BANKING ACADEMY OF VIETNAM

BTEC HND IN BUSINESS (ACCOUNTING)

ASSIGNMENT COVER SHEET
NAME OF STUDENT
REGISTRATION NO.
UNIT TITLE
ASSIGNMENT TITLE
ASSIGNMENT NO
NAME OF ASSESSOR
SUBMISSION DEADLINE

Unit12: Taxation
Tax Environment and Personal Tax Liabilities
1 of 2 Assignment
Jubred A. Peano, MBA
16 April 2015

I, __________________________ hereby confirm that this assignment is my own work and not
copied or plagiarised from any source. I have referenced the sources from which information is
obtained by me for this assignment.

________________________________

_________________________

Signature

Date

----------------------------------------------------------------------------------------------------------------

FOR OFFICIAL USE

Assignment Received By:

Taxation A1 2nd Semester 2014-2015 HVNH

Date:

red

Unit OutcomesTaxation A1
Outcome

Evidence for
the criteria

Assessors
Decision

Feedback

First
attempt

Understand
the duties and
responsibilities
of the tax
practitioner
and the UK
tax
environment
(L01)

Be able to
calculate
personal tax
liabilities for
individuals
and
partnerships
(L02)

Describe the
UK tax
environment

1.1

Analyse the
role and
responsibilities
of the tax
practitioner

1.2

Explain the tax

obligations of
tax payers or
their agents
and the
implications of
noncompliance

1.3

Calculate
relevant
income,
expense and
allowances

2.1

Calculate
taxable
amounts and
tax payable, for
employed and
self-employed
individuals, and
advise on
payment dates

2.2

Complete
relevant
documentation
and returns

2.3

Merit grades awarded

M1

M2

M3

Distinction grades awarded

D1

D2

D3

Taxation A1 2nd Semester 2014-2015 HVNH

Rework

red

Internal
Verification

Outcome

Evidence for
the criteria

Assessors
Decision

Feedback

First
attempt

Rework

Assignment
( ) Well-structured; Reference is done properly / should be done (if any)
Overall, youve:

Areas for improvement:

DATE

ASSESSOR SIGNATURE

NAME:.........................................................................................

(Oral feedback was also provided)

STUDENT SIGNATURE

DATE

NAME :..............................................................................
FOR INTERNAL USE ONLY
VERIFIED
YES
NO
DATE
: ...........................................................................
VERIFIED BY : ...........................................................................
NAME
: ...........................................................................

Scenario
Taxation A1 2nd Semester 2014-2015 HVNH

red

Internal
Verification

1 Shawn, a UK citizen plans to start a new business in the UK. Being a new
businessman and had no direct background about the UK tax systems rules and
procedures, he intends to look for a tax practitioner service on this matter. As a tax
practitioner, you are to provide him with your professional services.
Problem

Task 1:
1.1

Describe the UK tax environment to Richard

1.2

Analyse the role and responsibilities of you as the tax practitioner in the
contexts of UK tax system.

1.3

Explain the tax obligations of tax payers or their agents and the implications of
non-compliance

Problem 2 Shawn owns a business which operates from rented premises. He has a
10-year lease on the premises and paid a premium of 7,000 in order to obtain the
lease. His profit and loss account (or income statement) for the year ended 31
December 2009 is as follows:

Gross profit for the year

Add: Interest receivable
Surplus on sale of office equipment

52,618
212
300
--

Less: Wages (see Note 1)

Rent, rates and insurance (see Note 2)
Electricity
Telephone (see Note 3)
Repairs (see Note 4)
Printing and advertising
Motor expenses (see Note 5)
Legal and professional expenses (see Note 6)
Sundry expenses (see Note 7)
Bad and doubtful debts (see Note 8)
Bank charges and interest
Lease premium amortisation
Depreciation

19,280
6,915
4,328
1,650
2,286
1,250
5,712
3,000
4,777
860
2,765
700
8,749

Net loss for the year

512

53,130

62,272

(9,142)

