Woohoo! 3pm! We can discuss PTC.

speegsspeegs Experienced MentorPosts: 854Registered
Can't wait for my results. I think I did well.

Speegs
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Comments

  • Emma1708Emma1708 Well-Known Posts: 217Registered
    What did you do for the PPR? I got 96/137 as occupied and the house around £38k before TR
  • DeeDee Feels At Home Posts: 29Registered
    Well done Speegs. I'm feeling fairly confident too but that probably means that I've messed up big time!
  • Emma1708Emma1708 Well-Known Posts: 217Registered
    speegs wrote: »
    Can't wait for my results. I think I did well.

    Speegs


    Well done, glad you feel confident

    xx
  • Emma1708Emma1708 Well-Known Posts: 217Registered
    How long did it take you all? I finished at 11am, same as with BTC

    x
  • kyle1kyle1 Feels At Home Posts: 31Registered
    yeah me too section 1 was more tricky than expected but followed through the knowledge and on consulting with my tutor i am confident i have passed.
  • hunterhunter Feels At Home Posts: 54Registered
    I think i failed section 1 for the following reasons, did not apportion salary or pension, did not give anything for business mileage and included van as benefit!!!! section 2 added ppr and got wrong date for when tax due. Oh dear fell at the final hurdle :(:(
  • speegsspeegs Experienced Mentor Posts: 854Registered
    I sure you'll be fine Dee.

    Now come on everybody, I need your help.

    Assuming i have passed I will now be able to apply for my members in practice license. What i need help with is what I should call by bookkeeping and personal taxation services company.

    Any name ideas gratefully accepted. The wackier the better.

    Speegs
  • Emma1708Emma1708 Well-Known Posts: 217Registered
    What about something to do with your name, where you live etc?

    Or Duey, cheatem and how - (stolen from Friends!)


    x
  • speegsspeegs Experienced Mentor Posts: 854Registered
    Hang on. Where did we have to put a due date?

    I did not put a due date. Will I fail for missing this?

    Speegs:crying:
  • kyle1kyle1 Feels At Home Posts: 31Registered
    hunter wrote: »
    I think i failed section 1 for the following reasons, did not apportion salary or pension, did not give anything for business mileage and included van as benefit!!!! section 2 added ppr and got wrong date for when tax due. Oh dear fell at the final hurdle :(:(
    a few of the people that sat the exam with me did very similiar errors but my tutor stressed to them that it is not always about getting the answer right but showing enough comopetence to gain credit!
  • Emma1708Emma1708 Well-Known Posts: 217Registered
    speegs wrote: »
    Hang on. Where did we have to put a due date?

    I did not put a due date. Will I fail for missing this?

    Speegs:crying:



    For the CGT. I doubt that one small error will mean a fail.


    x
  • GoldenRetreiverGoldenRetreiver Feels At Home Posts: 64Registered
    Hi Speegs, I got the same as you and was happyish about it (apart from messing up the pension part at the beginning and forgetting about the capital allowance 9200) ;( However, then my friends told me it shouldnt have been charged as a PPR because that was her only property - the rest of the time she lived with her parents!
  • parlabaneparlabane New Member Posts: 7Registered
    Oh man, that's just reminded me I didn't even give a date for when the tax was due! I read the question, did the numbers bit and then forgot all about the date bit. I was pretty confident about the rest, too.
  • kyle1kyle1 Feels At Home Posts: 31Registered
    Emma1708 wrote: »
    How long did it take you all? I finished at 11am, same as with BTC

    x
    i had finished by 10.30 and then just read through my answers for a further 10 mins.
  • meinemonkeymeinemonkey Just Joined Posts: 2Registered
    argh

    can i ask a few questions about things i know i messed up?

    the private car benefit. if they gave 35p a mile thats below the allowance so is it a benefit ? or do you take off the 5p a mile that its below the allowance?!?

    the PPR - is it or isnt it?? i put it as it was chargeable because she was away for over 3 years but then if its her only property???

    the HMRC rate was always given as 5% in my books and revision so i didnt even think it would be different in the exam, so why did they change it to 6.25%

    i forgot to take the pension contributions off the gross wage too!

    also forgot that you multiply the cost of the house over £75 k by the HMRC percentage! I just added the extra £100k on. how stupid.

    It was a terrible terrible exam imo !!!
  • DeeDee Feels At Home Posts: 29Registered
    Hi Speegs, I got the same as you and was happyish about it (apart from messing up the pension part at the beginning and forgetting about the capital allowance 9200) ;( However, then my friends told me it shouldnt have been charged as a PPR because that was her only property - the rest of the time she lived with her parents!

