Chapter 2 - 1.5 - Net Income Flashcards
1
Q
Define Net Income
A
Net income is the total of all chargeable income less reliefs (the total amount of income you have after accounting for any deductions or reliefs that lower your taxable income)
2
Q
What three types of income is net income divided into?
A
Non-savings income, Savings income, Dividend income
3
Q
What kind of income is trading income?
A
Non-savings income
4
Q
What kind of income is property income?
A
Non-savings income
5
Q
What kind of income is dividends?
A
Dividend income
6
Q
What kind of income is bank interest?
A
Savings income
7
Q
What kind of income is employment income?
A
Non-savings income
