315
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ACCA (TX-UK)
PRACTICE ANSWERS
1. Kate
Kate Income tax computation 2022/23
Income Tax
(W1)
The basic rate band is extended by the gross amount of the gift aid payment:
37,700 + (2,000
×
100/80) = 40,200
Non
savings Savings Dividends
Total
£
£
£
£
Trading profit
38,000
38,000
Employment
Income
8,000
8,000
Interest
3,500
3,500
Dividends
7,000
7,000
Total Income
46,000
3,500
7,000
56,500
Less: Reliefs - Qualifying Interest
(1,000)
(1,000)
Net Income
45,000
3,500
7,000
55,500
Less:
Personal Allowance
(12,570)
(12,570)
Taxable income
32,430
3,500
7,000
42,930
(W1) (revised BRB limit = 40,200)
32,430 @ 20%
6,486
Savings (note 1)
500 @ 0%
0
3,000 @ 20%
600
Dividends (note 2)
2,000 @ 0%
0
2,270 @ 8.75%
198
2,730 @ 33.75%
921
Income Tax liability
8,205
Less: tax deducted at source: PAYE
(505)
Tax
payable
7,700
316
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