Sample Assessment Personal Tax

ddavis

can someone help.. I am answering question 1.4 FA2014
Angela receives interest from ISA. Interest from Building Society and dividends from shares. Her other income after personal allowances is £29805. for 2014/15 She has no other income

Calculate the tax deducted at source and any additional tax payable

Income Income Received Tax deducted at source Additional Tax payable

Interest from ISA £412 0 0
Interest from Building soc £856 214 0
Dividend £1314 146

The answers say that the additonal tax payable on the dividends is £105.75 I cannot work out how to get this answer? can anyone help?

Thanks

Sorry i have seperated it all out but when clicked saved its taken out the table

MarieNoelle

Her total taxable income is £29805 + savings £1070 (gross £856 + £214) + dividends (£1460 =£1314 + £146) = £32,335.
ISA interests are not taxable.

She has exceeded the basic band by £470 (£32,335 - £31,865).
Therefore £470 out of the £1460 dividends should be taxed at 32.5% instead of 10%.
£470 * (32.5%-10%) = £105.75

ddavis

thank you

hasan

Hi have any of you guys done the PTAX exam yet? and was it similar to the AAT mock exams on the website, in terms of layout?