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1. Luncy has furnished her income details for the tax year 2019-20 as below: (a) Employment income 40,000 (PAYE 2,000) (b) Trading income 15,000 (c)
1. Luncy has furnished her income details for the tax year 2019-20 as below: (a) Employment income 40,000 (PAYE 2,000) (b) Trading income 15,000 (c) Building society interest 6,400 (d) Interest on treasury stock 6,000 Bank deposit interest 8,000 Interest from NS & I 1,000 Dividend outside of ISA 27,000 (h) Premium bond prize winnings 5,000 She paid for qualifying interest payment 2,400 and also makes payment of 8,000 to NSPCC under the gift aid scheme. You are required to calculate Taxable income and Tax liability for the 2019-20 as per UK tax law. 1. Luncy has furnished her income details for the tax year 2019-20 as below: (a) Employment income 40,000 (PAYE 2,000) (b) Trading income 15,000 (c) Building society interest 6,400 (d) Interest on treasury stock 6,000 Bank deposit interest 8,000 Interest from NS & I 1,000 Dividend outside of ISA 27,000 (h) Premium bond prize winnings 5,000 She paid for qualifying interest payment 2,400 and also makes payment of 8,000 to NSPCC under the gift aid scheme. You are required to calculate Taxable income and Tax liability for the 2019-20 as per UK tax law
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