Calc income tax

Question 1

Exempt income

Answer 1

ISAs (Individual savings accounts 20k per year), Income from national saving certificate, winnings, statutory redundancy

NS&I investment accounts are not exempt

Question 2

Marriage allowance

Answer 2

Tax reducer of £250 as fixed transfer of 1,250 @20%.

Is a reducer on liability

Question 3

Qualifying interest

Answer 3

Loan to buy PPE, invest in partnership, interest in employee controlled company/COOP

reduces taxable income before ANI

Question 4

Child benefit

Answer 4

If ANI is >50k benefit clawed back

If >60k entire benefit is taken back

(ANI-50K)/100 *1% = Clawback % times this by the child benefit