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Income tax

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Income tax

  • This topic has 3 replies, 3 voices, and was last updated 5 years ago by Tax Tutor.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • October 8, 2019 at 7:13 am #548333
    Anonymous
    Inactive
    • Topics: 4
    • Replies: 11
    • ☆

    Ann is self-employed. Her taxable income for the tax year 2018/19 was 76,000 which was all trading income. Ann made contribution of 49,000(gross) into a personal pension scheme between september 2018 and March 2019.
    This was the second year that she had been member of a pension scheme she had an unused AA of 20,000 b/f from 2017/18.

    What is Ann’s income tax liability?

    This question is Q 75 in the BPP revision kit and when i tried take to account PA since her income doesn’t exceed 100,000. but the Answer in the book did not take consider the PA so i’m confused.

    My Answer.
    76,000-11850=64,150.
    basic rate 34500+49,000=83,500
    so tax liability= 64,150*20%= 12,830

    Answer in the Book.
    extend the basic rate 34,500+49,000=83,500, more than the whole trading income so
    tax liability = 76,000*20%=15,200.

    October 9, 2019 at 3:51 am #548403
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    When answering MCQ’s as I’ve said in lectures and notes, it is essential to read the question carefully – more carefully than you have done here – and understood what you have been told.
    Look at the first line of the question (2nd sentence) –
    “Her TAXABLE Income for ………”

    TAXABLE Income is AFTER deducting the PA

    November 1, 2019 at 8:08 pm #551403
    tunztoz1
    Member
    • Topics: 0
    • Replies: 1
    • ☆

    Hello,

    I cannot find the solutions to the questions treated in the videos on taxation in the lecture notes. Is there a separate text for this? I am currently on income tax and this problem is recurrent.

    Please assist.

    Regards,

    November 5, 2019 at 6:18 pm #551620
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Look at the Contents page at the start of the Revision Notes

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