Assume Rolando has estimated his taxable income as 152,000 (from other, savings & dividend incomes). He...

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Assume Rolando has estimated his taxable income as £152,000 (from other, savings & dividend incomes). He consulted with a tax expert who obtained the following additional information from him. >He has paid qualifying interest of £7,000. >He did not deduct professional allowance as his earnings are more than £123,700. > He made a charity payment of £13,200 under the gift aid scheme > He contributed £14,000 towards a pension scheme. Actual dividend income is £25,000 but he reported as £23,000 after deducting £2000 dividend allowance. > The allowance applicable for savings income has not been considered by him as he feels he is an additional rate tax payer. You are required to calculate his actual taxable income by considering the above information and calculate his tax liability. ii) Assume Rolando has retired from service on 6th January, 2019 and thereafter he received pension income of £24,000 during this tax year. If this income also has been included in his estimated total taxable income, assess how will it affect his tax liability? Assume Rolando has estimated his taxable income as £152,000 (from other, savings & dividend incomes). He consulted with a tax expert who obtained the following additional information from him. >He has paid qualifying interest of £7,000. >He did not deduct professional allowance as his earnings are more than £123,700. > He made a charity payment of £13,200 under the gift aid scheme > He contributed £14,000 towards a pension scheme. Actual dividend income is £25,000 but he reported as £23,000 after deducting £2000 dividend allowance. > The allowance applicable for savings income has not been considered by him as he feels he is an additional rate tax payer. You are required to calculate his actual taxable income by considering the above information and calculate his tax liability. ii) Assume Rolando has retired from service on 6th January, 2019 and thereafter he received pension income of £24,000 during this tax year. If this income also has been included in his estimated total taxable income, assess how will it affect his tax liability?

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Rolandos taxable income is 152000 His tax liability i... View the full answer