Another tax repayable question

topcat
topcat Trusted RegularRegistered Posts: 452


13/14

Age 81

Gross income (PAYE £2010) £17,000
Income from rented properties £3500
income NS + I investment account (gross) £380
div rec net £630
Premium bond prize £100

tax payable 13/14

answer is £34 repayable

help really appreciated as always

My workings pretty much lost it from tax liablity

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Comments

  • MarieNoelle
    MarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,433
    Hi topcat
    your calculations are correct up to the tax liability. From then you need to deduct tax deducted at source PAYE (£2010) + notional tax credit on dividends (700 x 10% = £70)
    so 2114 - (2010 + 70) = £34 tax PAYABLE
    P.S: Does it really say repayable to the tax payer? Then I am as confused as you are!
  • topcat
    topcat Trusted Regular Registered Posts: 452
    Hi topcat
    your calculations are correct up to the tax liability. From then you need to deduct tax deducted at source PAYE (£2010) + notional tax credit on dividends (700 x 10% = £70)
    so 2114 - (2010 + 70) = £34 tax PAYABLE
    P.S: Does it really say repayable to the tax payer? Then I am as confused as you are!

    Hi Marie

    Thank you very much for your help !:001_smile:

    Yea it does say repayable but i am going with your answer and assuming it is a mistake
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