BTX - Total Tax Liability

mrderek88mrderek88 Feels At HomeElgin, ScotlandRegistered Posts: 44
BTX is not my forte!

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


Derek

Comments

  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,347

    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
  • mrderek88mrderek88 Feels At Home Elgin, ScotlandRegistered Posts: 44
    Hi MN

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


    Cheers
Sign In or Register to comment.