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BANKING ACADEMY, HANOI BTEC HND IN BUSINESS (FINANCE) 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 Examination Mr. JUN ALEJO BATHAN 25 April 2012
We, _____(Group name)________ hereby confirm that this assignment is our own work and not copied or plagiarized from any source. We have referenced the sources from which information is obtained by us for this assignment. ___________________ Signature of the leader Name of the students
4. Transfer skills gained to new/changing situations & contexts
B. WORKING WITH & RELATING TO OTHERS
E. APPLYING NUMERACY
5. Treat others beliefs and opinions with respect
15. Applying numerical skills and techniques
6. Relate & interact effectively with individuals & groups 7. Work effectively as a team member
F. APPLYING TECHNOLOGY
16. Use a range of technological equipment and systems
8. Receive and respond to a variety of information
G. APPLYING DESIGN AND CREATIVITY
9. Present information in a variety of visual forms 10. Communicate in writing
17. Applying a range of skills and techniques to develop a variety of ideas in the creation of new / modified products, services or situations
11. Participate in oral & no-verbal communication
18. Use a range of thought processes
SCENARIO You are in business as a tax practitioner (tax agent) operating in both Vietnam and UK. Recently, you have gained some clients who are seeking your assistance. TASK 1 One of your clients is UK investor planning to establish an enterprise in Vietnam; He reads some useful information and the chart below makes him confused, your role and responsibilities as a tax practitioner is to help him understand the chart
The tax Practitioner
Income and capital
The tax practitioner and tax environment
The scheduler system
Ministry of Finance (General Department of Taxation/ HMRC
Required: Based on the above chart you are required to do the following • • •
Describe UK tax environment Explain the role and responsibilities of the tax practitioner Explain the nature and purpose of taxation
(1a) (1b) (1c)
TASK 2 On 31 December 2006 Mark Kett ceased trading as marketing consultant. He had been self-employed since 6 April 2001 and had always made his accounts up to 5 April. On 1 January 2007 Mark commenced employment as the marketing manager 4
of Sleep-Easy plc. The company runs a hotel. The following information is available for the tax year 2006-07: Self-employment 1) Mark’s tax adjusted trading pofit for the nine-month period ended 31 December 2006 is £19,200. This figure is before taking account of capital allowances. 2) The tax written down values for capital allowances purposes at 6 April 2006 were as follows: £ General pool 13,800 Expensive motor cars 14,600 The expensive motor car was used by Mark and 40% of the mileage was for private purposes 3) On 15 June 2006 Mark had purchased office furniture for £1,900. All of the items included in the general pool were sold for £18,800 on 31 December 2006. On the cessation of trading Mark personally retained the expensive motor car. Its value on 31 December 2006 was £11,800. Employment 1) Mark is paid a salary of £3,250 (gross) per month by Sleep-Easy plc, from which income tax of £620 per month has been deducted under PAYE. 2) During the period from 1 January 2007 to 5 April 2007 Mark used his private motor car for business purposes. He drove 2,500 miles in the performance of his duties for Sleep-Easy plc, for which the company paid an allowance of 16 pence per mile. The relevant HM Revenue & Customs authorised mileage rate to be used as the basis of an expense claim is 40 pence per mile. 3) On 1 January 2007 Sleep-Easy plc provided Mark with an interest free loan of £80,000 so that he could purchase a new main residence 4) During the period from 1 January 2007 to 5 April 2007 mark was provided with free meals in Sleep-Easy plc’s staff canteen. The total cost of these meals to the company was £400. Property income 1) Mark let out a furnished property throughout the tax year 2006-07. He received gross rents of £8,600, 5% of which was paid to a letting agency. During December 2006 Mark spent £540 on replacing dilapilated furniture and furnishings. 2) From 6 April 2006 to 31 December 2006 Mark let out a spare room in his main residence, receiving rent of £350 per month. Investment income 1) During the tax year 2006-07 Mark received dividends of £2,880 interest from government stocks (gilts) of £1,900 and interest of £430 from an individual savings account (ISA). These were the actual cash amounts received.
