AAT Personal Tax Sample Assessment FA 2014
rach2106
Registered Posts: 19 Dedicated contributor 🦉
Hi
Can someone help me with task 1.5, please? I don't understand why the personal allowance would be £5725. I know once income is more than £100,000, for every £2 over you deduct £1 from the personal allowance, up until £120,000 when there becomes no personal allowance. I got the annual salary right, £106,329, but I can't get to PA of £5725. Thanks
Can someone help me with task 1.5, please? I don't understand why the personal allowance would be £5725. I know once income is more than £100,000, for every £2 over you deduct £1 from the personal allowance, up until £120,000 when there becomes no personal allowance. I got the annual salary right, £106,329, but I can't get to PA of £5725. Thanks
0
Comments
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ok so what you do is
£106329 less £6379, £290 plus £3350, £4190, £1350 = £108550-£100000=£8550/2=£4275 , £10,000 personal allowance less £4275 = £5725 #bingo1 -
Oh what an idiot?! So you have to include BIK as additional income and add to the annual salary, subtract allowable deductions then use that final figure to find the excess of £100,000 to take off basic personal allowance. Seems so obvious now. Thanks!!0
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