Tx notes fa22 Final

Calculate the trading profit assessments of Anne, Betty and Chloe for 2022/23 and 
2023/24. 
(c)
Daniel and Elvis have been in partnership since 6 April 1995, making up accounts to 5 April. On 
31 December 2022 Elvis resigned as a partner, and was replaced on 1 January 2023 by Frank. 
For 2022/23 the partnership made a trading loss of £40,000, and this has been allocated 
between the partners as follows:
Each of the partners has investment income. None of them have any capital gains.
State the possible ways in which Daniel, Elvis and Frank can relieve their Trading losses 
for 2022/23.


£
Year ended 31 December 2022
60,000 
Year ended 31 December 2023
72,000
£
Daniel
(20,000)
Elvis
(15,000)
Frank
(5,000)

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16. Renner 
Renner is employed by C Ltd, a small family company, in which he holds 20,000 £1 ordinary shares; 
the remaining 80% are held by the other senior employees.
The company accounts show the following information:
The following information is provided in respect of 2022/23:
1.
The senior employees have been able to use the company yacht moored on the south coast 
for two weeks each year since its purchase. Renner spent his fortnight on the boat along with 
his family. The yacht cost the company £42,000 in 2017 (current value £33,000) and running 
and maintenance expenses amounted to £6,000 during the year.
2.
Renner belongs to a private medical scheme and the company paid the required premium of 
£270 (including £50 for his family),
3.
Renner took meals in the fully-subsidised executive canteen; the cost for the year being £735. 
Another fully subsidised canteen was available for the other sta
ff
.
4.
When at the company premises Renner has use of a 3,500 cc Range Rover car owned by the 
company which emits 268 g/km of CO2 . It had a list price of £62,000 when new in 2017 and 
costs £4,800 a year to run. It is garaged at the company’s head o
ffi
ce and is also used by all 
the directors for business purposes.
Renner is also provided with a new Mini (list price £26,500) with CO
2
emissions of 149 g/km. 
Renner is provided with private fuel. Both cars run on petrol, and the list price includes delivery 
and number plates.
5.
He pays 3% of his basic salary into the company’s occupational pension scheme. The 
company contributes an amount equal to 7% of his salary.
6.
Renner is provided with a 2% interest rate loan from his employer of £20,000 which was 
granted three years ago to assist with the purchase of his daughter’s residence. He has no 
other loans and has paid interest only on a monthly basis.
7.
The company also loaned Renner one of its personal computers, with a printer, for use at home 
so that he could improve his IT skills. The equipment had cost the company £2,800 (including 
£350 for the printer) in June 2020. The market value of the equipment when it was first 
provided to Renner on the 6 April 2022 was £2,010.
8.
From 6 June 2022 he lived in Southampton in a house owned by the company which cost 
£80,000 in 1995. Its market value on 6 June 2022 was £138,000. The annual value for the 
period from 6 June 2022 to 5 April 2023 can be taken as £900. 
9.
The company paid the following expenses in connection with the house during his period of 
residence in 2022/23:
Year to 30 November