PTC 7 Dec 2007

pikeydiva

Oh dear...not really a hard paper but i have SO messed up!! forgot to apply IA to the house to 1998!! and forgot to calculate the CGT payable....left it as the total Gain chargeable!! without applying the relevant tax bands!! ARRRRRRRRRRRHHHHHHHHHH 2nd time and I very much doubt i will pass after that...think i also forgot to deduct the PA on the individual income tax caluclation!!
Why is it that everytime you leave the exam room YOU KNOW where you have gone wrong BUT CANT SEE IT whilst the paper is in front of you!! MADNESS
oh well i will blame it the pregnancy 4 weeks til arrival and i think it a good one....sapping up me brain power?!!

Oh well all over with now....will wait for the results but definately wont be holding my breath.

Xmas soon be here and then a new year!! and maybe more re-sits LOL

Hope everyone else sitting found it ok and didn't make any silly mistakes like me!!

am sure i got other q's wrong but right now i not even going to dwell on it...couldn't remember even if i wanted to.

here's to the results!!
:crying:

bAsHanTi

Ptc

pikeydiva wrote: »

Oh dear...not really a hard paper but i have SO messed up!! forgot to apply IA to the house to 1998!! and forgot to calculate the CGT payable....left it as the total Gain chargeable!! without applying the relevant tax bands!! ARRRRRRRRRRRHHHHHHHHHH 2nd time and I very much doubt i will pass after that...think i also forgot to deduct the PA on the individual income tax caluclation!!
Why is it that everytime you leave the exam room YOU KNOW where you have gone wrong BUT CANT SEE IT whilst the paper is in front of you!! MADNESS
oh well i will blame it the pregnancy 4 weeks til arrival and i think it a good one....sapping up me brain power?!!

Oh well all over with now....will wait for the results but definately wont be holding my breath.

Xmas soon be here and then a new year!! and maybe more re-sits LOL

Hope everyone else sitting found it ok and didn't make any silly mistakes like me!!

am sure i got other q's wrong but right now i not even going to dwell on it...couldn't remember even if i wanted to.

here's to the results!!
:crying:

mine wasnt well as well........
i dont knw why did i get soo strange answers.....
in house i didnt get any loss n gain cox indexation makes it negative answer n i think indexation never makes or create loss.....???????
and in section 2 income tax i didnt get any taxable income...
and also i forgot that occupational income should be directly deducted from salary,,,but me silly increase the rate band....i knw that but ihowcud i do mistakes in exam n realise after,,,,,,,,,,#
writeen answere wasnt good as welll.....
bless meh...!!!!!!!

jorja1986

I failed mine for the 2nd time in June, as soon as I walked out and my other half said, "that was a challenge" I knew I had messed up, I thought it was straight forward!!!

I forgot to include allowances deduct pensions, didnt even mention the pooling of shares!! Miserabley failed both sections!!! :001_rolleyes:

I decided to miss this resits and retake in June 2008. Figured another year I might get my head around it!!! :blushing: (Very busy year so I wasnt concentrating on exams at all, wedding was 2 months away moved a week before the exams and a very tragic death a few weeks before, wonder I went at all really!)

Happy xmas to all and good luck for the birth of your baby in a couple of weeks!

(You probably done alot better than you think!)

accountschic

Me also

I missed the IA saw it too mins before the end couldn't cross other stuff or re calcualte the CGT in time. Just scribbled the new answer down using IA in hope they may take in into account.
I just seemed to draw a blank all the way through.
I messed up the rental income as well. I put 2 quaters rent in half the insurance and the £500 but not £750. Can anyone remember what they did?

Did you charge fuel benefit since in said in payment of some private mielage.


Yikes I feel so daft having mental block , I think PCr finished me off yesterday!

kerri

I went in so confident this morning and came out feeling terrible.

The paper wasn't as hard as it could have been but I made some stupid errors on PPR and the shares, so I'm guessing I failed section 2.

Re-Sit's in June then !!!

My own fault for thinking I knew it all - even though I did revise every night for the last 3 weeks.

:laugh::laugh:

Kaye

so everyone had a rough time with personal taxation.
Gift aid do you just extend your band for 22% and put it in your calculation there?
PPR is the worst thing ever i spent to much time revising matching shares and forgot all about PPR, was so gutted when it was on the paper:thumbdown:

Ozzy

See What happens

Ive just done the PTC exam today and i thought section 1 was ok, might have fluffed a little mark here and there but all in all ok.

