Btc

SalG

Anyone sit BTC today? & what did you think? I thought it was OK- MUCH better than the previous paper in June (hence my re-sit this time around!):thumbup1:

Anna Hillier

Hi everyone who sat this exam,
Hope it went well for you, but please don't discuss the paper before 3pm GMT. See my colleague Paul's advice for details

Yazi

Hello

I sat this paper today.

Thought it was ok till I heard others discussing it......

Yas

SalG

Oh. Did it not sound like it went too well for others then? I did get a bit stuck on the very last question regarding the land, but I wrote that there was no tax relief on it if he decided to sell.
Few other little errors, not sure I added back the correct bad debt provision/bad debt recovery, time apportionment of IBA, but hopefully if they're wrong, they will only be marked wrong once & won't carry forward into my further workings.
I feel like it was in a different league to the last few previous papers though.

sloshed

Hello

I sat the paper today and thought it was not too bad, until I realised that I messed up capital allowances.

Brian

Yazi

I heard them discussing things I had apparently missed!

So heart sank a bit and I left quickly.

They were discussing time apportionment.
Was this to do with the capital allowance and IBA? If it was I totally had a brainstorm as I did not time apportion.

The decrease in the bad debt general provision I deducted as it was a decrease not an increase.
Plus the personal use in the Ltd company I did not account for as there is no personal use in Ltd's only in Sole trader or partnerships.
Land - as it was privately owned I said that he would get Indexation to 1998 and then Taper relief and then the personal allowance if he was to sell.

Probably all wrong but can do nothing about it now...

What did you say about the Van repair?

snooop

it was a nice simple short paper. But my mind went blank again just like in june. i did all the memos but got stuck on the second section hope its third time lucky next year

SalG

I thought that indexation & taper relief could only be claimed for business assets? & as he personally owned land it wasn't the same thing?
As for the time apportionment, i'm pretty sure you do time apportion the wda's, but definately not the fya's. Not sure about IBA's.
Van receipt: I said should've been included in this years tax return, but would just have to be in next year's now. & disregarded the other 2 receipts.

kevo

I time apportioned the P&M allowances, but not the IBA's (i did recalculate the tax life remaining i think to 9.5years). I also deducted the decrease wasnt sure if this is right or not. You were correct not to deduct the personal use in section 2. The only thing im not too sure on was the land issue, i also said about indexation to April 98 then taper relief at 25% afterwards, but wasn't sure if i should have said land was not an allowable expense but decided to leave that bit out.

Overall I though this was far easier than any of the previous papers i've been working on the last few days, and I am fairly confident I will not have dropped many marks, so I will be gutted if I haven't passed.

pensilnek

Hi everyone,

Didn't think it was too bad, although my tax return was really messy. Do you think they'll count the mark if there's an arrow from the box to the answer. I scribbled things out so many times I was running out of space on the darn thing.

also, how many tax years did you use for the IB calculation. I had 9 .5 years, are you supposed to round down, any idea?

sloshed

I restricted the capital allowances for private use when I shouldn't have done. Ah well nothing I can do about it now.

On the land I advised he could have indexation up 5/4/98 then Taper relief as it is classified as a business asset.

kevo

How did others treat the share in section 1, I forgot that i was a little unsure on this. I started to do the 1985 pool till i realised there was no indexation figures at the front so realised that was only for companies. I just worked out the cost of the amount of shares sold by dividing the cost by number purchased and multiplied by number sold. I think I then deducted taper relief (no idea if i should of or not) the I added the profit made on sale of equipment to get my chargeable gains. Is this correct or have I screwed this bit up?

Yazi

Isnt profits on sale of Plant and Machinery dealt with in the capital allowance figure?

Oh well something else I have missed if not.

kevo

Yazi wrote: »

Isnt profits on sale of Plant and Machinery dealt with in the capital allowance figure?

Oh well something else I have missed if not.

If you were replying to my message, I was referring to section one, in the income part there was something like £3200 profit on sale of equipment which I treat as a capital gain as well as the shares

SalG

I ignored that. :001_unsure: Hmmm, not feeling too confident anymore, after reading these posts :sad:

Yazi

I see your point!

A resit I think

kevo

Im sure you will be fine, there was a few bits and pieces that were a bit tricky but I think overall moost people will have shown enough competency and not too many marks lost over small things

Donna

HI all new at the forum, It did seem an easier paper so fingers crossed for us all. Re the gains from kevo I also treated them as gains! and I treated the time period for the land as 9 years, this will be interesting in the answer sheet. Can anyone tell me when we will get our results?

SalG

21st/22nd February i think. Yeat i did 9 years for the IBA too. Then i time apportioned it - God knows if you can do that for IBA or not. Oh well, too late now

GoldenBoy

pensilnek wrote: »

Hi everyone,

also, how many tax years did you use for the IB calculation. I had 9 .5 years, are you supposed to round down, any idea?

This should be done to the nearest month, so 9 yrs and 6 mnths is correct!:thumbup1:

Also, results come out on the website on 20th February at 00:01. If you registered to receive your results by e-mail, you should get them around midday on 19th.