Personal Tax Assesment 2 Question 1:11

KAF

Hi,

Could somebody assist with the below please?

Tax Payable



Question C

Pian32

a) Your figure of 8,030 is correct. To calculate the tax paid you need to take account of what will be paid on the other income first.

45,500 - 12,500 = 33,000 Meaning 37,500 - 33,000 = 4,500 remaining on lower band.

Tax - 4,500 *0.1 + 3,530 * 0.2 = £1,156

c) Straight away one of these answers has to be 0 either there's either nothing chargeable due to losses claimed or there's nothing left to carry forward.

18/19 = 26500-15700 - 10,800 (restricted exempt amount)= 0
19/20 = 31800 -46500 = -14700
20/21 = 46300 - 27,500 -12,300 -14700 = -8,200

Therefore gain = 0
Losses carried forward = 8,200

KAF

Thanks so much for this. Really helpful.