Personal Tax Assesment 2 Question 1:11

KAF
KAF Registered, AAT Student Posts: 22
Hi,

Could somebody assist with the below please?

Tax Payable



Question C


Comments

  • Pian32
    Pian32 MAAT Posts: 471
    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
    AAT Level 4, MAAT
    ACCA in progress
    F4- Passed Aug 2020
    F5- Passed Dec 2020
    F6- Passed Sep 2020
    F7- Passed June 2021
    F8 - Passed Sep 2021
    F9 - Passed June 2021

    SBL
    SBR
    ATX - Planned Dec 21
    APM -
  • KAF
    KAF Registered, AAT Student Posts: 22
    Thanks so much for this. Really helpful.
Privacy Policy