You note that his salary figure included in the accounts for the year 2022 was insufficient to support his lifestyle: Taxation Assignment, UOL, Ireland
| University | University of Limerick (UOL) |
| Subject | Taxation |
- You note that his salary figure included in the accounts for the year 2022 was insufficient to support his lifestyle. He then admitted that on 31st July 2022, he had taken €48,000 in respect of a cash sale, which was not declared. He has assured you that this was the only time that this has happened.
- In addition to Apple Restaurant Limited’s six registered employees, there is also one part-time kitchen employee, Tommy, who is not recorded on the payroll. Tommy received €350 in cash per week throughout the year, directly out of the takings, prior to the recording of sales in the books and records. You learn that Tommy is single and took this extra work to help save for a mortgage. He also earned a gross salary of €55,000 in his main employment in 2022.
- PJ personally owns an apartment in Cork, which he lets out, and one apartment in Spain – which he also lets out. Because the combined income results in a ‘loss’, PJ has not included any of the income from the rental properties in his tax returns. PJ purchased the apartment in Spain on 1 February 2022 for €300,000. He has advised you that he obtained a mortgage from a Spanish bank for €250,000 and that he funded the balance of the purchase price from personal savings, which had been accumulated over a ten-year period. The interest of €15,000 was paid on the mortgage loan for the period from 1 February to 31 December 2022.
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