Fred Murray (themusician) has recently opened his own retail shop selling musical instruments.He closes accounts on 30 June each year. His profit for the year to 30 June2015 was £12,700 after having deducted the following expenses:Entertainment to foreign customers £1,500 (of which£350 was for entertaining his own family)Penalty fees for non-submission of tax return £650Light and heat £2,250 (of which 20% was for private use)Painting of the interior of the musical shop £1,550Fred hasinvestments on the London Stock Exchange, earning dividends of £1,890(net). He also holds two savingsaccounts, a cash ISA earning £450 as interest and a deposit account earning£1,280 (net) as bank interest in the tax year 2015/16. On 1stJuly 2015, Fred was appointed as a musician in a famous hotel earning £28,800as a basic annual salary plus a monthly bonus of £250 for good performanceduring the 2015/2016 tax year. He received a diesel car with CO2emissions of 174 g/km (list price £38,000) from his employer. Accessories addedto the car cost a further £4,000. Fred’s employer pays for all the fuel for hiscar. Required:Calculate Fred’sincome tax due for the year 2015/16. (21 marks)
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