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Recalculate Daisy’s income tax payable, assuming Daisy received a salary of £37,500 (PAYE
deducted of £5,000), bank deposit interest of £13,000 and dividend income of £1,000.How come I get the income tax liability to be 7732 instead of 7532. Can I get a clarification why the higher rate is 230 instead of 1230.
The income that is to be taxed:
24930 – non-savings income
500 starting rate for savings income and
12270 savings icnome
_____
37700 – this is where the BRB ends and income over this is charged at HR
Bank interest is 13,00 less 500 less 12270 is only 230The tax calculations are correct and the total is 7532
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