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Hello Tutor
First I must say I am not studying for any exam but just to expand my personal knowledge
and as such I have (had) no knowledge of accounting and or taxes
So to say the lectures are great is a massive understatment, as from a laypersons point of view I find them Extremely Informative & IF you pay attention (listen carefully) & work the examples through they are Easy to follow and most if not all questions are answered.However with reference to F6 chapter 2, I can not find a full list of tax exemptions and so can not answer with certainty the following questions I asked myself
I hope you can help.
Question 1
If the only forms of income are from Pensions, Bank Interest (ha ha) and ISA
How do you show the pension income on your tax computation, should they be
listed as other net income, grossed up, then state exempt and carry a 0 accross the
Totals
Question 2
What is a pension recieved from the armed forces classed as (PPI ?) and is it tax
exemptOnce again I Hope you can help with the Answers
And please keep up the excellent work you do
I shall certainly be recommending this course to family and friendsRegards Wayneg
Maybe you should consider doing the exams?
Pension income is taxable whether from a private pension or state pension and should be included gross on the Income tax computation as non savings income in the same way that you would include a salary from employment.
I have no specific knowledge that armed forces pensions are treated differently.
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