Personal Tax task 2
samilou1967
Registered Posts: 2
Please can someone help with this question as it is driving me nuts 
. Rowena is given a loan on 1/11/11 for £15000 for which she paid 1% interest. On 1/7/14 she repaid £3000 but made no other payments. HMRC 3.25% answer is £304
Thanks
. Rowena is given a loan on 1/11/11 for £15000 for which she paid 1% interest. On 1/7/14 she repaid £3000 but made no other payments. HMRC 3.25% answer is £304Thanks
0
Comments
-
Hi
At the start of the tax year she owed 15000 and at the end of the year 12000.
In this kind of situation you can use an average loan over the year:
((15000 + 12000) / 2) * (3.25% - 1%) = 303.750 -
Thank you, that makes sense now0
Categories
- All Categories
- 1.3K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 388 NEW! Qualifications 2022
- 173 General Qualifications 2022 discussion
- 16 AAT Level 2 Certificate in Accounting
- 78 AAT Level 3 Diploma in Accounting
- 113 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 276 VAT
- 96 Software
- 281 Tax
- 147 Bookkeeping
- 7.2K General accounting discussion
- 208 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 589 Job postings
- 16 Who can benefit from AAT?
- 37 Where can AAT take me?
- 43 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 67 AAT membership