Lesson 9 - Income Tax Practical Examples Part 1

So, we have covered the theoretical part of this masterclass and now it’s time to move on to the practical part.

I’m going to show you two examples of full income tax returns for two most common scenarios:

1. A single person income tax return, with one income from self employment / trade
2. A married couple joint income tax return, one spouse with PAYE income from employment and the other spouse trading as self employed

Just bare in mind that these are general and simple examples to show you the idea and mechanism of completing a tax return and calculating taxes due. If you intend to prepare your tax return yourself, you have to be aware that if your particular case is even slightly different, this will impact your final tax liability. In such case, the best idea is to seek advice from a chartered accountant.

So let’s move on to take a look at the practical examples…