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October 5, 2015 at 1:37 am
hey Sir i have a question on the illustration with Louise Serr.
If the relief against total income is chosen and we relief the loss in 2013/14 the income of 80,000, why did we just relief 70,000?
or when it is loss relief against total income we do not have to set off the maximum which would have been 80,000 instead we should relief in a way that it will save the personal allowances.
September 14, 2015 at 10:57 am
Excuse me can anyone explain the cashflow advantage on topic number 4 : Relief against total Income ? i couldnt understand the repayment of last years tax.? how are we receiving a repayment of last years tax ?
April 9, 2015 at 1:14 pm
can you please explain the meaning of this
A claim against total income in 2014/15 would waste the personal allowance for 2014/15 and save no income tax. The claim in 2013/14 will also waste the PA but will generate a repayment of tax of 20% on a taxable income of £21,000 (31,000 – 10,000).
does this mean if the total income of the current tax year is 10000 or less, we should not claim in the current tax year? only if it is more than 10000, we can do so?
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