Btc

*Sarah*

So how did everyone find it? I struggled so I'd be very suprised if I passed it :-(

ally

Quietly confident!!

I thought it went ok, i did mess up a fair bit in the 2nd section and so had to tippex and re do it! but i'm putting it out of my mind now and concentrating on revising for ptc on friday.

Frank Wood

I thought the main questions where all the marks were available were ok but some of the smaller questions were on parts of the syllabus that we only briefly touched on in our studies.

mehmet

I didn't find it too difficult. I messed up both the Plant & Machinery Capital Allowances question (for some reason I did an FYA at 50%), and the IBA question, and I think I put some expenses in the wrong boxes in the Tax Return, but other than that it went well. Now I've just got to concentrate on PTC(for the time being, anyway).

emsquare1

I must admit i found it quite simple... so much easier than the other papers... disappointed about how much revision i did because i wish i'd have gone out instead! lol

m2rs2000

I didn't find the exam too hard, alot easier than the June 07 one that I failed. I noticed there were a few questions popped in there to try and trip you up, did anyone else notice these? The reeipts, one wasn't in the financial year for example and in Section 2 I'm a little worried as there was just the Schedule D income less CA and IBA in the PCTCT calculation, did anyone else get that? I hope everyone has done well and now can relax and enjoy Christmas! :thumbup:

JennyS

Btc

Came out of exam feeling confident and now convinced I've failed since reading everyone's posts! I forgot to add the chargeable gain in Sec 1 which should have gone with the shares and missed one of the receipts being out of the financial year. I rounded the IBS to 10 years for some reason and I didnt time apportion the IBS either! The rest of sec 2 was ok thought.. I also got the PCTCT as schedule D less CA and IBS..so hope that was ok. And for the land question I mentioned that he was entitled to Taper relief plus one years Indexation allowance..not sure what other thought of that question..

118 11kate

I also walked out of the exam thinking it wasnt too bad but since then realised I have made a few stupid mistakes but its if thoses stupid mistakes are "BIG" stupid mistakes that are enough to fail you.....oh well can always resit in june if need be cos its to late now.

fbac01

I too think I made a few mistakes. Found the amount of years the building was held for the previous owner, and then divided the cost by that figure, instead of remaining useful life. That and I forgot the annual exemption in the last question, after taper relief.

Also, should the profit on sale of equipment gone on "other income" in PCTCT? IF thats correct, then I forgot to do that. I can only hope that they're not too drastic mistakes.

JennyS

In reply to the last post. The profit on sale of equipment was in Sec 1, the amount should have been deducted in the first question to get the adjusted trading profits but added back a couple of questions later (after the tax form)in the shares question! I think the PCTCT was in section 2. I also missed the personal allowance in the last question.
I think the AAT fooled us into thinking it was an easy paper..which left us with a false sense of security!!

fbac01

Now Im confused. I cant remember what the shares question asked specifically. Didnt it ask for the net chargeable gain after taper relief for the shares? If so, why was the profit on the sale of equipment added to this?

Yazi

Hi

I also did not give a total for chargeable gains either on the shares question. Just the chargeable gain after taper relief.

The last question about the Land I keep confusing myself over as I realize now that the indexation to 1998 and taper relief and personal allowance which I put, was for sole trader or partnerships and this was in Section 2 which covered the Ltd company. Did he mention that he was in either of these? Or was this another trick question......Cannot remember and not sure if what I said was correct....

pensilnek

I don't think you needed to add the profit from disposal as any charges payable would have been dealt with through a balancing charge as part of the CA's already calculated. Thats what the book says anyhow. fingers crossed hey

JennyS

I think you did need to charge the profit from the sale of equipment because the question asked for chargeable gains for that period which were the shares and the profit from sale of equipment..but I might be wrong..Also very confused about last question to do with land. I read it as he wanted advice as an individual..and I gave him advice as an individual..but it is strange to come up in Sec 2 on Ltd Companies..but I might be wrong on that as well..

118 11kate

My tutor said that tax is full of twists and turns and leaves most people in two minds.....one thing for sure the more you try to remember and compare the more depressed you get.

fbac01

I see what you're saying re the profit on disposal of equipment. As soon as I saw that, I thought there would be a general pool question - the idea being remove it from trading income, and pending more information, removing the assets from the general pool, which would reduce the WDA. The problem I have with putting it in a chargeable gain is that you didnt know the sales proceeds, what the allowable costs were, how long the assets were held, and what taper relief was available. I cant see any of the badges of trade coming through in the exam either. Oh well, roll on the answers to put us all out of our misery.

Also, from what I can remember of the last question, it sounded a bit too "personal tax"y for me. Didnt he say he had some personal land and was worried about not having indexation until the end?

JennyS

On the last question about the land..I think I remember that he had personal land and was worried about a big tax bill. I said that he would get a little indexation allowance and taper relief. Not sure if it was right though