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l have write an assumption that the figure provided includes the worker contribution 🙂
May i know how much the below tips came out in the exam??
P6
* Business property relief.
* Use of second spouse nil rate band.
* Related property.
* Groups of companies, trading and capital losses.
* Double tax relief for companies.
* De-grouping charges.
* Incorporation relief.
* Furnished holiday lets.
* VAT partial exemption.
* Appeals and the four track tribunal system.
* Benefits in kind or extra salary, income tax and national insurance implications.
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Hey all…
I wish all of you to pass in this attempt. I have a Q …In pension scheme question there was a part in which we have to Answer the tax saving because of his pension contribution of 120000 .. so WAS IT TAX SAVING BY PAYING 12000 IN PPP or IT CAUSED HIM TO PAY MORE TAX … DUE TO AA CHARGES…
Thanks…
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<cite>@omyrbutt said:</cite>
Hey all…I wish all of you to pass in this attempt. I have a Q …In pension scheme question there was a part in which we have to Answer the tax saving because of his pension contribution of 120000 .. so WAS IT TAX SAVING BY PAYING 12000 IN PPP or IT CAUSED HIM TO PAY MORE TAX … DUE TO AA CHARGES…
Thanks…
Basic rate and Additional rate bands are extended when payments are made to PPP. This means you pay more tax at 20%. Without the contribution, he will pay tax at 20, 40 and 50%. With the contribution, he pays tax only at 20 and 40% so there is a tax saving.
I’ve deffo failed this.
Worst thing is I knew most of this stuff just made it more difficult for myself than it was.
Bad times…
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