Answered: -As per UK tax laws, the adjusted net…

-As per UK tax laws, the adjusted net income of an induvial is more than £125,000. The personal allowance will be £ --------for the tax year 2019/2020. O a. 13,000 O b. 13,500 O c. 0 O d. 12,500

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 55P

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

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18-As per UK tax laws, the adjusted net income of an induvial is more than £125,000. The personal allowance will be £ --------for the tax year 2019/2020. O a. 13,000 O b. 13,500 O c. 0 O d. 12,500

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