Hi ,I am new for this forum, say hello to everyone.
recently I do tax return online, confused one case, I use my aat personal tax knowledge calculate below case, but different from HMRC online result ,hope could get help for you . it is not complicated,
salary: 1000
profit from property :7000
interest from banks: 32000
dividends: 4700
how much tax should paid in 2016/2017?
My answer is
1000+7000-11000= -6000
32000-6000-5000-500=20500 *20%=4100
Divides less 5000 so is 0
total personal tax for 2016/2017 is 4100
but HMRC online said is 5100, it isn't considered 5000 as starting rate, is that correct?
many thanks
it is not complicated, - being blunt i beg to differ but hey ho difference of opinion is what its all about
Ok its getting late and its been a long day so i am probably losing the plot anyway, i have chucked the figures into my tax calculator and its saying this is an online exclusion case - however its coming up with a figure of £5,700 which i would have expected to be the same as the 5,100 you quoted. i.e this is expected to be wrong over the top but should match hmrc
I have income 44,700
basic rate tax 5k at 20% 1k (probabbly the wrongly billed 1k)
starting rate 0 at 0%
nil rate £500 at 0%
basic rate 23,500 at 20% = 4,700
dividends from companies - 4700 at 0 = nil
total 5,700
to be continued - i have to leave to go get pizza - if anyone else can post their calcs with details that will help me get back to where we should be