Section 2!
Well it seemed ok but later finding out on the bus that the house question i done as wrong.. i got the proceeds and minuesd off the the cost and the indexation of the cost and i thought well that was easy, but when i read the book it stated that the gain had to be apportioned to how many years the house as occupied!!? i mean you never see this till its happenned in hind-sight!

Well hopefully i wont be knocked for that to much, hoping that maybe just maybe some other people done the same mistake!??
Wow i had a big capital gain tax at the end!!
:glare:

pikeydiva

seems like we all did very much the same LOL.....exams...wonder if they take that pressure into account when marking them!..I can wish.

I calculated the sec 2 income tax as nil too......shares kinda confused me as they were all after April 98 and from revision..no pool...can't remember my figure tho.

oh well...lets hope the markers look at this post and make notes on where we all struggled....fingers crossed but i doubt i be marked as competant when missing out calculations of tax at the requierd rate! dumbhead....oh well...look forward to xmas everyone and enjoy the new year celebrations.

best fo luck for the results too.

snooop

overall it was an easy exam but that did not stop me making stupid mistakes! did well in bits and thought all the memos were fairly easy. hope it was enough

Andrewh26

not sure how much we should talk about it at the moment, but basically I did quite ok, small errors in the first section. But section 2, basically calculated 3 of the 4 wrong, and maybe thought the wrong one was exempt. Although those figures wrong, (Think only got the shares right) I'm hoping the fact I did the bands and all the other calculations.. net income tax, net gains, and gains tax all right and in the right format, (albeit with the wrong figures). Do you think that will mean i have done enough to pass? :huh:

Poppy

PTC Exam

:001_unsure:

Not sure if anyone else feels the same as me but I thought it was a really hard paper as there was some questions set out to trick us, I know I fluffed one as I calculated the car on the secondhand value not the list price!!!

I thought the rental was very confusing as well trying to work out which date to start accruing from,decided in the end to go for October, had £4000 + £150 and £750 if my memory serves me right. Any one else get the same?

Also the inheritance of that painting I did CGT on it but was worried it should have been left as it was inheritance decided to do it anyway as I knew the ring was less than £6000 so not assessable.

I think I did ok on the property one as I remembered to Index it, got confused working out the months and divided my gain by 106/236 (worked in months).

Andrewh26

hmm, rent, + ? i thought we were taking everything off even in this case

accountschic

Hi

I did much the same, got no CGt for ring but did on painting and messed up the PPR. I worked it in month but got confused about the apportionment and indexation and also the 6 yers he was in Oz.
On section 1 I got 4000 less 500 -150. For the rental.

With a fuel benefit on the car.

I could scream as I though I was ok, had done loads of revision but like so many have said the wording just seemed odd.

It seems many of us got confused on the same area. Just like PCR yesterday.

Well Happy Christmas everyone

accountschic

Hi

Yeah I grossed up the donation and extended the band by that for teh 22% rate.

Like you I got so wound up about share pool revisonforgot some key points of the PPR.

Not convinced I will get a competent.

Such a pian as re sits will be next December I think since the new tax year rules are been taught for students after Jan .

Hey ho!

Odyssey

I thought I had done ok when I came out of the exam but there was one thing I was unsure about. In section 2 I ended up not using all my personal allowance on the income tax calculation and couldn't remember whether to use the rest for the capital gains tax calculation. (guess I missed reading that page of the book!).
So I guessed and carried remainder down to use against capital gains.
Checked the book when I got home and guess what. 50/50 chance and I managed to pick the wrong one!!!
So that will have thrown my memo out totally as all the figures were based on my wrong answer before. And I forgot to put the date that capital gains is due for payment on the question that asked for a figure and a date!
But its over now! Christmas time now!

patward1354

Ptc

Certainly feel there are lots of 'grey areas' that we could be caught out on

did anyone else use 21/234 as PPR gain?
what about business expenses still not sure after reading the text books what we do here
and the final bit about 15% commision, really messed up there and tried to incoportate the 5/3 rule and lost the plot:mad2:

Kimberleena

Help!!!!!!!!!!!!

