PTC Help please Dec 06 paper

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Emma1708
Emma1708 Registered Posts: 217 Dedicated contributor 🦉
in AAT Level 4 (Level 8 in Scotland)
Task 1.4b - calculate the payments on accounts for tax year 2008/09 stating their due dates.

I did the tax liability of £10072.65/2

The answer is £10072.65 - £3050 then divided by 2. I cant see where the £3050 comes from, can anyone help?

Its probably something really stupid but I am panicking now - I thought my revision was going well!

Thanks

x

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  • immense
    immense Registered Posts: 97 Regular contributor ⭐
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    Hi Emma - I will go and look at this now and see if I can find out for you!!
  • Emma1708
    Emma1708 Registered Posts: 217 Dedicated contributor 🦉
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    Thank you
  • immense
    immense Registered Posts: 97 Regular contributor ⭐
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    Emma - it is the total of the Dividends, BSI and PAYE already paid in 1.3!
  • Emma1708
    Emma1708 Registered Posts: 217 Dedicated contributor 🦉
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    Thanks for that. So when payments on account are calculate it is 50% of the tax payable after deductions at source, is that right?
  • immense
    immense Registered Posts: 97 Regular contributor ⭐
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    Sounds about right to me!! you divide by 2 as you pay half at 31/01 and the remainder at 31/07 following year!! Hope this makes sense - I did PTC last december so a lot of it has gone out of my mind - lol!! But you definitely DON'T include deductions at source in your calculation as you have already paid them!
  • Emma1708
    Emma1708 Registered Posts: 217 Dedicated contributor 🦉
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    Thank you, its much appreciated!

    x
  • immense
    immense Registered Posts: 97 Regular contributor ⭐
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    No problem xx

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