treated as resident in the United Kingdom for the tax year 2015/16.
You should assume that today’s date is 6th April 2015. Rod and Ana are a married couple. They have both always been resident in the United Kingdom (UK), being in the UK for more than 300 days each tax year up to and including the tax year 2014/15. However, following Rod retirement, the couple decided to move overseas, purchasing an overseas property on 6 April 2015. Rod and Ana still have a house in the UK, and Rod stay there around 105 days which they spend in the UK during the tax year 2015/16. Neither Rod nor Ana works full-time, and neither of them will do any substantive work in the UK during the tax year 2015/16:
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Get Help Now!Q Explain how the individuals are treated resident in UK and why Rod and Ana will both be treated as resident in the United Kingdom for the tax year 2015/16.
Task 2
Norman is planning to start a new self-employed hair dresser business from 1st October 2014. Norman is expecting to make a trading loss for the year ended 30th September 2015 and for further four years. Norman is not sure whether it is tax advantage to work as a self-employed or continue to work as an employee with his current employer fashion plc.
Q You are required to provide tax advice on following: State the factors that will influence Norman’s choice of trading loss relief claim if he’s choose to work on a self-employed basis.
Task 3
Your Manager has just met with a potential new client, Mrs James, who is running a small printing press business called print press Ltd. Print press ltd is a VAT registered business with annual turnover of 1.3 million of which 40% of the sale is on credit. Business has most of its purchases on cash. It appears that Mrs James have some confusion over the difference between different VAT accounting schemes.
QMrs James would like you to explain the difference between Annual accounting scheme, Cash accounting scheme and flat rate scheme and your advice which scheme is beneficial to join for her business.
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