Practise Question 2 – Kate

This topic has 4 replies, 3 voices, and was last updated 8 years ago by Tax Tutor.

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May 28, 2015 at 3:59 pm #249903
Rachel Louise
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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
May 31, 2015 at 8:51 am #250817
Tax Tutor
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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.
May 6, 2018 at 8:35 pm #450375
ichbinyahia
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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
May 6, 2018 at 8:59 pm #450377
ichbinyahia
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FA2017
May 8, 2018 at 2:55 pm #450616
Tax Tutor
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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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