William Wong :P William Wong is 66 years OLD ( LOL) finance director of Glossy Ltd.

The company runs a publishing business. The following information is available for the tax year 2012-13: (1) William is paid directors remuneration of 2,400 per month by Glossy Ltd. (2) In addition to his directors remuneration, William received two bonus payments from Glossy Ltd during the tax year 2012-13. The first bonus of 22,000 was paid on 30 June 2012 and was in respect of the year ended 31 December 2011. William became entitled to this bonus on 15 March 2012. The second bonus of 37,000 was paid on 31 March 2013 and was in respect of the year ended 31 December 2012. William became entitled to this second bonus on 15 March 2013. (3) From 6 April 2012 until 31 December 2012 William used his private motor car for business purposes. During this period William drove 12,000 miles in the performance of his duties for Glossy Ltd, for which the company paid an allowance of 30 pence per mile. The relevant HM Revenue and Customs authorised mileage rates to be used as a basis of an expense claim are 45 pence per mile for the first 10,000 miles, and 25 pence per mile thereafter. (4) From 1 January 2013 to 5 April 2013 Glossy Ltd provided William with a diesel powered company motor car with a list price of 46,000. The motor car cost Glossy Ltd 44,500, and it has an official CO 2 emission rate of 226 grams per kilometre. Glossy Ltd also provided William with fuel for his private journeys. (5) William was unable to drive his motor car for two weeks during February 2013 because of an accident, so Glossy Ltd provided him with a chauffeur at a total cost of 1,800. (6) Throughout the tax year 2012-13 Glossy Ltd provided William with a television for his personal use that had originally cost 3,825. (7) Glossy Ltd has provided William with living accommodation since 1 January 2011. The property was purchased in 1998 for 90,000, and was valued at 183,000 on 1 January 2011. It has an annual value of 10,400. (8) Glossy Ltd pays an annual insurance premium of 680 to cover William against any liabilities that might arise in relation to his directorship. (9) William pays an annual professional subscription of 450 to the Institute ofFinance Directors, an HM Revenue and Customs approved professionalbody. (10)He recieved building society interest of 1600 ( it was the actuall ammount recieved ) he also recived a gross intrest on account 800 . (11) William earned dividends of 1800 from sasuke PLC (listed co.)

(12) William made donations of 20000 to charitable institution which were not made under GAD scheme :P (13)HE recieved scholorship from his employer for his son 5000. (14) He contributed 25000 as personal pension contribution. (15) William won 30000 by chance in lottery . William aquired 3 loans for which he is claiming relief : :) (a) Loan of 100,000 at 5% p.a on 1st june 2012 . of which 30,000 were used for private purpose and 70,000 were used to buy shared in hokagey Co. In which he already held 7% shares. (b) Loan of 30000 at 3% per quater on 1st july 2012 to buy some assets in partnership business. (c) Loan of 200,000 at 10% on 31 september 2006 per month to buy plant and machinery for emplyment purpose. WILLIAM HAD FOLLOWING PROPERTIES :P Property ONE: This is a freehold house that is let out furnished. The property was let throughout the tax year 201213 at a monthly rent of 575, payable in advance. During the tax year 201213 william paid council tax of 1,200 and insurance of 340 in respect of this property. He claims the wear and tear allowance for this property. Property two: This is a freehold house that is let out unfurnished. The property was purchased on 6 April 2012, and it was empty until 30 June 2012. It was then let from 1 July 2012 to 31 January 2013 at a monthly rent of 710, payable in advance. On 31 January 2013 the tenant left owing three months rent which william was unable to recover. The property was not re-let before 5 April 2013. During the tax year 201213 william paid insurance of 290 for this property and spent 670 on advertising for tenants. He also paid loan interest of 6,700 in respect of a loan that was taken out to purchase this property. Property three: This is a leasehold office building that is let out unfurnished. william pays an annual rent of 6,800 for this property, but did not pay a premium when he acquired it. On 6 April 2012 the property was sub-let to a tenant, with william receiving a premium of 15,000 for the grant of a five-year lease. He also received the annual rent of 4,600 which was payable in advance. During the tax year 201213 william paid insurance of 360 in respect of this property.

Required: Calculate Williams income tax payable for the tax year 2012-13. (Y)