UK TAX
  • Hi,

    My parents are on an Aged Parent Visa 804 and in the queue . They complete UK tax forms .
    Suddenly for the year 2012 - 2013 they are being assessed differently .

    My father's tax is worked out using this formula : -
    a) Interest from Au bank plus Uk pension = total income
    b) less Aged allowance of 10,500 = taxable income at 10% and 20%
    c) less Foreign Tax credit = tax due ( in his case = 0 )

    But my mother's is assessed like this :-
    a) Interest from Au bank + Uk pension = total income
    b) less pension shown as ; exempt from this calculation ) = taxable income at 10% and 20%
    c) less Foreign Tax credit relief = tax due (554 )
  • Money management is very hard for most of people. Saving money is possible if you are able to cut off your extra expenses. There are some other smart ways too to save a little extra. For example, one can opt for the income tax saving investment options. There are a lot of schemes that can be availed.