Emerson Conformity - 839 Words

In his writing, Emerson conveys a distaste for the polite faà §ade he believes many people choose to put on in new company; this facade forces people to engage in bland conversations unless they choose to break free from their â€Å"prison uniforms.† Emerson sees conformity as an obstruction of truly original thoughts and beliefs. He states that once we are born â€Å"Nature is not slow to equip us in in the prison-uniform of the party to which we adhere. We come to wear one cut of face and figure, and acquire by degrees the gentlest asinine expression.† (Emerson 6) In Emerson’s eyes conformity is a grueling kafkaesque process that individuals quietly choose to follow. This facade is a â€Å"prison uniform† in Emerson’s eyes, which is to say he sees the†¦show more content†¦Emerson writes that â€Å"The power men possess to annoy [him] [he gives] them by a weak curiosity.† (12) When Emerson â€Å"gives [company]†¦ a weak curio sity,† he is submitting power to them and pays not only in this loss of power but in his irritation. In addition to losing power, a conformist may also be in pain when they feign interest. In putting on â€Å"the foolish face of praise, †¦ the muscles†¦ grow tight†¦ and make the most disagreeable sensation.† Emerson communicates the great discomfort this compulsion to adhere brings, even stating that â€Å"no brave man will suffer [it] twice.† Emerson effectively argues that the pain of practicing a public persona is actually greater than encountering uncomfortable company, because while a man cannot avoid certain social interactions with complete success he can choose to be forthcoming about his disinterest in his peers. This relates to a greater theme in Emerson’s writing, that being true to one’s self ultimately instead of being true to etiquette leads to a more pleasant, authentic, and rewarding existence. This quote stood out to me because I related to it’s message instantaneously. I have been hyper aware of how I present myself to my peers since I was young. Throughout preschool and primary school I refused to cry in class -- or let my classmates seeShow MoreRelatedSelf-Reliance by Ralph Waldo Emerson: Non Conformity in Thought and Action1519 Words   |  7 Pagesown spirituality. These transcendentalists tried to urge their ideas of the significance of the self in spiritual life. American transcendentalism reached its peak in New England in the 1840s under the leadership of Ralph Waldo Emerson. As a former Unitarian minister, Emerson was at the forefront of this movement. He stated the importance of the American individualism in terms of moral and intellectual developments in Self Reliance. His essay supported the essence of the American transcendentalismRead MoreEmerson’S Opinion Of Social Media. Ralph Waldo Emerson1691 Words   |  7 PagesEmerson’s Opinion of Social Media Ralph Waldo Emerson is a well-known writer, particularly credited as one of the most influential people in the creation of the transcendentalism philosophy. Transcendentalists, including Emerson, believe in the inherent good of people and nature. Main themes in Emerson’s writing also show his beliefs and opinions on nonconformity, society, and the individual self. Considering what Emerson writes about these topics, we can imagine how he would react to some of ourRead MoreConformity : The Power Of Individuality In Society1048 Words   |  5 Pagescan come to understand why leaders or people in power would fear such an outcome. Murray faced the conflict of gender inequality due to men’s fear that they would not be able to have domain over women, or that women would have domain over men. Conformity is driven by fear, but individuality is strengthened by courage. These authors refused to conform to the expectations and beliefs of society in order to create change. As Walker stated, his ideas would cause others to label him as a restless disturberRead MoreAnalysis Of Ralph Emerson s Self Reliance 748 Words   |  3 Pages Ralph Emerson states in â€Å"Self-reliance† that â€Å"envy is ignorance† and â€Å"imitation is suicide.