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Greetings,
I have a question regarding computation of tax liability.
I know the prescribed format for such questions are. Non-savings income Savings income and dividends
However:
What if you calculate Non-savings income in the proforma instead of calculating it in the workings?
Will it cost you marks?
The ultimate aim is to get the points on the sheet, right?
If you have calculated them right, then it shouldn’t be a problem, if I am correct.Income Tax will be a major question in section C.
That means you will need to show every working, every explanation and every thought process.
The clearer your workings and final computation are the better.So the best thing to do is to have your computation take figures from your workings. Majority of your computation on the spread sheet should basically be linking to your workings so as to explain the computation easily and get you your unquestionable marks.
Basically they are not really worried about the figure (though it carries a mark) the majority of marks comes from the workings and if the examiner cannot relate your answer to the available workings then you will lose marks.
You need to answer in such a way that it is straightforward for the examiner to determine how you got Taxable Income or Net Income or Personal Allowance
In addition to above, I would add make sure you include all your thinking on question. For example, say you are not including certain income as it is not taxable or is not a taxable benefit. Don’t just leave it off calculation.Hope this helps.
I have already given the exam. Instead of writing the steps in the workings separately, I wrote them in the proforma space. Will that make much of a difference?
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