Osborne Books (Tutorial [FA 2020 - AQ16]) Task 7.8 - Income Tax - Further Issues
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adilosmanadil
Registered Posts: 7
Hi,
I am struggling to understand how the figure of £4,800 has been calculated. Could someone please explain how these figures have been calculated and how this table is filled out ?
The only thing I understand is that the outstanding tax in a tax year is split into 2 payments paid in the following year at the end of January and end of July.
Thanks in advance.
I am struggling to understand how the figure of £4,800 has been calculated. Could someone please explain how these figures have been calculated and how this table is filled out ?
The only thing I understand is that the outstanding tax in a tax year is split into 2 payments paid in the following year at the end of January and end of July.
Thanks in advance.
AAT
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Comments
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2019/2020
Non-PAYE amount 8,500 - 2,300 = £6,200 due 31/Jan after tax year ie 31/1/21
2020/2021
Payments on account = 6,200/2 = £3,100 due 31/1/21 and 31/7/21
Balancing payment = £11,000 less 2x£3,100 already paid = £4,800 due 31/1/22
2021/2022
Payments on account = 11,000/2 = £5,500 due 31/1/22 and 31/7/22
1 -
Much appreciated @PeterC !AAT
Level 2 Certificate in Accounting - May 2021
Level 3 Advanced Diploma in Accounting - Aug 2021
Level 4 Professional Diploma in Accounting - in progress
AATQB - Aug 2021
MAAT - in progress0 -
You're welcome0
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