just wondering: I used Aged uk online tax calculator and the result shows that the taxable income after allowances = £10200. So that's £10200 taxed @ 20% I assume? However, in the next part of of their calculation shows 'Tax is due as follows' income taxed at basic rate (20%) =£9164. Why is the taxable income £9164 and not £10200?
Anyone who can explain this to me, it would be greatly appreciated.
Does part of your income derive from investments? Is perhaps all income derived from Savings?
If savings then up to 2880 of it may be at 10% (which doesn't explain the £4 unless the stated £10200 wasn't the exact number?)
Without having access to all of the figures and knowing exactly what sort of income those figures were derived from its difficult to come up with a precise figure (the UK tax systems a complex beastie).
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
just wondering: I used Aged uk online tax calculator and the result shows that the taxable income after allowances = £10200. So that's £10200 taxed @ 20% I assume? However, in the next part of of their calculation shows 'Tax is due as follows' income taxed at basic rate (20%) =£9164. Why is the taxable income £9164 and not £10200?
