1:4 Live session - calculating income tax Flashcards
1
Q
What is the fiscal year (FY) in the uk?
A
6th April till next 5th April
2
Q
What are the main sources of income? (4)
A
Property income
Trading income
Employment income
Dividend income
3
Q
What are the 3 classifications of income?
A
Non-savings
Savings
Dividend
4
Q
What are the complex rules of savings income?
A
If the tax payer has
5
Q
Rules on Personal allowance
A
First £12,500 is income free
Personal allowance is reduced by £1 for every £2 f Net income over £100,000