† One cannot copy and try to be like another. For if you do, it will only lead to your demise. Envy and imitation of another individual are like following someone s shadow blindly. One does not know what lies ahead. When you follow behind someone, you are losing the many opportunities given to you. You reject other opinions and their morals to follow another and live by society’s code. Conforming meansRead MoreMovie Analysis : Think For Yourself 1633 Words   |  7 Pagesa young population growing up in the twenty first century and being surrounded by social media’s newest tweets and pop culture’s varying memes, we seem to let this electronic world determine what our actions as young people will be. We can find conformity take a huge role in this society. As we flip out our overpriced and fragile gadgets from the back pocket our tight unbreathable skinny jeans, we scroll through the infamous Instagram and find ourselves looking at the recent post of those popularRead MoreThe Idea Of Conformity Vs. Non Conformity Emerges1601 Words   |  7 Pages The idea of conformity vs. non-conformity emerges in the American issue for generations as the opposing views on this concept exemplify diverse consequences in choosing which path to follow. In the genre of one’s journey west toward self-discovery, On the Road by Jack Kerouac, written in April 1951 illustrates the journey of him and his friend’s across America in the post war beat generation, as they counteracted the societal norms of that time in order to discover his own true individuality.Read MoreThe Individual in Chains of Illusion† 950 Words   |  4 Pagesindividualism connects Erich Fromm and R.W. Emerson together. Individualism implies a firm understanding of humanism. Humanism advocates man as the sole entity whose purpose is to glorify his/her rational thought. Humanistic ideology prompted the idea of self-reliance and the power of the individual. Both Fromm and Emerson ideologies are coherent with each other. The main difference in their philosophy is the approach one experiences to be an individual. Emerson sees the freedom of the individual in hisRead More Ralph Waldo Emerson: Nonconformity, Integrity, and Self-Reliance945 Words   |  4 PagesRalph Waldo Emerson: Nonconformity, Integrity, and Self-Reliance Emersons transcendentalism is essentially a romantic individualism, a philosophy of life for a new people who had overthrown their colonial governors and set about conquering a new continent, in hopes of establishing new and unique views. Though Emerson is not a traditional philosopher, the tendency of his thought is toward inward reflection in which soul and intuition, or inspiration, are fundamental. The new American neededRead MoreTranscendentalism And The American Renaissance1693 Words   |  7 Pagesof the American Renaissance reform called, Transcendentalism. The Transcendentalism period which outlined majority of the Renaissance, was led by writer, Ralph Waldo Emerson. Transcendentalism is largely defined by the ideals of, religion, self reliance, civil disobedience, individualism, idealism, nonconformity, and nature. Emerson outlined the reform and countless parts of these Transcendentalism ideals, for writers soon to follow this movement. The Norton Anthology of American Literature, presentsRead MoreTranscendentalism; Positive or Negative Essay941 Words   |  4 Pageshow to live life. Those tenets being; Everything reflects the divine soul, God is in nature and man, use your intuition to relate to God and nature, be self-reliant and express your individualism, and be spontaneous and seize the day. Thoreau and Emerson reflect all of these tenets in their poems, and they’re shown in the character Mr. Keating in the movie Dead Poets Society. He teaches the kids at this school all about transcendentalism in English class, and throughout the movie you see the positive

The Role Of Energy In Human Development Environmental Sciences Essay Free Essays

In November, 2009 the UN Development Programme ( UNDP ) office noted that 1.5 Billion people of the universe, about one-fourth of current universe population are still without electricity ( EIA World study, 2009 ) . They are largely in rural developing universe. We will write a custom essay sample on The Role Of Energy In Human Development Environmental Sciences Essay or any similar topic only for you Order Now The UNDP besides highlighted the pressing demands to guarantee that the energy demands of developing states are cardinal to any new clime alteration understanding. The bulk of them who live in the dark are in the least developed states ( LDCs ) of South Asia and sub-Saharan Africa, harmonizing to the study ( The Energy Access Situation in Developing States: A Review Focusing on the Least Developed Counties and Sub-Saharan Africa. ) Mr. Olav Kjorven, UNDP Assistant Administrator and Director of the Bureau for Development Policy, told newsmans in New York at the launch of the study: â€Å" Expanding energy entree