Personal Tax Assesment 2 Question 1:3 Loans

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KAF
KAF Registered Posts: 32
in Personal Tax


Hi

The answer for loans is 202 but i'm not sure how. Could somebody assist me please?

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  • Pian32
    Pian32 Registered Posts: 474 Dedicated contributor 🦉
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    So for the interest you base it on the average loan during the year. This is calculated by:
    (Loan at start of year + Loan at end of year)/2

    In this question that is £9,000 then you multiply by the HMRC rate = 202.50 rounding can be done in favour of tax payer.
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  • KAF
    KAF Registered Posts: 32
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    Thank you. I'll give this a proper look when i review this question again.

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