1:4 Live session - calculating income tax Flashcards Preview

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Flashcards in 1:4 Live session - calculating income tax Deck (5)
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1

What is the fiscal year (FY) in the uk?

6th April till next 5th April

2

What are the main sources of income? (4)

Property income
Trading income
Employment income
Dividend income

3

What are the 3 classifications of income?

Non-savings
Savings
Dividend

4

What are the complex rules of savings income?

If the tax payer has

5

Rules on Personal allowance

First £12,500 is income free
Personal allowance is reduced by £1 for every £2 f Net income over £100,000