BTC FTC 2006 Western Ltd mock exam pg 309
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Task 5 asks for:
The due date of submission of the partnership tax return relating to the accounts for the Y/E 31/12/05.
My answer is 31/12/06 but the answer in the book is as follows:
Tax return for 05/06 submission date 31/01/07.
Someone please explain where I am going wrong.
I am finding BTC very time consuming compared to the other technician level papers and I feel it is almost inevitable I will make several mistakes in the real exam......so much to remember and so many little catches. Does anyone know of any revision classes being held in Leeds(West Yorks) in the coming weeks? I am aware of FTC & BPP but cannot afford their fees.
SOS
The due date of submission of the partnership tax return relating to the accounts for the Y/E 31/12/05.
My answer is 31/12/06 but the answer in the book is as follows:
Tax return for 05/06 submission date 31/01/07.
Someone please explain where I am going wrong.
I am finding BTC very time consuming compared to the other technician level papers and I feel it is almost inevitable I will make several mistakes in the real exam......so much to remember and so many little catches. Does anyone know of any revision classes being held in Leeds(West Yorks) in the coming weeks? I am aware of FTC & BPP but cannot afford their fees.
SOS
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Comments
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Re:BTC FTC 2006 Western Ltd mock exam pg 309
The year ending date falls in hte 05/06 tax year, so tax returns for that year are due in by 31/1/07.
The best way to work it out is to go to the follwing 5th April (from the year end date) and that is the tax year you will be using (in this case 5th April 06) then you will know that the returns for that tax year are always due in by 31st January following that year. This works like this because partnerships follow sole trader rules not Corporation tax rules for Companies.
Annette0 -
Re:BTC FTC 2006 Western Ltd mock exam pg 309
It is annoying to get something wrong but very worrying when you cannot understand why. This makes sense now so thanks for explaining.
I still have 2 errors which I made in this exam & would appreciate any help you can offer.
The calculation of SD Case 1 profits ignores the £800 (ie - treated as allowable) RE food hampers to staff at £40 each. I thought this would be disallowed as gifts of food are disallowed. Maybe this is classed more as entertainment expenses???
Patent royalty income of £15600 (net) receivable from an individual and £32000 interest payable on a debenture issued to individuals for a trading purpose. I think these should be shown as gross in the computation (ie) £20000 & £40000 yet it appears to me the net figures are used. Where am I going wrong?
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Re:BTC FTC 2006 Western Ltd mock exam pg 309
Patent royalties are always stated net as the individual has already paid the tax before the money has been sent.
I'm not sure why they have allowed the food hampers as you have rightly stated, food, vouchers, tobacco and alcohol are disallowable, is there any more information on this?
The interest is payable I guess, not recieved so it's only what has actually been paid which goes into the tax comp.0