Good day sir,
Im really confused on the idea of self assessment and PoA.
The question is in the bpp revision kit page 6 question 12
Shouldnt the answer to payment of Jan 2019 be total tax liable (17148 ) minus any PoA of the tax year ( 12500+2500 ) ?
Please help, thanks.
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Tax Payable
Sorry Azam but I don't have the BPP material to be able to answer your question with certainty, but a "payment" made on 31 January 2019 will be a combination of the tax payable for the 2017/18 tax year which I presume is what you are telling me above, BUT we must also pay the first POA for the 2018/19 tax year based on the 2017/18 tax liability
Thanks alot sir, you are right, I did get confused on which amounts would pe payable a PoA in the following year, I misunderstood the rule and thought the payments would be on expected profits of current year, rather than actual profits of last year. Its all clear now, Thanks again.
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