BTX - Total Tax Liability

mrderek88

BTX is not my forte!

Explanation of the answers attached if anyone can help, please?


Derek

MarieNoelle

Hi mrderek88

With payment on accounts and balancing payments I find it easier to draw a table as below:



Tax year
Tax liability
31/07/2011
31/01/2012
31/07/2012
31/01/2013
31/07/2013
31/01/2014
31/07/2014


2010/11
14500
?
?







2011/12
17300

7,250 (1)
7,250 (1)
2,800 (2)





2012/13
21450



8,650 (1)
8,650 (1)
4,150 (2)



2013/14
?





10,725 (1)
10,725 (1)


Total tax to pay

?
?
7,250
11,450
8,650
14,875
10,725
























(1)
Payments on account 50% previous year's tax liability (on 31st Jan/31st July)
















(2)
Balancing payment due 31st Jan following the end of the tax year



















Hope this helps,
MN

mrderek88

Hi MN

Thank you so much for that. That's such a better way to do it than I was doing. It works!


Cheers