Accounting
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Question 4
Geranium plc (Geraniuml prepares accounts to 31 March During the year ended
31 March 2021 the following transactions took place
10 May 2020 Purchased a car, with emissions of 123g/km of CO2 for 13.000
26 May 2020 Sold an asset from the special rate pool for £650. It was originally
acquired at a cost of £6,000
3 July 2020 Purchased heat pumps for £3,000. These qualify for enhanced capital
allowances
19 July 2020 Purchased office furniture for £30,000
8 August 2020 Sold an asset from the main rate pool for £2,025. It was originally
acquired at a cost of £1,900
11 August 2020 Purchased equipment for £12,000
14 August 2020 Purchased a car, with emissions of 141 g/km, for £30,500.
22 December 2020 Purchased a car, which emits 136g/km of CO2 for £38,000 for
the sales director. It is expected there will be 20% private use of this car by the
sales director
5 January 20201 Purchased factory machinery for £86,500.5 March 2021
Purchased a car, with emissions of 47 g/km, for £28,200.
The brought forward balances of the capital allowance pools at the start of the
year were:
Main pool: £36,000
Special rate pook: £5,400
Required:
a) Calculate the maximum capital allowances available to Geranium plc for the
year ended 3X March 2021. Show all workings in the relevant capital allowances
pools and show the tax written down value carried forward figures (if any) for
each pool.
b) Explain what action Geranium plc could have taken to increase the maximum
capital allowances for the period.
CAPITAL GAINS TAX (CGT) (2020/21)
Standard rate of CGT 10%*
Higher fate of CGT 2096
Business asset disposal relief rate 10%
Annual exemption £12,300
Au sorcharge applies in respect of residential properties.
Answers
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Explanation:
I think the answer for a is 9874653 and b is 76%
Answered by
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Answer:
Geranium plc (Geranium) prepares accounts to 31 March. During the year ended 31 March
2021 the following transactiRequired:
a) Calculate the maximum capital allowances available to Geranium plc for the year
ended
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