Jacob earned employment income of £34250 and receive dividends of £17500 outside of an ISA in the tax year 2019/20. PAYE of £3680 was paid in respect of employment income. Requirement: Calculate Jacob’s tax liability for tax year 2019/20.

Jacob earned employment income of £34250 and receive dividends of £17500 outside of an ISA in the tax year 2019/20. PAYE of £3680 was paid in respect of employment income. Requirement: Calculate Jacob’s tax liability for tax year 2019/20.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 8P

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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