Ms. Emily is working as an internal auditor in London Bank since January 2010. She is earning a monthly salary of 4,500 without any additional
Ms. Emily is working as an internal auditor in London Bank since January 2010. She is earning a monthly salary of £4,500 without any additional non-monitory benefits. She makes a contribution of £2,000 towards registered occupational pension scheme. Income tax liability of £8,030 towards her employment income is deducted at source through PAYE (Pay As You Earn) system.
She put her last five years savings in a buildings society scheme to purchase an apartment in London. For theses deposits, she receives an annual interest of £8,000. She also receives £4,500 towards interest on Government Stocks (Gilts). She made a Gift Aid Donations (gross) of £9,000 during the tax year 2018/19.
You are required to compute Ms. Emily’s taxable income, tax liability and tax payable for the year 2018/19 as per UK Tax Laws.
Step by Step Solution
3.51 Rating (164 Votes )
There are 3 Steps involved in it
Step: 1
Computation of Taxable Income Particulars Amount Pound Sterling Salary for the year 5...See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started