Ptc

NagraNagra Feels At HomePosts: 28Registered
In Income tax - if you earn under the personal allowance of £6k - do you pay any tax if you don't have any savings income?? :confused1:

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  • A-VicA-Vic Expertise Guaranteed Posts: 6,970Registered
    Nagra wrote: »
    In Income tax - if you earn under the personal allowance of £6k - do you pay any tax if you don't have any savings income?? :confused1:

    If you dont have savings how would you pay tax? Or do you mean do you pay tax on savings?
  • 111beckstar111111beckstar111 Well-Known Posts: 158Registered
    No no tax, unless you have any other income i.e property
  • AK002AK002 Font Of All Knowledge Posts: 2,492Registered
    Dunno what you mean about the savings..

    But no, no tax if under PAs.
  • A-VicA-Vic Expertise Guaranteed Posts: 6,970Registered
    Had me a little confused

    But as far as tax comp i think!

    work out total taxable income (include any savings, employment and property income) work out the tax then deduct allowence.

    Sorry its in laymans terms only just learning myself, and if incorrect please let me know.
  • A-VicA-Vic Expertise Guaranteed Posts: 6,970Registered
    A-Vic wrote: »
    Had me a little confused

    But as far as tax comp i think!

    work out total taxable income (include any savings, employment and property income) work out the tax then deduct allowence.

    Sorry its in laymans terms only just learning myself, and if incorrect please let me know.

    I take it this was right then?
  • AK002AK002 Font Of All Knowledge Posts: 2,492Registered
    Who you asking :lol:?
  • A-VicA-Vic Expertise Guaranteed Posts: 6,970Registered
    anyone?
  • dobbieobbydobbieobby Well-Known Posts: 231Registered
    A-Vic, I have the book open at my desk right now! I've only been studying this unit for a week, had a quick look at a past paper in my book, it's not as easy as working it all out then taking off the tax, they want you to do certain things, like work out the:
    Total taxable benefits
    Net Employment Income
    Net income tax payable to 2008/09
    I'm trying to learn all the subject titles and working back from there otherwise I'm scared that although the end bit may be right, I'm putting the answers against the wrong questions.
    If you see what I mean?
    I'm doing DFS in December too and hoping Unit 10 goes away :-) What about you?
  • A-VicA-Vic Expertise Guaranteed Posts: 6,970Registered
    yep same as also ive made a small start on unit ten but now debating whether or not to do the simulation instead?

    I started DFS Monday and even forgot how to draft an P&L and BS so when income statement ect am totally lost getting the jitters also so your not on your own
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