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payment to HMRC

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › payment to HMRC

  • This topic has 2 replies, 2 voices, and was last updated 8 years ago by jingdong.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • August 31, 2016 at 8:54 am #336489
    jingdong
    Participant
    • Topics: 89
    • Replies: 115
    • ☆☆☆

    Dear Tutor, would you please help me about this question.
    Gareth’s tax payment for 2014/15 and 2015/16 is as follows:
    …………………………………………………………..2014/15…………………….2015/16
    Income tax ……………………………………………10,000 …………………….12,500
    Class 2 NIC ………………………………………………143………………………….146
    Class 4 NIC…………………………………………… 2,000……………………….2,500
    Capital gains tax …………………………………….1,000………………………..2,000
    Gareth always pays the correct amout of tax on each due date.
    what is the amout payable by Gareth to HMRC on 31 January 2017 in respect of the tax year 2015/16?
    the answer is 5146, but based on the note , there should be another payment which is payable to HMRC, (12,500+2,500)/2=7,500.
    please help me.
    many thanks

    September 1, 2016 at 4:09 am #336665
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Here you need to be careful about reading the precise question asked – the question asks for the amount payable in respect of the tax year 2015/16 it does NOT ask for the total payment required on 31 January 2017, which would then include the first payment on account in respect of the 2016/17 tax year!

    September 1, 2016 at 11:36 am #336769
    jingdong
    Participant
    • Topics: 89
    • Replies: 115
    • ☆☆☆

    thank a lot

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