I think i made a few stupid mistakes......... did anyone else on the first question about the company car do it for 6 months, i think i read the question wrong im sure it said something about october in it i did the company car tax and the fuel allowance and then apportioned it for 6 months..... :glare:

Also on the second section with the private residences bit i took the time he was in australia as he was working and i thought that all that was exempt so i ended up with i think 21 month chargeable so my house after indexation had no gain..... has anyone else done that??????

topsywright

I'm a bit concerned with the house question. I put it as all exempt but am thinking now that there was a period that isn't exempt. but i think thats about the only thing i messed up on so hopefully it shouldn't fail me.

stickyd12

i think it was ok
for the house thou i got that it was fully exempt. but i know exactly what ive done wrong there

did you add a BIK for fuel? wasnt sure on this part too. i added it and took off the employees comp (as £80 a month is not an exact amount) - never seen an example like this in class or the book
and i might have mucked up on the actuall rently income amount (i used 4 months not 6)

happy if everything else thou so hopefully thats enough to get a pass

stickyd12

oh yea i had CGT of £188 (£1880 all at 10%)

IDS

I hope they don't measure the thickness of all the correction tape I used...

Fairly sure I got the car and fuel right, but stared off saying the house was rented for 5 months not 4, but only worked this out once I had completed all the section 1 calculations...

For part 2 I got the house unoccupied for 21 months so calculated PPR relief based in that.

Think the CGT only came out at about £50 after the amendment from the Auctioneers fees...

Anyhow it went better than PEV and as well as PCR so - here's hoping. I should have 2 out of 3 but will still hope for a clean sweep...

Kimberleena

I also did the rental income on 4 months not 6.... i got £2667, i didnt think that when the house was un occupied you accrued for what rent you should receive, i know when it is occupied you do. Surely if its empty all year youwouldnt be liable for tax on they money you could have got??? I took off the maintenance and £150 for 6months of the insurance but not the decorating

lj1984

What did anybody write for the email about antonias father's tax? I was completely baffled by this, perhaps I am being stupid? Apart from that I thought it was ok, definately better than expected

piggy

Re 21 Months.... I Got This Figure But Forgot The 3 Years Anytime Which Then Would Of Given A Nil Figure And Therefore No Gain To Pay Tax On

piggy

Kimberleena wrote: »

I think i made a few stupid mistakes......... did anyone else on the first question about the company car do it for 6 months, i think i read the question wrong im sure it said something about october in it i did the company car tax and the fuel allowance and then apportioned it for 6 months..... :glare:

Also on the second section with the private residences bit i took the time he was in australia as he was working and i thought that all that was exempt so i ended up with i think 21 month chargeable so my house after indexation had no gain..... has anyone else done that??????

YES BUT WHAT ABOUT 3 YEARS ANYTIME RELEIF

piggy

stickyd12 wrote: »

i think it was ok
for the house thou i got that it was fully exempt. but i know exactly what ive done wrong there

did you add a BIK for fuel? wasnt sure on this part too. i added it and took off the employees comp (as £80 a month is not an exact amount) - never seen an example like this in class or the book
and i might have mucked up on the actuall rently income amount (i used 4 months not 6)

happy if everything else thou so hopefully thats enough to get a pass

HOUSE SHOULD END UP NIL GAIN SO 5880 SHARES
4800 PAINTING
(8800) EXEMTION
1880 @10% TAX £188
I GOT THE HOUSE PART WRONG AS FORGOT ABOUT 3 YEARS ANYTIME RULE
PCR OK JUST THE ENERGY WRONG AS PUT IT ALL AFTER CONTRIBUTION FIGURE

Hunnibun

please help - if the painting was only 4800, was it not exempt as below 6000?
Many thanks :confused1:

piggy

Sounds Correct To Me

Hunnibun

This is crazy. I was so confident and stupidly looked forward to this paper until I was sitting in the exam hall.
I even messed up and took car at 14000 as we were only taught to take the cost of a car. Well I tried to apply logic and took the cost that the new owners had paid as they were supplying the benefit and assumed that they can not tax on something that the employer had not actually paid for??
We were also told to concerntrate on FA1985 pool and ignore PRR as it was very unlikley to come up due to any workings taking too long for an exam!
Stuffed was I when I read the paper. And..........................I have studied my arse off which makes it even worse that the things I had been told not to look at or told anything about came up in an exam!!!!! Well least i have had a little rant now, feel a little better:001_smile:

Bluewednesday

I can't understand why you were told not to look at PPR. I did the first Tax exams of the new syllabus (back in June 04 I think) and we had PPR in that so it was known right from the start of tax being an exam rather than a simulation.

If it helps no two of anyone in the whole class had the same figure and nearly all of us passed!

Hunnibun

While i was studying i couldnt remember going through it - pulled out my notes that i had written in class and across the top it said 'do not spend much time on PRR as this is very unlikley to ever come up in exam'
We had only written half a page of A4 details on it and only covering last 36 months and if living elsewhere for employment!!! No calcs or anything like it.