Fred Murray (themusician) has recently opened his own retail

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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