PTAX tax refund
chloedee
Registered Posts: 5
I have just answered the question below on the greelight test but I am confused. If the taxable income after the deduction for personal allowance is £nil then shouldn't the tax that was deducted at source from the bank interest also be refunded?
"For 2016/17, Jonty had a salary of £8,500 (£200 tax deducted) and he received bank interest of £2,000. What tax refund will Jonty receive for 2016/17?
£200
Explanation of the correct answer:
The taxable income after the personal allowance of £11,000 is £Nil, so all the tax deducted is refunded, £200."
"For 2016/17, Jonty had a salary of £8,500 (£200 tax deducted) and he received bank interest of £2,000. What tax refund will Jonty receive for 2016/17?
£200
Explanation of the correct answer:
The taxable income after the personal allowance of £11,000 is £Nil, so all the tax deducted is refunded, £200."
0
Comments
-
Bank interest in 2016/17 does not have tax deducted at source0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 318 NEW! Qualifications 2022
- 161 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 87 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 272 VAT
- 92 Software
- 273 Tax
- 135 Bookkeeping
- 7.2K General accounting discussion
- 200 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership