This scenario relates to two requirements. On 6 April 2022, Simon commenced employment with Echo Ltd. On 1 January 2023, he commenced in partnership with Art, preparing accounts to 30 April. The following information is available for the tax year 2022-23: Employment (1) During the tax year 2022-23, Simon was paid a gross annual salary of £23,700. (2) Throughout the tax year 2022-23, Echo Ltd provided Simon with living accommodation. The company had purchased the property in 2007 for £89,000, and it was valued at £143,000 on 6 April 2022. The annual value of the property is £4,600. The property was furnished by Echo Ltd during March 2022 at a cost of £9,400. The living accommodation is not job related. (3) On 1 December 2022, Echo Ltd provided Simon with an interest-free loan of £84,000, which he used to purchase a holiday cottage. Partnership (1) The partnership’s tax adjusted trading profit for the four-month period ended 30 April 2023 is £29,700. This figure is before taking account of capital allowances. (2) The only item of plant and machinery owned by the partnership is a motor car which cost £18,750 on 1 February 2023. (3) Profits are shared 40% to Simon and 60% to Art. This is after paying an annual salary of £6,000 to Art. The motor car has CO2 emission rate of 155g per kilometre. It is used by Art and 40% of the mileage is for private journeys. Property income (1) Simon owns a freehold house which is let out furnished. The property was let throughout the tax year 2023-24 at a monthly rent of £660. (2) During the tax year 2023-24, Simon paid council tax of £1,320 in respect of the property. He also replaced the property's washing machine during March 2024. The old washing machine was sold for £70, being replaced by a washer-dryer costing £970. The cost of a similar washing machine would have been £730. (a) Calculate Simon's taxable income for the tax year 2023–24. (13 marks) give the answer according to updated UK tax law rules and Acca F6 Taxation (UK) syllabus and Acca F6 Taxtion (UK) examiner report and ACCA Taxation UK syllabus and please check before giving me the answer.

To calculate Simon's taxable income for the tax year 2023-24, we need to consider his income from employment, his share of the partnership profit, and his property income. **Employment Income:** 1. Gross annual salary: £23,700 **Benefit in Kind (BiK) for Living Accommodation:** 1. Annual value of the property: £4,600 2. Since the property was valued at more than £75,000 on 6 April 2022, the benefit is the higher of the annual value and the official rate of interest on the cost above £75,000. - Property cost above £75,000: £143,000 - £75,000 = £68,000 - Official rate of interest (assuming 2.5% for 2022-23): £68,000 * 2.5% = £1,700 - The higher of £4,600 and £1,700 is £4,600. **Furniture BiK:** 1. Furniture cost: £9,400 2. BiK is 20% of the cost: £9,400 * 20% = £1,880 **Interest-free Loan BiK:** 1. Loan amount: £84,000 2. Official rate of interest (assuming 2.5% for 2022-23): £84,000 * 2.5%

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