Ptc

Nagra
Nagra Registered Posts: 28 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
In Income tax - if you earn under the personal allowance of £6k - do you pay any tax if you don't have any savings income?? :confused1:

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  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    Nagra wrote: »
    In Income tax - if you earn under the personal allowance of £6k - do you pay any tax if you don't have any savings income?? :confused1:

    If you dont have savings how would you pay tax? Or do you mean do you pay tax on savings?
  • 111beckstar111
    111beckstar111 Registered Posts: 158 Dedicated contributor 🦉
    No no tax, unless you have any other income i.e property
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    Dunno what you mean about the savings..

    But no, no tax if under PAs.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    Had me a little confused

    But as far as tax comp i think!

    work out total taxable income (include any savings, employment and property income) work out the tax then deduct allowence.

    Sorry its in laymans terms only just learning myself, and if incorrect please let me know.
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    A-Vic wrote: »
    Had me a little confused

    But as far as tax comp i think!

    work out total taxable income (include any savings, employment and property income) work out the tax then deduct allowence.

    Sorry its in laymans terms only just learning myself, and if incorrect please let me know.

    I take it this was right then?
  • AK002
    AK002 Registered Posts: 2,492 Beyond epic contributor 🧙‍♂️
    Who you asking :lol:?
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    anyone?
  • dobbieobby
    dobbieobby Registered Posts: 231 Dedicated contributor 🦉
    A-Vic, I have the book open at my desk right now! I've only been studying this unit for a week, had a quick look at a past paper in my book, it's not as easy as working it all out then taking off the tax, they want you to do certain things, like work out the:
    Total taxable benefits
    Net Employment Income
    Net income tax payable to 2008/09
    I'm trying to learn all the subject titles and working back from there otherwise I'm scared that although the end bit may be right, I'm putting the answers against the wrong questions.
    If you see what I mean?
    I'm doing DFS in December too and hoping Unit 10 goes away :-) What about you?
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
    yep same as also ive made a small start on unit ten but now debating whether or not to do the simulation instead?

    I started DFS Monday and even forgot how to draft an P&L and BS so when income statement ect am totally lost getting the jitters also so your not on your own

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