is indispensable to undertake planetary poorness. It needs to go on at the lowest cost and in the cleanest manner possible to assist developing states set up a low-carbon path to development, † He besides noted: â€Å" Almost half of the humanity is wholly disconnected from the argument on how to drive human advancement with less emanations and greener energy because their world is much more basic than that. They carry heavy tonss of H2O and nutrient on their dorsums because they do n’t hold transport ; they cook over wood fires that amendss their wellness, non with electricity, gas or oil, † â€Å" We must guarantee that energy demands of these people are cardinal to a new clime understanding, † he added, mentioning to the treaty to control nursery gas emanations that states are trusting to accomplish when they meet in the Danish capital in December, 2009 Kjorven noted that two million people die every twelvemonth from causes associated with exposure to smoke from cooking with biomass and coal and 99 per cent of those deceases occur in the development states. In LDCs and Sub-Saharan Africa, half of all deceases from pneumonia in kids under five old age s, chronic lung disease and lung malignant neoplastic disease in grownups are attributed to the usage of solid fuel, compared with 38 per cent in developing states overall. Interestingly, most of these people live in a part where there is plentifulness of sunlight ( see Figure 1.1 and 1.2 ) , and it is no â€Å" projectile scientific discipline † that sunlight can be converted to electricity. The Photo-voltaic ( PV ) engineering that converts the sunshine to electricity has been known since 1950s, and the agencies to hive away PV electricity when the Sun is reflecting and do it available when it is dark has been applied for old ages. Furthermore, electricity generated in this manner is local and distributed. It can be used where it is needed, and therefore wo n’t necessitate transmittal of electricity from a cardinal bring forthing station to remote rural countries, and thereby would extinguish all electricity transmittal related issues or costs which would be Millions of dollars in order to convey the electricity grid to these distant rural countries of the universe. Among the assorted energy utilizations, run intoing illuming demands affordably and faithfully is frequently the basic demands for human life, and the underlying key to any economic development, and riddance of human poorness. Lighting helps people gain extra clip for working, reading in the eventide, basking greater security and more comfort. The quality of visible radiation from a electric beginning is many times better when compared with kerosine lamps or tapers, and is less risky to wellness, and safe. Compared to the visible radiation provided by electricity that the people in the developed universe usage, the visible radiation from a kerosine lamp is really subdued. In order to read under this light 1 has about put the books straight over the lamp. In add-on, being at so close propinquity with these lamps, the kids are bound to inhale the exhausts from these lamps which are toxic and unhealthy. Therefore, the absence of modern visible radiation as provided by the electricity im pedes non merely the analyzing ability of these hapless kids but besides it creates serious wellness jobs. Pode ( Pode, 2008 ) noted â€Å" In footings of costs, visible radiation from kerosine is far more expensive than provided by electric visible radiations. The cost of utile light energy ( $ /Lumen Hour of visible radiation ) for kerosine is more than 300 times higher than the inefficient incandescent bulbs, is more than 1600 times higher than a Compact Fluorescent visible radiation bulb and more than 3000 times higher than a LED † . The International Finance Corporation ( IFC ) estimates that $ 38 Billion is spent yearly, chiefly by the hapless, on fuel-based lighting ( World Bank Group Progress on Renewable Energy and Energy Efficiency Projects in Fiscal Year 2006: Bettering Lifes ) . A alteration to electric visible radiations ( CFL and LED based ) would be less than 1/2000 of this tremendous costs for illuming, a economy of mammoth proportion. 