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Hi.
I have a little of problem solving this questions related to payment on account and balancing payments.I was able to calculate PoA and balancing payment for 15/16 and 17/18
For calculating PoA of 16/17, the base year will be 15/16 right? But instead the base year used in the answer is of 16/17.
Also, the question mentioned that assume any appropriate claims to reduce her payments on account.
Kindly help.
You will have to give me more information from the question here to be able to help you
CASSO (ADAPTED)
(a) Pi Casso has been a self?employed artist since 2005, preparing her accounts to 30 June.
Pi’s tax liabilities for the tax years 2014/15, 2015/16 and 2016/17 are as follows:2014/15 2015/16 2016/17
£ £ £
Income tax liability 3,240 4,100 2,730
Class 2 NIC 143 146 146
Class 4 nICs 1,240 1,480 990
Capital gains tax liab 0 4,880 0
Required:
(1) Prepare a schedule showing the payments on account and balancing payments that Pi will have made or will have to make during the period from 1 July 2016 to 31 March 2018, assuming that Pi makes any appropriate claims to reduce her payments on account.
Your answer should clearly identify the relevant due date of each payment.
(7 marks)
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