Notes:
1. Wages include 5,800 for Shawns wife (who works part-time for the business) and 1,000 for his
son (a student who does not work for the business at all). Also included is Shawns personal
income tax of 3,394
and personal National Insurance contributions of 121.
2. Insurance includes Shawns private medical insurance premium of 414.
3. It has been agreed that one-sixth of telephone costs relate to private use.
4. Repairs include 750 for the cost of essential repairs to a newly-acquired secondhand
fork lift truck which could not be used until the repairs had been carried out.
5. Motor expenses are as follows:
Taxation A1 2nd Semester 2014-2015 HVNH

red


1,165
2,815
422
610
700

5,712

It has been agreed that one-tenth of motor expenses relate to private use.
Vehicle servicing and repairs
Fuel and oil
Loss on disposal of motor vehicle
Road fund licences and insurance
Fine for speeding by Shawn

6. Legal and professional expenses consist of:

Fees relating to renewal of lease

Debt collection
Accountancy fees

500
1,500
1,000

3,000

7. Sundry expenses are:

3,320
312
350
200
595

4,777

8. Trade debts of 500 were written off during the year. The general allowance for doubtful debts was
reduced by 100 and the specific allowance for doubtful debts was increased by 460.
Business entertaining
Staff Christmas dinner
Subscription to trade association
Donation to political party
Miscellaneous small items (all allowable)

9. During the year, Shawn appropriated trading stock costing 220 from the business for personal
use, paying 220 of his own money into the business bank account. His gross profit percentage on
turnover is 20%.
Required: Compute Shawns trading profit (before deduction of capital allowances) for the year
ended 31 December 2009.

Problem 3 Nick and Emma began trading in equal partnership on 1 July 2006. On
1 July 2007, they admitted Catherine as a partner and agreed to share profits in the
ratio 5:4:1. The adjusted trading profits of the partnership are:

17,000
22,000
29,000

year to 30 June 2007

year to 30 June 2008
year to 30 June 2009

Required : Compute each partner's trading income for 2006-07 through to 2009-10.
Task 2. You are required to:
2.1/2.2 Calculate the relevant income, expenses and allowances; Calculate taxable
amounts and tax payable, for employed and self-employed individuals, and advise
on payment dates for the above cases
2.3 Complete relevant documentation and tax returns. (see HMRC website
relevant documents)
GRADING
Taxation A1 2nd Semester 2014-2015 HVNH

red

for

Pass is achieved by meeting all the requirements defined in the assessment

criteria. (Refer page 2 of the assignment brief)
Merit

Select/design and apply appropriate methods/techniques

(M2)

Characteristics / Possible Evidence A range of methods and techniques have been

applied.
Present and communicate appropriate findings

(M3)

Characteristics / Possible Evidence The appropriate structure and approach has

been used.

Distinction

Use critical reflection to evaluate and justify valid conclusions (D1)

Characteristics / Possible Evidence The validity of results has been evaluated

using defined criteria.
Take responsibility for managing and organising activities
Characteristics
demonstrated.

Possible

Evidence

Autonomy/independence

(D2)
has

been

PRESENTATION
1. The assignment should have a cover page that includes the assignment title,
assignment number, course title, module title, Lecturer/tutor name and
students name. Attach all the pages of assignment brief/cover sheet with your
report and leave them blank for official use.
2. Ensure that authenticity declaration has been signed.
3. This is an individual assignment.
4. Content sheet with a list of all headings and page numbers.
5. A fully typed up professionally presented report document. Use 12 point Arial
or Times New Roman script.
6. Your assignment should be word-processed and should not exceed 2,500
words in length.
7. Use the Harvard referencing system.
8. Exhibits/appendices are outside this limit.
9. The assignment should contain a list of any references used in the Report.

Taxation A1 2nd Semester 2014-2015 HVNH

red

NOTES TO STUDENTS FOR SUBMMISSION

Check carefully the submission date and the instructions given with the
assignment.

Ensure that you give yourself enough time to complete the assignment by the
due date.

Do not leave things such as printing to the last minute excuses of this nature
will not be accepted for failure to hand-in the work on time.

You must take responsibility for managing your own time effectively.

If you are unable to hand in your assignment on time and have valid reasons
such as illness, you may apply (in writing) for an extension.

Failure to achieve a PASS grade will results in a REFERRAL grade being

given.

Take great care that if you use other peoples work or ideas in your
assignment, you properly reference them in your text and any bibliography.

Assignments submitted late, assuming it met all the requirements, will only
receive a grade of pass

NOTE: If you are caught plagiarising, the University policies and procedures
will apply.

Taxation A1 2nd Semester 2014-2015 HVNH

red