PTC - How did it go?

System
System Posts: 100,534 πŸ€– Admin πŸ€–
edited 10:26AM in AAT student discussion
I thought it wasn't too bad!

Section one was pretty straightforward, might have got the payments on account wrong though!!

Section two was quite involved re: the rental income but the rest of it was alright. I was almost disappointed when I spotted the date of acquisition on the shares as I had been revising shares and securities / indexation all week!! I doubt I got the capital gains taper relief correct but I know this area isn't a strong point of mine. I showed and labelled up all my workings so hopefully the examiner will be able to see the method in my madness.

Carly x
Β«1

Comments

  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    I didn't think the paper was too bad. As you said the first section was quite straight forward. But not sure about the amounts already paid!

    The second part was ok too - god a bit confused at the end with taper relief - but hopefully I did ok.

    Hope everyone else did ok too!
    (ps. glad I saw that the car was deisel!!)

    Mark x
    ps...merry xmas everyone.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    Yeah, nice'ish' paper

    DidnÒ€ℒt like the two questions at the end of Section 1

    Section 2 was busy, a lot more to do than pervious papers, how did you deal with the carried forward loss?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    that exam contained everything that i forgot to revise... rental income, dammit whats the allowance for when the house is furnished? its bugging me ! :shock:
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    That's reminded me!! I didn't put in the wear and tear allowance for the furnished property!! AAAAGGGHHH!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    aaah im so sorry, just so u dont feel so bad, i guessed the answer anyway :oops:
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    Lol....not too worry - hopefully I didn't do too many more cock ups!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    I'm sure i did plenty, that question about the 2006/2007 payments on account... i put down i couldn't calculate it because i had no figures for the year in question........is that right?
    i dont know why im worrying so much about this now, its done!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    Nodrogers: It's 10% of the gross rental income. Only property 2 was furnished though.

    Just wondering now, it was a capital loss wasn't it? I set it against the capital gains calculation, used it up on the item that attracted the highest taper relief. Can't remember if it was the furniture or the shares now though!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    I just put that you paid half of the amount in September, and the remainder in Jan. Those two dates popped into my head so I wrote them down. Not sure if its right or not!

    I'm getting depressed now :cry: lol
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    wooohoooo I guessed 10% !!! wow at least i've got something right... definately got that loss one wrong because i just took £5000 off the gain on the furniture. Kinda forgot about the shares and the whole taper relief thing.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    yea i said that too, but it said to calculate the amounts due to pay on account, and i thought u cant calculate them because there arent any figures to calculate from.. i think we may both be right in our own ways.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    I took off the £5000 from the highest taper first, then the remainder off the rest.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    but can't you only reduce the gain down to the annual exception, meaning one of them you couldnÒ€ℒt apply the loss too (because it was already under)! Which IÒ€ℒm sure had a higher taper relief, so you had to apply the loss to the £20 000 one?
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    did anyone manage to scribble down their answers? i got mine down on my attendance sheet hehe...
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    Hi

    I was pleasantly pleased with the paper, although kicked myself when I left the exam and forgot to include property income on the second last question of section 2 (income tax liability part), knew something wasn't right! hope don't get penalised too much.

    So pleased exams are over i can get my life back again... celebrating tonight!

    Teresa
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    No I didn't - didn't think of it.

    Don't think I remember to take off the £8500 off the capital gain. This is going from bad to worse!!! :cry::cry::cry:
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    Me too, offset part of the loss against the 100% chargeable shares, the rest from the 90% chargeable's. Remembered the 10% W&T for the furnished property. Did everyone remember to apportion the income and insurance costs for the time of ownership of the properties? All in all not a bad paper. Hope everyone's done ok

    Tim
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?
    nodrogers wrote:
    yea i said that too, but it said to calculate the amounts due to pay on account, and i thought u cant calculate them because there arent any figures to calculate from.. i think we may both be right in our own ways.

    Might well be wrong here, but I think it was asking for payments on account for 06/07. I believe they are based on the previous years tax payable (total liability less tax deducted at source) which we calculated for the previous task. So I put:

    Pyt 1: £xxx due 31st January 2007 + balancing payment due re 05/06

    Pyt 2: £xxx due 31st July 2007
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    I thought it was a pretty fair paper with a few surprises (no share pool!). I think I made a few mistakes but nothing too disasterous, I hope!!

    Chris
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?
    rowets wrote:
    Remembered the 10% W&T for the furnished property. Did everyone remember to apportion the income and insurance costs for the time of ownership of the properties? All in all not a bad paper. Hope everyone's done ok

    Tim

    Yeah, I spotted that bit just as I was about to scribble the whole amount down!! Felt rather pleased with myself for noticing.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    aah carly i think u are right there, can i argue that my person pays his tax straight away, hehe...
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    I thought it was okay in general but section 2 was a bit confusing. Did anyone allow the cost of decoration? Also, someone in my group thought that the roof repairs were before he'd even bought the properties but I didn't spot that.

    I'm still a bit confused about chattel relief too. I thought it only applied if the item was bought for less than £6000 and sold for more than £6000. Surely, if the sale proceeds and cost were both more than £6000, the 5/3 (proceeds-6000) does not apply.

    Oh well - fingers crossed that I got enought things right to pass.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    on the first section theres ISA savings interest, is this tax free??
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    I said the ISA was tax free.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    good i did too :)
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?
    Talamascan wrote:
    I thought it was okay in general but section 2 was a bit confusing. Did anyone allow the cost of decoration? Also, someone in my group thought that the roof repairs were before he'd even bought the properties but I didn't spot that.

    I'm still a bit confused about chattel relief too. I thought it only applied if the item was bought for less than £6000 and sold for more than £6000. Surely, if the sale proceeds and cost were both more than £6000, the 5/3 (proceeds-6000) does not apply.

    Oh well - fingers crossed that I got enought things right to pass.

    I allowed the decoration and the roof repairs, neither of them were capital expenditure (such as adding a central heating system) and as far as I know you are allowed to claim for things that enable the property to be habitable.

    Chattel relief only applies if the item cost less than 6000 but sold for more than 6000 and therefore (in my opinion!) didn't apply to that exam question. I took the proceeds less the indexation & advertising fee to arrive at the gain.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    Well, I can't change anything now on the PCT or DFS exam. I'm gonna forget about it all and enjoy Xmas and New Year. My work Christmas do is tonight so gonna get drunk!

    Mark
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    my work xmas do is on the 22nd, can't get drunk though as i have another job where i'll be working in the night. Typical! another reason why im not worried about passing this exam, I haven't put the time in to revise, so i cant expect to do well.
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    Don't write it off - no one knows what the pass marks are anyway!
  • System
    System Posts: 100,534 πŸ€– Admin πŸ€–
    Re:PTC - How did it go?

    I allowed all the expenses on the properties and 10% wear & tear on the second property. The insurance amount was 9/12 of the total though as it was up until June 06. Don't know if this is correct.

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