Taxation of Non Savings Income – ACCA Taxation (TX-UK) Exam FA2019
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Dear sir,
I’m very confused about how we found out the Personal Allowance figure of 12500, it is not mentioned in the example.
Awaiting your reply.
Thank you
Vishesh Paryani
It is a basic rate of PA if Total income is less than 125000. If total Income is greater than 125000, then PA is NIL. Refer text book further
Hi Sir,
In your example 7, if the salary is 50,000, bank interest still the same of 13,000.
To calculate saving income, is it correct as follows:
500 @ 0%
12,500 @ 40%
Dear Sir, i am very confused with this Income Tax, as i have confirmed with many other working friends whereby they do not have to submit this income tax return. Therefore, what is the purpose of learning to compute this income tax return since employees do not have to prepare/submit this tax return, please note that employees will have PAYE whereby HRMC will compute and deduct the tax accordingly. so what is the purpose of having to learn this income tax computation and who will prepare this income tax computation since employees in the UK do not have to submit this. please advise, thank you
If the employers are collecting PAYE from employees on behalf of HMRC (Just like how VAT is paid to the suppliers/traders and they forward it to HMRC) doesn’t that make the employers an intermediary ? and Employment income indirect tax?
@ebtisam I guess you should ask this sort of question in the ask the tutor forum, ask @taxtutor doesn’t go through the comments section as it is here! 🙂
*as
Because Indirect tax is a tax levied on goods and services and not incomes or profits.