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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5115
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

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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.

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.

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Hi there

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

Many thanks and other Tax Specialists are ready to help you

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Best wishes