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Employment income
Salary 270000
Bonuses 41000
Mileage allowance 8350
Employer pension contributions 0
Professional subscription (630)
Golf club membership 0
Employment income 318720
Property income 11340
Savings income 2500
Total income 332560
Qualifying interest paid (140)
Net income 332420
Personal allowance 0
Taxable income 332420
No personal allowance is available because Petula’s adjusted net income of 292420 exceeds 125140.
I think the above statement is incorrect. The adjusted net income is the same as net income of 332420 because there are no gross gift aid payment or personal pension contribution. So is it correct.
Also the adjusted income figure is 362420 and the tapered annual allowance is 4000. Is this correct.
This question is from the kaplan kit.
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