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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4972
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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If i have a sum of money 13552 and 25% is tax free how much

Resolved Question:

if i have a sum of money 13552 and 25% is tax free how much tax will i pay on the sum left and how much will i receive in toatal.
Submitted: 11 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 11 months ago.

Thank you for your question..

Providing your total income including the money you have referred to does not exceed £43,000 then your income for income tax purposes would fall within the basic rate band of 20%

The tax on £13,552 would be (13,552-3,388) = 10,164 x 20% = £2,032.80

You will receive a net amount of (13,552-2,033) = £11,519.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Expert:  taxadvisor.uk replied 11 months ago.

Hi there

Just checking to see if you need further clarification on how I calculated the amount of tax due.

Many thanks

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Expert:  taxadvisor.uk replied 11 months ago.

I thank you for accepting my answer.

Best wishes

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