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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3811
Experience:  FCCA FCMA CGMA ACIS
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Help with personal and corporation tax calculations please

Customer Question

I had a limited company and I just can’t figure out what I should have paid for these years for my personal tax and corporation tax.  Could you kindly help?



1.  Could you kindly let me know what my personal tax should have been for these years?--



6 April 2012 - 5 April 2013


director’s salary: 26000



6 April 2013 - 5 April 2014


director’s salary: 13000


director’s dividends: 7000




2.  Could you kindly let me know what my corporation tax should have been for these years?



Nov 1 2011 - Oct 31 2012


director’s salary: 19800


turnover: 47800


profits: 4850



Nov 1 2012 - Oct 31 2013


director’s salary: 25230


turnover: 57740


profits: -4620



Nov 1 2013 - Oct 31 2014


director’s salary: 14500


turnover: 37100


profits: -2560



Many thanks!

Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able top help you with your question. Let's get rid of the Corporation Tax (CT) first, it's easier! 1 Nov 11 - 31 Oct 12 - 4850 - 4620 = 230 @ 20% = 46 [loss next year carried back]. 1 Nov 12 - 31 Oct 13 - Nil. 1 Nov 13 - 31 Oct 14 - - Nil. Now personal Income Tax: 12/13 - 2600 - 26000 - 8105 = 17895 @ 20% = 3579. 13/14 - 13000 - 9440 = 3560 @ 20% = 712 plus 10% on 7000 already deducted. Re,member dividends do not count against the company's CT computation so some adjustment in the position may be needed there. I do hope that my reply has been of some assistance.
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Expert:  bigduckontax replied 1 year ago.
Correction, 12/13 income tax delete '2600' insert '26000.'
Expert:  bigduckontax replied 1 year ago.
Thank you for your excellent support.

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