2) On 3 May 2006 Mark received a premium bond prize of £100. Other information 1) On 15 December 2006 Mark made a gift aid donation of £750 (net) to a national charity. 2) Mark’s payment on account of income tax in respect of the tax year 2006-07 totalled £ 11,381. Required: a) Identify relevant income, expense and allowances for Mark Kett (2a) b) Calculate taxable amounts and tax payable, for employed and selfemployed individuals, and advise on payment dates (2b) Hints, compute the income tax payable by Mark for the tax year 2006-07 and the balancing payment or repayment that will be due for the year. c) Complete relevant documentation and returns (2c) Hints, advise Mark as to how long he must retain the records used in preparing his tax return for the tax year 2006-07 and the potential consequences of not retaining the records for the required period. (2c) Task 3 Ms Bich Hanh, a Vietnamese citizen is 50 years old and a partner in the Vietnam Law firm MKB. MKB has two other partners apart from Ms Hanh and 100 employees in two offices in Hanoi and Ho Chi Minh City. From 1 January 2010, Ms Hanh was relocated from Hanoi to Ho Chi Minh City to be in charge of the office there. Ms Hand received the following renumeration and benefits from MKB during 2010: 1) Salary: VND1,300 million(including a 13th month bonus) 2) Performance bonus: VND600 million 3) Support tuition fee for her son, who is 18 years old and studying in a school in the US: USD 20,000 4) Tuition fee for her daughter, who is 16 years old and studying in an international school in Vietnam: VND378 million. 5) A private car for her own use: The total costs paid for the car by MKB in 2010 were VND120 million and a reliable estimated allocation of her use of the car was: 20% for transportation between her home and firm’s office; 50% for the firm’s business; and 30% for her private usage. 6) Gym group membership card: MKB paid VND567 million to purchase the card which can be used for three years. The card is jointly used by firm’s three partners, whose names are clearly stated on the card and cannot be used by anyone else.
7) An apartment in Ho Chi Minh City rented for her by MKB at a cost of VND31.5 million per month. 8) MKB employed a part-time tax accountant to help prepare personal income tax returns for the firm’s compliance. The total cost of the tax accountant’s service in 2010 were VND120 million but this cost cannot be allocated to any specic person. Ms Hanh also asked the accountant to help prepare her individual finalisation income tax return in 2009 and gave the accountant a mobile phone which had cost VND6million as a gift in return for these services. 9) As 2010 is the fifth year that Ms Hanh has worked for MKB, she was awarded a loyalty gift of a 15 day tour for two (Ms Hanh and her husband) to the US which cost VND100 million per person at the end of 2010. The firm paid the full tour cost directly to the travel agent. Ms Hanh extended her trip for another ten days to meet with clients in the US (three days) and to visit her son (seven days) at a cost of USD5,000. Ms Hanh settled all of the costs for the extension to her trip using the firm’s corporate credit card, which MKB recorded as ab advance to her because she had committed to pay back the whole amount to the firm. 10)Ms. Hanh’s remuneration package from MKB is gross of tax and compulsary insurance payable on her part. Ms. Hanh’s husband, Mr Quang who is 61 years old, is a freelance real estate investor. He used to be very successful but due to the market situation in 2010, he did not have any real estate transactions during the year. The total market value of the real estate assets Mr Quang current holds is VND20,000 million, all of which are in the construction stage. Ms Hanh’s mother and father who are 70 and 75 years old, respectively and live with her and her family. In 2010 her parents did not have any income except for a remittance of USD10,000 from Ms Hanh’s brother who lives in the US. The money was remitted to Mr Hanh’s father who converted all of the money to VND in order to invest in BTB, a share listed in the stock market. Unfortunately due to a fraud, BTB shares were removed from the market at the end of 2010 and Mr Hanh’s father had to sell all the share purchased at total loss of VND200 million. In July 2010, Ms Hanh’s daughter was invited to act in a short advertsing clip for which she received VND5.8 million. Required: a) Identify relevant income, expense and allowances (2a) Hints, State the conditions for family deduction (relief) for children, spouses and parents. For each person in Ms Hanh’s family, state, giving reasons, whether he/she would be treated as a dependant of Ms Hanh and calculate the total amount of personal deductions (reliefs) that Ms Hanh can claim in her personal income tax return Note: you should assume that Ms Hanh had provisionally registered all of her family members as dependants at the beginning of the year.
