PTC Employment Benefits

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi

Did other people get £10550 for the benefits???

£1500 Excess mileage
£2000 Accomodation per year
£5250 Property value over £75000 at 5%
£1800 Accomodation expenes

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    You shouldn't have included both accommodation per year and value. It is the higher of the 2.
    I screwed up my mileage calculation.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    I got £1,500 for the mileage

    Accomodation I used the annual value then the value over £75,000 x 5%. I thought it said the employee paid the expenses so ignored those, I cannot remember the total.

    Oh my goodness the day just gets worse me thinks
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    Me too. I included both the annual value and the 5% of the value of the accomodation over £75K.

    My text book states: If the accomodation provided cost more than £75,000, it is deemed to be expensive and an additional benefit may apply.

    (cost - 75000) * %interest = expensive charge

    This charge applies if the accomodation is non-job related.

    the accomodation benefit, is thereofore the higher of either the annual value or rent paid by the employer, plus the expensive accomodation charge
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    I agree with Em. Calc benefits the same way.Exp of 1800 not included as employee paid them himself.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    Hey Lisa

    Some good news one task out of 13 correct at least.

    Cheers
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    Hey Em :D

    I've just checked the FTC book and it says thats how its calculated as well.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    Hey Lisa,

    Thanks for that

    Have you any thoughts on the earlier post http://www.aat.org.uk/forums/posts/list/11971.page

    I am very worried about this exam my section 2 is very bad

    Enjoy the sunshine

    Em
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    I thought the £2000 was the rent?
    I also put in an assumption that it was not job-related as it didn't say.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    If I remember rightly, it wasn't the employee that paid the running costs it was the employer, cos I thought that two and went back to it and it actually said House of Lewis paid running costs, but I could be wrong, either way I got that bit wrong too, cos I took the annual value away from the running costs, which was a diff of £200 then added it to expensive accommodation bit.

    Oh well, guess its done now, can't change it. :?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    yeah i think the employer did pay the running costs... and i got 10550 or whatever the figure was too! :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    I DID THE SAME AS YOU
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    I got £10550 as well. At least I may have got one question right!!!

    I forgot that the rent bad debt was an allowable expense :oops:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    Thanks guys.

    Someone after the exam said it should have been £2000 rent a month not a year, so I got worried that I had misread.

    Flick, don't worry about the rent bad debt. I don't think that it was an allowable expense. I remember something in my text book about rent unpaid is still chargeable unless it has been deemed definitely unrecoverable. He only 'thought' he wouldn't get it so I think it should be included. Well that's only my opinion. :)

    I thought the only really tricky question was the shares. I split the rights issue between the most recent purchase and the FA Pool. This meant that I was left with only 125 shares in the pool after the final disposal. However I am not sure this is correct as I have never seen a question that split the rights issue between more than one purchase??? :?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    Thanks Jane - I feel a bit better now.

    I had 125 shares left over as I did the rights issue on the 2500 shares as well. I am pretty sure I got the gains wrong though - so many rules to remember and I don't do well in stressful exam situations!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Employment Benefits

    I was the same, but most of my class had nothing left in the pool so started to worry a bit.

    I had matching 1 of 625 (from the rights issue I think), matching 2 was 2000 a straight issue/disposal with no major problems, and that left me to find 375 from the pool, leaving me with 125 left in the pool.

    Pig of a question and took me ages, just hope the chap marking my paper doesnt pick it up at the end of a long day cos could be in bother.

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