2.1 Introduction Every twenty-four hours about 122 PW of sunshine reaches the Earth ‘s surface. This is plentiful compared to the 13 TW of entire energy consumed by worlds. Solar energy ( electricity ) is created by the sunshine. When the sunshine strikes a PV cell, a stuff made from Si or sand that is similar to the stuff used in doing computing machine memory french friess, the energy contained in the sunshine ( the photons ) excites the atom within the semiconducting material stuff, and motion of these loose atoms creates electromotive force ( direct current electromotive force ) and electric current. Therefore every bit long as there is Sun, and the sunlight hits a PV cell at that place will be PV electricity. This is sustainable and is plentiful. 2.0 System Installation Issues End product of solar PV panel can change significantly with its siting- location every bit good as its disposition ( tilt angle ) relation to place of the Sun. Since the PV electricity is generated by the Sun, the sum of sunshine hitting the PV cell will find how much solar electricity can be obtained from a PV cell at a location. The disposition of the Sun with regard to the PV cell is of import as it would order the sum of Sun ‘s energy that would hit the surface of the PV faculty, and its continuance. Therefore, a solar PV panel that can track the Sun as it moves from E to west during the twenty-four hours can bring forth the most sum of solar electricity at a location. Where such trailing solar PV is non executable, the solar panel should be mounted at an angle so that it hits the Sun sheer for most of the clip and gets the sunshine during most of the twenty-four hours, Similarly, shadowing will impact the sum of Sun received on the PV panel and will impact the sum of end p roducts. A Solar Pathfinder ( hypertext transfer protocol: //www.solarpathfinder.com ) or similar instrument should be used to find the optimal location of the faculty, and topographic point it. The UNDP has postulated that â€Å" The most basic demands for human development are to take long and healthy lives, to be knowing, to hold entree to the resources needed for a nice criterion of life and to be able to take part in the life of the community. Without these, many picks are merely non available, and many chances in life remain unaccessible † ( hypertext transfer protocol: //hdr.undp.org/en/statistics/indices/hdi/ , accessed 5/1/2010 ) . Since 1970s international Keynesiasm highlighted the planetary mutuality with two major countries of concerns: a new international economic order ( NIEO ) and transportation of resources to the hapless population of the universe ( the 3rd universe states, 3W ) to run into the basic demands in development ( Preston, P.W. , ( 1996 ) , Development Theory, ISBN 0-631-19554-8 ) . See figure below. The function of energy in human development was foremost highlighted in an UN Report, prepared by the Brundtland Commission ( Brundtland Report, ( 1987 ) , United Nations World Commission on Environment and Development ( WCED ) , 1987, hypertext transfer protocol: //en.wikipedia.org/wiki/Brundtland_Commission, accessed June, 2010 ) . Lack of entree to affordable energy was besides noted as one of the major causes of poorness and deficiency of human development. The disparities in energy usage between the developed universe and the under-developed universe was besides noted, with a suggestion that the developed universe take a broader function in taking this huge disparity. The authoritiess of the First universe states and the cardinal establishments of the post-second universe war broad capitalist systems, the IMF, the World Banks, the NGOs realized that they must suit to force per unit areas of reform, and pay attending to this NIEO by transportation of resources to the hapless stat es to run into their basic demands, and turn toing the energy poorness was on top of the docket. ( Preston, P.W. , ( 1996 ) , Development Theory, ISBN 0-631-19554-8 ) . We will discourse how this development attack for the full universe specially for the energy hapless states was addressed under this NIEO ( see Figure I.1 ) . Modern energy as provided by electricity provides many chances for human development. It reduces the clip needed to execute basic family jobs. The clip therefore saved could be used for income coevals, increased societal activities and educational intent. It has been determined that energy ingestion has important correlativity with GDP every bit good as HDI. A study published by IEA indicates that the states with high ingestion degree of per capita electricity, attain upper rank of both economic activities ( GDP per capita ) and HDI as shown Figs. I.4 and I.5, severally. Figures I. 4 and I. 5. Electricity Consumption and GDP ; and Electricity ingestion and HDI Income Generation -Enterprise development through