Hi, in the answers for practise question 2 on income tax I think the higher rate tax on savings income has been calculated incorrectly as £534, when it should be £1,068. Please advise if this is correct?
Thanks
Rachel
Ask the Tutor ACCA TX-UK
Practise Question 2 - Kate
Thanks Rachel I was never very good with a calculator! Not sure if that one is already on errata sheet but I will check later and make sure it is notified.
Hi, in the same practice question Kate
Non saving
Trading profit = 38000
Employment income = 8000
sub total = 46000
Less qualifying interest =(1000)
Net income = 45000
Less Personal Allow = (11500)
Taxable Non saving = 33500
In the model answer taxable income for non saving is 34500. I believe there is an error unless my calculation is wrong? Please clarify
Thanks
FA2017
This should have been amended some weeks ago - I have written to the materials administrator so hope the correct version will be online very soon - clearly it should be 33,500
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