суббота, 21 июля 2018 г.

Lesson 15. Buying a house

Although house prices may seem very expensive at the moment, you may one day in the future wish to buy a house.

Mortgages

Most people need to take out a mortgage which they usually pay back over 25 years. Interest has to be paid on the mortgage so it is important to shop around for the best deal.

Repayment mortgage

An amount is paid each month to pay the interest and some of the borrowed money. The monthly amount is worked out so that all the money is paid back after 25 years.

Interest – only mortgage

This costs less than a repayment mortgage because only the interest is paid back each month. This means that after 25 years you will still owe the same amount of money as you borrowed at the start.
You would have to save money to pay back the mortgage at the end or have another plan. If not, you would have to sell your home to pay back the mortgage at the end.

Deposit

If you save some money towards your new home before you buy it, your mortgage payments will be smaller. Often if you have at least a 5% deposit you will get a better deal on the mortgage interest rate.

Hidden costs

Stamp Duty

Money paid to the government when a property is bought.

EXAMPLE:

If you buy a flat for £90000, you have to pay stamp duty of 1% of £90000 to the government. That is £900.

At the time of writing,              stamp duty

property worth up to £60000 – no stamp duty
             £60001 to £250000 – 1% of the cost of the property
           £250001 to £500000 – 3% of the cost of the property
               more that £500000 – 4% of the cost of the property

Solicitor

You have to pay a solicitor to make sure there are no legal problems with your new property.

Surveyor

You need a surveyor to check that your new property is safe and  will not cost you expensive repairs in the future.

 Test lesson 15
Other lessons:

Lesson 1. Wages
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пятница, 20 июля 2018 г.

Test. Income tax

Before proceeding to the solution of examples and problems be sure to read the theoretical part of the lesson 

Income tax

 1. Sophie earns £15000 each year. She has a tax allowance of £4745. Copy and complete the statements below to find out how much income tax Sophie must pay.
 а)  1 – 4747, 2 – 196, 3 – 8295, 4 – 1824.70, 5 – 196, 6 – 1824.90, 7 – 2020.90;     
 b)  1 – 4745, 2 – 196, 3 – 8285, 4 – 1824.90, 5 – 196, 6 – 1824.90, 7 – 2020.90;     
 c)  1 – 4745, 2 – 196, 3 – 8295, 4 – 1824.90, 5 – 196, 6 – 1824.90, 7 – 2020.90;     
 d)  1 – 4745, 2 – 196, 3 – 8295, 4 – 1826.90, 5 – 196, 6 – 1824.90, 7 – 2020.90.

 2. Callum earns £13400 each year. He has a tax allowance of £4745. Copy and complete the statements below to find out how much income tax Callum must pay.
 а)  1 – 13410, 2 – 4745, 3 – 8655, 4 – 196, 5 – 6695, 6 – 1472.90, 7 – 196, 8 – 1472.90. 9 – 1668.90;     
 b)  1 – 13400, 2 – 4745, 3 – 8655, 4 – 196, 5 – 6695, 6 – 1472.90, 7 – 196, 8 – 1472.90. 9 – 1668.90;     
 c)  1 – 13400, 2 – 4745, 3 – 8675, 4 – 196, 5 – 6695, 6 – 1472.90, 7 – 196, 8 – 1472.90. 9 – 1668.90;     
 d)  1 – 13400, 2 – 4745, 3 – 8655, 4 – 196, 5 – 6695, 6 – 1472.50, 7 – 196, 8 – 1472.90. 9 – 1668.80.

 3. Wendy earns £28500 each year. She has a tax allowance of £4745. What is Wendy’s taxable income?

 а)  £23755;      b)  £23735;     
 c)  £23750;      d)  £23758.

 4. Wendy earns £28500 each year. She has a tax allowance of £4745. How much income tax will Wendy have to pay?

 а)  £4995.90;     
 b)  £4992.90;     
 c)  £4990.96;     
 d)  £4990.90.

 5. Alex earns £1450 each month. He has a tax allowance of £4745. What is his annual (yearly) taxable income?

 а)  £17436;      
 b)  £17400;     
 c)  £17420;      
 d)  £17450.

 6. Alex earns £1450 each month. He has a tax allowance of £4745. How much income tax will he pay for one year?

 а)  £3592.20;     
 b)  £3598.80;     
 c)  £3592.80;     
 d)  £3590.80.

 7. Alex earns £1450 each month. He has a tax allowance of £4745. How much income tax will he pay each month?

 а)  £299.40;      
 b)  £294.40;     
 c)  £297.40;      
 d)  £299.48.

 8. Angus earns £6000 each year. How much income tax will he pay? (He has a tax allowance of £4745)

 а)  £128.50;      
 b)  £125.50;     
 c)  £123.50;      
 d)  £125.58.

 9. Millie earns £320 each week. She has a fax allowance of £4745. Find her annual salary (assuming 52 weeks in one year).

 а)  £16645;      
 b)  £16638;     
 c)  £16646;      
 d)  £16640.

10. Millie earns £320 each week. She has a fax allowance of £4745. What is her taxable income?

 а)  £11895;      
 b)  £11896;     
 c)  £11893;      
 d)  £11899.

11. Millie earns £320 each week. She has a fax allowance of £4745. How much income tax will she pay for one year?

 а)  £2382.70;     
 b)  £2385.70;     
 c)  £2381.70;     
 d)  £2381.76.

12. Millie earns £320 each week. She has a fax allowance of £4745. How much income tax will she pay each week?

 а)  £48.80;      
 b)  £45.80;     
 c)  £43.80;      
 d)  £45.60.

13. Dom earns £90 each week. His tax allowance is £4745. Assuming 52 weeks in one year, how much income tax will Dom pay each week?  pays nothing. 

 а)  pays much;     
 b)  it is paid in addition him;     
 c)  pays nothing;     
 d)  pays small.

14. Emma earns £896 each month from her work in a shop. She also works in a pub, earning £30 each week. Her tax allowance is £4745. Assuming 52 weeks in one year, how much income tax will Emma pay each week?

 а)  £26.45;      
 b)  £27.49;     
 c)  £27.41;      
 d)  £29.99.
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Lesson 14. Income tax

Tim starts a job earning £200 each week. When he gets his first pay packet, he finds £18.42 has been taken off his money already. This is income fax.
This does not make Tim happy but this money is used by the government to pay for things like hospitals, schools and defence.
Most people have income tax deducted from their pay before they receive it, by their employer, who then pays the tax to the government. This method of paying income fax is called PAYE (Pay As You Earn).

Tax allowance

An amount of money a person may earn before paying income tax (at the time of writing) £4745 each year for a single person.

Taxable income

Taxable income = income – tax allowance
    (per year)
Income tax is worked out as a percentage of the taxable income.

Percentage rate of income tax

10% on first £1960 of taxable income.
22% on the next £28540 of taxable income.
40% on any other taxable income.

EXAMPLE:

It Tim earns £200 each week, that will be £10,000 in one year (assuming 50 working weeks in one year).
Tax allowance = £4745
Taxable income = income – tax allowance
                           = 10000 – 4745
                           = £5255
Tim pays 10% of 1960 on first £1960 of taxable income.
This leaves 5255 – 1960 = £3295 of taxable income.
Tim must then pay 22% of £3295
Income tax = 10% 0f 1960 = £196
                and 22% of 3295 = £724.90

Total income tax for the year = £920.90 (this is £18.42 for each week if divided by 50 weeks)

 Test lesson 14
Other lessons:

Lesson 1. Wages
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