electricity creates occupations -Higher productiveness through Mechanization – -Small scale industries such as, weaving, knitting etc. for rural development Education -Lights enable easiness of analyzing after dark – -Reduced clip needed for executing regular family jobs. The saved clip can be used for analyzing and fostering instruction – ( ICT ) Modern energy enables one to entree computing machine, communicating and information based chances which are causes for digital divide, and cognition based societies Health – Unhealthy pollutants such as ensuing from toxic dodo fuel based energy are reduced – – Arduous work related to roll uping firewood is reduced specially for adult females and kids – – Handiness of modern inoculation and medical specialty storage installations improves wellness of the local population Environment -Reduction in usage of fuelwood prevents devastation of trees and woods – Energy efficient contraptions could cut down energy wastes -Promotes climate protection -Fosters globalisation of community and more societal interaction How to cite The Role Of Energy In Human Development Environmental Sciences Essay, Essay examples

Employment Appropiate Section

Questions: Task 1a) Produce a response in the form of a set of brief, non-technical notes suitable for inclusion in a letter to the potential client. You do not have to produce theletter. As a minimum your notes must include explanation of:Describe the purpose of taxation levied in the UK, the legislation and procedure used to administer taxation in the UK, the main types oftaxation collected in the UK, distinguishing between direct taxes and,indirect taxes and the main ways in which taxation is assessed andcollected in the UKAnalyse the main roles and responsibilities of the tax practitioner in the UKExplain the implication for the tax payer of non-payment of taxes includingmexamples of the penalties which may be incurred. Task 2 You are required, On behalf of Jay Cobb, to prepare the appropriate sections of the employmentà ¢Ã¢â€š ¬Ã… ¸ section of the UK Income Tax Return for year 6 April 2014 to 5April 2015. Task 3 You are required to prepare a taxation computation for Jay for the year to 5 April 2015. 2.1 and 2.2 In order to complete task c) you will need to take account of the following ratesand allowances which will apply to Jay:Personal Tax Allowance 2014/2015, = 10,000Basic rate of tax, based on taxable income between 0 and 31,865, = 20% Higher rate of tax, based on taxable income between 31,865 and150,000, = 40% Answers: Task 1 Taxation is a system in which government mandatorily collects contributions from the tax payers. Basically tax is collected for three main purposes firstly, for the fulfillment of the fund required by the government in its operations. Secondly, for the control and monitor the economic factors of the country since taxes play a very significant role in economy and thirdly for the wealth redistribution to maintain equality in the nation. Since 1689, the legislation of the tax system is under the control of the Parliament. And yet since 1911, tax law is the only legislation controlled by Parliament which is not scrutinized in detailed by the House of Lords. However, the prospect of the rejection still lies with House of Lords. (government, 2013) The main types of tax collected are Income tax, National Insurance, Value Added Tax (VAT), Corporation Tax, Council Tax, Business Rates, Excise duties and other taxes such as stamp duty, carbon tax, airport tax, inheritance tax, and capital gains. Most of the taxes are collected by the HM Revenue and Custom. The pie chart shown below depicts the volume of taxes collected by the government from different sources in the year 2011-12. (Pettinger, 2014) Direct taxes are directly levied on the payers, whereas indirect taxes are collected from the service providers or the manufacturers of the goods but the burden of such tax ultimately falls on the consumers. Self-assessment procedure is used by the HMRC. The payers involved in self- employment doing business etc need to file tax return whereas for the employees the tax is deducted automatically from wages, pension and savings. The last date of filing the return online is 31st January. Keeping records is necessary to fill in the tax return correctly. On the basis of the report submitted by the tax payer HMRC will automatically calculate what the payer owes as tax. (Self assessment tax returns, 2015) (Oratore) The roles and responsibilities of the tax practitioners are to provide their