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January 22, 2016 at 5:24 pm
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October 21, 2015 at 1:21 pm
sir concerning the capped income tax relief,( that is the higher of 50000 or 25% of adjusted net income) does it only apply to the current and carry back relief ( loss relief against total income of current and previous year)
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.
October 17, 2015 at 6:05 pm
What I understand that
Cap of employment income is 50,000
Trading is 20,000
So total relief is 70,000
November 16, 2015 at 10:53 pm
The cap is for total income, the combination of all income, not for employment income only so surely the relief is only for £50,000 not £70,000?
November 9, 2015 at 10:02 am
all the trading profit will be relieved + the cap of employment income(because 25% of EI is lower than 50000, so the cap would 50000)
So, the total relief would be 70000 (20000+ 50000)
December 6, 2015 at 9:14 pm
As the cap is £50k against total income (not trading income), the the cap was used to set off the employment income. On the £20k, you can only set off against the maximum amount of the trading profit, not more. In this instance, the profit was £20k in the previous year. The remaining £10,000 then uses the personal allowance. Correct me if I am worng.
April 26, 2016 at 7:23 pm
Cap does not apply to any trading profits within the total income, hence we have a loss relief of £70000.
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 ?
December 6, 2015 at 9:15 pm
Repayment is normally by way of refund to you (bank transfer/cheque), hence the benefit is on the cashflow.
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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