Tx notes fa22 Final

June 2023 to March 2024 exams
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18. Tony 
(a)
Class 1 NICs
Employees
Jack
(18,200 – 12,570) 
×
13.25% =
746
Jill
(12,480 – 12,570) 
×
13.25% =
0
Employer’s
Jack
(18,200 - 9,100) 
×
15.05% =
1,370
Jill
(12,480 – 9,100) 
×
15.05% =
509
1,879
Less: Employment allowance
(5,000)
Nil
Total Class 1 NIC
746
(b)
Class 2 NICs
52 
×
£3.15
164
Class 4 NICs
(18,479 – 12,570) 
×
10.25%
606

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340
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June 2023 to March 2024 exams
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19. Chorley Ltd 
Notes 
1.
Gifts to customers are disallowed unless they amount to £50 or less per customer during the 
year and display a conspicuous advert for the business. Gifts of food, drink or tobacco are 
disallowed irrespective of their cost.
2.
Motor car expenses are all allowable for the company although the director will be taxed as an 
employee on the private use of the car.
3.
Refurbishment of the second hand press is disallowed on the grounds that the expenditure 
was necessary before it was brought into use in the business. The extension of the paper store 
created a new asset and was not the repair of part of an existing one and as expenditure 
incurred pre 1 April 2022 no SBA claim will be available.
4.
The expenditure on the Christmas lunch is allowable for the employer.