clients prompt resolution to tax uncertainty and legal compliances. They need to give a clear understanding of risk and opportunities which the clients are required to make amongst choices which are most suitable to them. Tax practitioners draw attention of its clients towards the impact of the tax consequences. It helps the large tax payers decide about the dealings with the foreign authorities as well. It is the responsibility of the practitioner to keep its client informed about new rules issued. This way client will be able to comply with all the rules required to be fulfilled by them. (Mayer, 2012) The implications for non-payment of taxes are by the tax payer or its agent is penalty. The penalty can be imposed if the return or any tax document is inaccurate or tax has been unpaid, understated, over-claimed, and under assessed. Though the agent has been given responsibility to comply all the proceedings but still the liability for penalties for late payment, late filing or any error in the paper work lies with the tax payer itself. The penalty of 100 shall be imposed if the tax return is up to 3 months late however this may increase with the increasing delay period. If the tax payer has reasonable excuse for the delay he may appeal against the penalty imposed. (Self assessment tax returns, 2015) The main purposes of the form are given as below: (PAYE Forms: P45, P60, P11D, 2015) P60 This form is a proof of the tax paid by the employee in a particular tax year. It is provided by the employer latest by 31st May in paper or electronically. P45 This form is provided by the employer to its employee at the end of its service to such employer. In case the employment is ceased in the mid of any tax year in that case this form is helpful for tax purpose since it depicts the amount of tax already paid by the employee for the particular tax year. This form is divided into four parts; part 1 is handed over by the employer to the HMRC and the rest to the employee. Employee retains part 1A for its own records and hand over the rest part 2 3 to the new employer. P11D This is the form sent by the employer to the HMRC in case the employee is receiving any benefits in kind. This form is applicable when the earnings of the employee including the worth of the benefit are at least 8,500 in a tax year. This form contains the worth of such benefit and it is the duty of the employer to inform employee what is mentioned in the form. On behalf of Jay Cobb, we are preparing the information required to fill the tax return of the employment section. The following are the information required to be furnished in the tax return. (HMRC, 2015) First of all the Name is to be given i.e. Jay Cobb, and then the Unique Tax Payer Number which is 9878912652. Pay from this employment the total of P45 and P60 before the tax was taken off = 32,000 UK Tax took off in Box 1 - 5,000 Tips and other payments not on you P60 Not Applicable PAYE tax reference of the employer ( on P45/P60) 321/XYZ/B Employers Name SPO Consultancy Ltd. If were a company director No ( Jay was neither a director nor the partner) If were ceased being a director before the date of 6 April 2015, then mention the date on which the directorship was ceased Not Applicable Whether company was a close company No Whether Jay is a part-time teacher in England or Wales and are on the Repayment of Teachers Loans Scheme for this employment No Now the Benefits from the employment are to be disclosed in the relevant boxes. Information from Form P11D can be utilized here to fill the boxes. Company Cars and Vans Not Applicable Fuel for company cars and Vans NA Private medical and Dental Insurance - 3,000 Voucher, credit cards and excess mileage allowance NA Goods and other assets provided by employer NA Accommodation by the employer NA Other benefits such as interest-free or low-interest loan - NA Expenses payments received and balanced charges NA The Employment Expenses required to be furnished by Jay Cobb, are listed below with the relevant figures. Business travel and Subsistence Expenses NA Fixed Deductions for Expenses NA Professional Fees and Subscriptions - 150 Other Expenses and Capital Allowances. - NA Tax Computation of employed and self-employed is shown below: Jay is 26 years old employee of SPO Consultants Ltd. with gross pay of 32,000. His tax deduction has been 5,000; therefore, net tax liability will be after deducting 5,000 from the tax liability amount. The payment date is 31st January. (Calculate PAYE on your Salary) Gross Pay - 