Question 1

For the tax year 2019/20 Kerry had taxable trading profits of 88,000 and had

made payments on account of 18,000. Her only other income in the tax year

was bank interest received of 3,000 and dividend income of 10,000.

Requirements:

Calculate Kerrys final balance of income tax outstanding in respect of the tax year 2019/20, stating the due date. Using this calculation explain the payments on account required in respect of 2020/21 and state when they are due.

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