Continuing the discussion from Tax rate band wrong for 19-20?:
Hi @QFMathew, I must have missed your reply to my previous post - we both link to the same government page stating the current and previous tax bands.
Nevertheless - in my ‘[Reports] - Tax Summary’ page the figures used are for 2018-2019, as far as I can see???
Taxable Income (Less Personal Allowance £11,850 )
Taxable at basic rate (0 - 34,500 (20%))
The Taxable Income line uses the allowance for 18-19 to perform its calculation…
Adjusted Taxable Profit > £23793.75 minus £11850 = £11943.75
happy to be wrong but the figures seem to add up for 18-19…???
Thanks,
neil
Personally I wouldn’t rely on qf calculating tax. There are a whole Reem of tax reducing computations that can be used to reduce tax that are part of the computations and do not form part of an accounting software. For example. Capital allowances, marriage allowance, overlap relief to name but a few.
Thanks for the reply Paul.
I’m well aware of all the extra things that can be deducted to reduce income/tax liability, my accountant deals with all that, although I’ve usually got a reasonable idea of what the figures will be.
But an accounting package of any sort at least needs to get the right allowances in place for the relevant tax year and use them in its calculations, particularly for those who may not be fully aware of the correct numbers(!?).
neil
Yes I agree it should at least have the correct tax brackets and rates. They are last years 18 to 19.
I did notice corporation tax rates were a year old a while back also. Not sure if they still are.
The Personal Tax allowance has now been corrected to £12,500 (maybe something to do with the end of the financial year??)