32,000.00 Tax-Free Allowance - 10,000.00 Total Taxable - 21,991.00 Tax paid - 4,398.20 National Insurance - 2,885.28 Student Loan - 0.00 Total Deductions - 7,283.48 Net Wage - 24,716.52 NI Employer - 3,318.07 Jay has sold some land in March 15 which he has purchased as an investment at a purchase cost of 120,000. The sale price of the transaction was 140,000 with some disposal expenses involved such as estate agency cost and legal cost. The chargeable assets are the business assets, shares other than NISA, ISA or PEP, property other than main home or main home if its used for business purpose, let out or very large and personal possessions worth 6,000 or more other than car. (Capital Gain Tax, 2015) For an individual, the excess of the sale price to the acquisition cost will be the capital gain taxable. Capital gain tax is computed after allowing the annual exemption being 11,000 for the tax year 2014-15. The rate is 18% for the basic tax payer and 28% for the higher tax payer. However here the Capital Gain tax computation of Jay Cobb is given as below: (CGTC, 2015) Asset Name - Land Disposal Date - March/2015 Net Disposal Proceeds - 134,750 Purchase Price - 120,000 Other Acquisition Cost - 1,500 Total Gain [3-4-5] - 13,250 Annual Exempt - 11,000 Net Gain [6-7] - 2,250 Rate of Tax - 18% Capital Gain Tax [8*9] - 405 Task 2 Self Employed It is a simple calculation of income tax and Class 4 NICs. It requires the Income, Expense, rent a room income (if any) details to compute the tax liability. (Tax Calculators) The self employed need to apply to local tax office and obtain the schedule D status. If the 80% of the income is not from a single client or customer than the officer is satisfied and allows such status. After obtaining this status proportion of the house cost can be claimed as cost in case the house is partly used for the business purpose. The tax liability is to be paid in two installments two months apart. However if the annual turnover exceeds 49,000 the person has to obtain VAT registration. As per the details given for the past two years in the question, Ben Jack needs not to take any VAT registration. Self Employed tax payers need to maintain full records for the period going back over 7 years. Schedule D is divided into four cases: Case 1: tax in respect of trade other than mentioned in Schedule A Case 2: tax in respect of loan relationship, annuity, etc. Case 3: tax on overseas income Case 4: the tax on annual profit was not falling under any other category. (Tax for the self-employed person, 2001) The tax rates for the year are mentioned below: (Income tax rates and allowances, 2015) Year Adjusted Profit Tax Rate 2012-13 36,000 20% 2013-14 45,000 40% The adjusted profit for tax purpose is computed in the following manner: Net profit for the period - 54,600 Add: Private Items of Expenditure - 4,500 Add: Disallowed expenses for tax purpose - 3,500 Less: Writing Down Allowance of car (20,000*8%) - 1,600 Adjusted Profit - 61,000 Task 3 By the corporate the corporation tax is paid on the difference between the sale price and the purchase price after deducting any expense on sale. To this resultant amount the amount calculated by multiplying the inflation index factor with the purchase cost, is deducted. This is called take away the indexation allowance from the profit. Now this indexation allowance is deducted from the indexation allowance of the expenses. The final figure computed is the gain to be taxable. (Corporation Tax when you sell a business asset, 2015) The computation of Capital Gain is given below: Sale proceeds- 900,000 Disposal Costs - 43,000 Net sale proceeds [1-2] - 857,000 Purchase Cost - 600,000 Net of Sale proceed and purchase cost [3-4] - 257,000 Enhancement Cost - 100,000 Subtracting the enhancement cost [5-6] - 157,000 Inflation factor when purchased - 156 Indexation Allowance [4*8] - 93,600 Deducting indexation allowance from profit [7-9] - 63,400 Inflation factor for expense - 176 Indexation Allowance [6*11] - 17,600 Deducting indexation allowance [10-12] - 45,800 Capital Gain = 45,800 The capital allowance to be claimed during the year amounts to 215,000 as per the details given in the question. These capital losses can be claimed by reporting it to the HMRC. These losses can be claimed on the chargeable assets to reduce the total taxable income. These losses used to reduce the taxable income are called as allowable losses. If the tax free allowance still exceeds the chargeable asset then the excess would be carried forward to the