b) Calculate taxable amounts and tax payable, for employed and selfemployed individuals, and advise on payment dates (2b) Hints, calculate the personal income tax (PIT) that Ms Hanh is liable to pay for the year 2010. Note: You should list all of the items mentioned in the question, indicating with ‘0’ those items which are not taxable.
c) Complete relevant documentation and returns (2c) Hints: Using the information in B, complete the personal income tax settlement form below SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness
Form code: 09/KK-TNCN (Attached with circular 84 / 2008/TT-BTC on 30/9/2008 established by Ministry of Finance)
PERSONAL INCOME TAX SETTLEMENT FORM
(For resident having income from salaries, wages and personal income from business) Official: [ ] Additional: [ ] Term: [ ]  Taxable period: .......  Full name of a tax payer:……………....………...……………….......................  Tax code:
c Total chargeable income arising from out of Vietnam
a For chargeable person
b For dependent people
c For charity funds, aids, study encouragement
d For the compulsory insurances
Total taxable income
Total tax liabilities
Total tax payments deducted at source a Paid for income from salaries
b Paid for income from business
Total tax payable
I hereby commit that the above records are correct and take responsibility before law for the declared data./. ………………, date … month … year ...…… CHARGEABLE PERSON (Signature) GRADING Pass
is achieved by meeting all the requirements defined in the assessment criteria. (Refer page 2 of the assignment brief)
Identify and apply strategies to find appropriate solutions.
Characteristics / Possible Evidence – relevant theories and techniques have been applied to calculate tax liabilities as well as give some advices on tax environment and tax practitioner roles and responsibilities. Select/design and apply appropriate methods/techniques
Characteristics / Possible Evidence – a range of methods and techniques have been used for tax computations, tax payable by individual and self employed. Present and communicate appropriate findings
Characteristics / Possible Evidence – An appropriate structure and approach has been used as well as appropriate and fill in the tax form. Distinction Use critical reflection to evaluate own work and justify valid conclusions (D1) Characteristics / Possible Evidence – synthesis used to generate tax computation for individual and self-employed and justify valid conclusions on tax advantages to client. Common Skills Grading To achieve a PASS grade a student must, show a vary methods of presentation, some evidence of different information sources used, and correctly identify the skills needed for numerical application, but inappropriate techniques used on occasions as well as use a range of technology equipment to aid problem solving.
To achieve a MERIT grade a student must, show a clear and accurate presentation, variety of information sources used and select and use appropriate skills and techniques. Understand the results obtained and able to recognize the advantages to be geared from using such technology. To achieve a DISTINCTION grade a student must, show an outstanding quality of presentation, wide range of information sources used, apply numerical skills and techniques to draw valid conclusions and confidence to use a range of technological equipment to find best solution.
PRESENTATION 1. The assignment should have a cover page that includes the assignment title, assignment number, course title, module title, Lecturer/tutor name and student’s 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 a group assignment (should not exceed to 5 members) 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 3,500 words in length. 7. Use the Harvard referencing system. 8. Exhibits/appendices are outside this limit. 9. The assignment should be not contain a bibliography – but should contain a list of any references used in the assignment. NOTES TO STUDENTS FOR SUBMISSION •
Check carefully the submission date and the instructions given with the assignment. Late assignments will not be accepted.
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 people’s work or ideas in your assignment, you properly reference them in your text and any bibliography.
NOTE: If you are caught plagiarizing, you could have your grade reduced to zero, or at worst, you could be excluded from the course.