Practice 1 - task 6a
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katelowes
Registered Posts: 16 New contributor 🐸
in Business Tax
Hi, could anyone explain the balancing payment? I understand the 20/21 payment
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31st January 2021 - Balancing Payment for the 19/20 year - £1004
31st January 2021 - Payment on account for the 20/21 Year - £2930
31st July 2021 - Payment on account for the 20/21 year - £2930
So the balancing payment assuming all payments on account have been made is effectively
Tax Calculated for year X - Tax calculated for Year (X-1)
5860-4856 = 1004
Payments on account are simply half of the tax for the year just gone.
2021 year payment on account so 19/20 tax divided by 2
5860/2 = 2930AAT Level 4, MAAT
ACCA in progress
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Thank you! Makes sense0
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