Income Tax Flashcards
1
Q
What is the new personal allowance for the 2022 tax year?
A
£12,570 (increase of £70)
2
Q
What are the new tax bands for the 2022 tax year?
A
0 - 37,700
37,701 - 150,000
150,000+
3
Q
what are the two new deductibles to consider in income tax?
A
Less: Deductible payments
Less: Trade loss relief
4
Q
when a persons salary is over £___,___, they lose their personal allowance?
A
£125,140
5
Q
where taxable non-savings income is less than £5,000, what is the savings income rate?
A
0%
6
Q
where taxable non-savings income is less than £5,000, what is the savings income rate?
A
0% starting rate
7
Q
deducctible payments and trading losses have a cap. This is the greater of: (2)
A
- £50,000
- 25% of adjusted net income*
*adjusted net income = total income - gross PPC