next tax year. The losses can be claimed only through tax return. It can be carried forward to the maximum of 4 years from the year of disposal of the asset. The asset which has become worthless or are of negligible value still the losses on such assets can be claimed. (Capital Gain Tax- if you make a loss, 2015) If a companys financial year covers two corporation tax financial years then in that case the corporation tax will be assessed by proportionately dividing the profit in the no. of days falling in each of the tax year. As in the given question the financial year of the company is from 1st April 2014 to 31st March 2015 whereas the tax year is between 6th April 2014 5th April 2015. Thereof there is a difference of approximately 5 days. This difference can be handled by proportionately dividing the profit in the two tax years and apply the relevant rates of such years to the bifurcated profits. The profit given in the question is 1,193,000 and the losses are 200,000, therefore the net taxable income becomes 993,000 after deducting losses. The calculation of the amount which will be subject to corporation tax is shown below: (Corporation Tax Rates and Reliefs, 2015) Tax year 13-14 Period 1/04/14 5/04/14 No. of Days 5 Adjusted Profit (993,000*5/365) 13,602.74 Tax year 14-15 Period 6/04/14 31/03/2015 No. of Days 360 Adjusted Profit (993,000*360/365) 979,397.26 The taxable income after deducting losses is 993,000. The applicable tax rate as per the tax year and the income comes to 21% (given). The marginal relief is to be computed on the excess of taxable income and 1.5 million. The last day to pay the corporation tax is the day when 9 months end after the end of the accounting period. In this question the accounting period ends on 31st march 2015, therefore in that case the dead to pay the corporation tax would be by the end of December 2015. The Corporation Tax computation of Glimmer Plc is shown below: (Pay Your Corporation Tax Bill, 2015) Serial No. Particulars Details Amount () 1. Adjusted Profit Given 1,193,000 2. Losses Given 200,000 3. Taxable Income [1-2] 993,000 4. Corporation Tax Rate Given 21% 5. Tax on Income [3*4] 208,530 6. Marginal Relief (1500000-993000)*1/400 1,268 7. Net Tax Liability [5-6] 207,262 As per UK taxation policies and guidelines if any interest, royalty or wage is paid certain amount will be withheld from the total amount and the balance will be paid to the recipient. This retention is known as withholding tax. It is the tax deducted at source by the payer and submitted to the Her Majestys Revenue and Customs. This withholding tax is deducted at a certain fixed percentage i.e. 20%. It is the payers responsibility to deduct the tax, account for it to the HMRC, and pay it to HMRC within the specified time. Any default in compliance will lead to fine and penalties to the payer. In UK withholding tax is applied only to the income of revenue nature, no tax shall be paid for income of capital nature. (Witholding Tax - Overview, 2014) Here in the mentioned case Glimmer Plc has paid interest on loan to its debenture holders amounting 300,000 on which it has deducted 20% withholding tax amounting to 64,000 since the mentioned interest amount is of income nature and not of capital nature.. The balance amount 256,000 is paid to the recipient i.e. debenture holders. This amount of 64,000 is to be paid by Glimmers Plc to HMRC within the specified time limit otherwise it will amount to penalty and interest. (UK Corporate - Witholding Taxes, 2015) References Calculate PAYE on your Salary. (n.d.). Retrieved 2015, from Income tax calculator: https://www.incometaxcalculator.org.uk/index.php?yr=2015age=0time=1ingr=32000 Capital Gain Tax. (2015, April 09). Retrieved June 2015, from Gov.UK: https://www.gov.uk/capital-gains-tax/work-out-your-capital-gains-tax-rate Capital Gain Tax- if you make a loss. (2015, April 09). Retrieved June 2015, from Gov.UK: https://www.gov.uk/capital-gains-tax/losses CGTC. (2015). Retrieved 2015, from UK tax Calculators: https://www.uktaxcalculators.co.uk/capital-gains-tax-calculator.php Corporation Tax Rates and Reliefs. (2015, April 01). Retrieved June 2015, from Gov.UK: https://www.gov.uk/corporation-tax-rates Corporation Tax when you sell a business asset. (2015, April 06). Retrieved June 2015, from gov.UK: https://www.gov.uk/tax-when-your-company-sells-assets/work-out-a-chargeable-gain Government, H. (2013). A guide to UK Taxation. UK Trade Investment. HMRC. (2015). 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