PTX - Dont understand tax repyable can someone help on these questions please?
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topcat
Registered Posts: 427
Hello,
I am fine on tax payable questions but i have no idea on tax repayable ones help would be appreciated
Here is an example:
John was born 1939 has gross salary of £14,955 (paye deducted at source £900) and building society interest received of £4000
What is John tax payable for 13/14?
The answer is repayable £900?
My workings (they are very rough)
so then i did
£4455 X 20% = £891
5000 X 10% = £500
Tax liability = £1391
Less tax deducted at source
£900 - PAYE
£500 div (10% X 5000)
£1400
Tax payable:
1391 -1400 = -£9
so bit confused how this works . Got another question to ill post it up as two examples would make sure i get it
I am fine on tax payable questions but i have no idea on tax repayable ones help would be appreciated
Here is an example:
John was born 1939 has gross salary of £14,955 (paye deducted at source £900) and building society interest received of £4000
What is John tax payable for 13/14?
The answer is repayable £900?
My workings (they are very rough)
so then i did
£4455 X 20% = £891
5000 X 10% = £500
Tax liability = £1391
Less tax deducted at source
£900 - PAYE
£500 div (10% X 5000)
£1400
Tax payable:
1391 -1400 = -£9
so bit confused how this works . Got another question to ill post it up as two examples would make sure i get it
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