Jacob earned employment income of £34250 and receive dividends of £17500 outside of an ISA in the tax year 2020/21. PAYE of £3680 was paid in respect of employment income. Requirement: Calculate Jacob’s tax liability for tax year 2020/21

Jacob earned employment income of £34250 and receive dividends of £17500 outside of an ISA in the tax year 2020/21. PAYE of £3680 was paid in respect of employment income. Requirement: Calculate Jacob’s tax liability for tax year 2020/21

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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Question

Jacob earned employment income of £34250 and receive dividends of £17500 outside of an ISA in the tax year 2020/21. PAYE of £3680 was paid in respect of employment income.

Requirement: Calculate Jacob’s tax liability for tax year 2020/21

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