    It was her only property but I thought it was a about RESIDENCE. I'm sure I have seen examples where periods of absence to stay with friends was chargeable.
  • Emma1708Emma1708 Well-Known Posts: 217Registered
    can i ask a few questions about things i know i messed up?

    the private car benefit. if they gave 35p a mile thats below the allowance so is it a benefit ? or do you take off the 5p a mile that its below the allowance?!?

    the PPR - is it or isnt it?? i put it as it was chargeable because she was away for over 3 years but then if its her only property???

    the HMRC rate was always given as 5% in my books and revision so i didnt even think it would be different in the exam, so why did they change it to 6.25%

    i forgot to take the pension contributions off the gross wage too!

    also forgot that you multiply the cost of the house over £75 k by the HMRC percentage! I just added the extra £100k on. how stupid.

    It was a terrible terrible exam imo !!!


    Oh sh!t. I did the same with the house!
    I feel ill now
  • speegsspeegs Experienced Mentor Posts: 854Registered
    Hi Guys

    I have just emailed my fantastic tutor, Claire, and she said the missing the due date for the CGT will only loose 1 mark maximum. Phew!

    Oh well, being the worlds worst Jew I am going to treat myself to a bacon butty in celebration of having finished my exams.

    By the way, has anyone got any name ideas for my accounting and tax practice. the weirder the better.

    Speegs
  • hunterhunter Feels At Home Posts: 54Registered
    I only knew the rate had changed from this website, the book and our tutor told us 5%. I though it was horrible paper too.
  • speegsspeegs Experienced Mentor Posts: 854Registered
    Hi Hunter

    Let me guess. You studied from the Osborne book didn't you?

    I have actually reported this to the Osborne Books authors and suggested they update their material.

    Speegs
  • kyle1kyle1 Feels At Home Posts: 31Registered
    hunter wrote: »
    I only knew the rate had changed from this website, the book and our tutor told us 5%. I though it was horrible paper too.
    my tutor told me that any changes to tax rules can only be implemented on the exam paper if the change happened 6 months before the exam paper and i think the change in percentage meets this criteria.
  • hunterhunter Feels At Home Posts: 54Registered
    yep you guessed it osbourne book, i am so annoyed.
  • speegsspeegs Experienced Mentor Posts: 854Registered
    As for mileage i deducted £300 from my taxable benefits. I got this by:

    Mileage claimed (6000 x 35P) = £2100
    Less statutory limit (6000 x 40p) = £2400
    Leaving a reclaimable amount of £300

    On the tax return I enter that £300 on the second page in the travel and subsistence box.

    I hope I got that right.

    The PPR worked out that 96 out of 137 months were exempt. This because:

    60 months were actual occupation and therefore exempt.
    41 months were chargeable as she lived with her parents.
    The last 36 months are also exempt.

    PPR is based on ownership and occupation/deemed occupation.

    I hope this makes sense.

    Speegs
  • kyle1kyle1 Feels At Home Posts: 31Registered
    i got exactly the same
  • speegsspeegs Experienced Mentor Posts: 854Registered
    Good. That's makes me feel better. Or maybe it was the bacon sarnie. Yum :tongue_smilie:

    Well I have to leave you all now as I am playing my saxophones in the synagogue band tonight. Yippeee !!!!:thumbup:

    Speak to you all later.

    Feel free to PM if you have any specific queries and I will try to help you when I log back in later.

    Try not to worry too much you lot.

    Go to the pub and have a jolly good p!ss up.

    NO MORE EXAMS - YAY:lol:
  • Emma1708Emma1708 Well-Known Posts: 217Registered
    I am totally gutted. I cant believe I did such a stupid thing with the flat benefit.

    I am sure now they will fail me for being such an idiot.

    So much for starting ACCA :crying:
  • kyle1kyle1 Feels At Home Posts: 31Registered
    i dont think they can fail you for that because even though you didnt get the answer correct you understood the logic and that is the main thing!!
  • imeldabyeimeldabye Well-Known Posts: 147Registered
    Ok who thinks i can fail on these things in Section 1
    1. I didn't apportion the loan benefit 7/12
    2. I deducted £300 (from mileage) from income and not benefit
    3. I actually got the wrong end figure for benfits (slip of calculator) but showed corrected calculation - but this meant that I couldn't apply the pension extension of basic rate - tho I put a note in showing that this is how it is treated with.
    I worked soooooooooooooo hard for this exam - and can't believe I may have failed it. :crying:
  • imeldabyeimeldabye Well-Known Posts: 147Registered
    and another thing

    I got the wrong figures re the mileage on the form. sorry everyong but i am hoping the whole country found it tricky so the pass mark is lower!
  • nattynoonoonattynoonoo Just Joined Posts: 1Registered
    Oh god i am so scared now from reading all of this! Firstly i thought that the property in section 2 was exempt because it was her main residence even though she lived with her parents the question didn't say she nominated it as a her ppr???

    And on the capital gains tax after bring forward last years loss there was no tax due - did anyone else have this??

    I couldn't find anything in the book to do with redundancy but apportioned the salary to six months i think calculated the pensions on this and then added the redudancy pay onto this - don't have a clue if this is right?!

    Also left out the van because he didn't use it for any personal use and left out the loan because the amount was less than £5000 outstanding.

    Did anyone else think like this or is it me?? I came out ok but now i am starting to think i messed up quite a bit:confused1:
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