Woohoo! 3pm! We can discuss PTC.
Comments
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i sympathise re the PPR - i spend a long time agonising over this. in the end i just thought that they might give me some marks for my excellent calulations even if they weren't needed! what a jerk i hear you all cry.
you didn't get any tax due because of your decision not to include the house, so they will take that into account
and by the way nowhere in the BPP book did they say what to do with redundancy or the milaeage claim (the £300) on the form so I think AAT need to look at that when marking0 -
please find it in chaper 4 (page 42 & 43)bpp booki sympathise re the PPR - i spend a long time agonising over this. in the end i just thought that they might give me some marks for my excellent calulations even if they weren't needed! what a jerk i hear you all cry.
you didn't get any tax due because of your decision not to include the house, so they will take that into account
and by the way nowhere in the BPP book did they say what to do with redundancy or the milaeage claim (the £300) on the form so I think AAT need to look at that when marking0 -
Hi we all said that we had never come across redundancy and we to had problems with the property as it was her only property.
It was a harder exam than the last 5 past papers i have done. so hope AAT look at it as we all had the same problems .0 -
My tutor has said that the PPR question should have meant that she wasnt taxed on the house at all - so I have messed that one up too!
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i put the PPR exempt first on the understanding that it was her only property, then doubted myself when i seen the idexation number for the period and the rest of the section being easy
But thinking back i cant remember crossing this out exempt answer out, how will this be marked does anyone know?
Is it exempt or not im so confused0 -
With regards Redundancy Payments, at my college we studied using the Osbourne Personal Tax 07/08 book and no one can find any references to redundancy payments in it.
Out of interest, was it mentioned in any of the other AAT study books for this unit?
I did a quick search for information and came back with this site -
http://www.tax.org.uk/showarticle.pl?id=601&n=379
and it backs up what people are saying about the first £30,000 being exempt, so it looks like it shouldnt have been included.0 -
Hi Guys,
Just so you know, a loan is only exempt if it is never more than £5000 in total. Therefore if the loan starts higher than £5000 but ends lower than £5000 it is still taxed.
The PPR had an exempt element but it only equated to 96 out of the 137 months that the girl owned the property for.
The Van was exempt because there was no private use.
Speegs0 -
(that was her only property) dats wat created doubt in my mind and havent applied ppr hope so dat is the right approach0
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The BPP books mentioned redundancy.0
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chriseubanksgrandma wrote: »If i see that bull**** about the window and the debit side again then im going to find speegs and inflict pain upon him/her
Bring it on Grandma :001_tt2:0 -
ftc kaplin havent showed any fing like redundency it was the word out of my vocabuloray any ways i treated as some thing given to the employee if he is willing 2 retire himself
bcoz there was a lttle clue in task 2.7 that the girl wanted also redundency and wanted 2 know how much money he got although that was a typical confidentality question but was makin some kind of sense 2 me
i added that redundency in the salaries and treated that as some kind of a bonus to the employee who retires at will0 -
With regards Redundancy Payments, at my college we studied using the Osbourne Personal Tax 07/08 book and no one can find any references to redundancy payments in it.
Out of interest, was it mentioned in any of the other AAT study books for this unit?
I did a quick search for information and came back with this site -
http://www.tax.org.uk/showarticle.pl?id=601&n=379
and it backs up what people are saying about the first £30,000 being exempt, so it looks like it shouldnt have been included.
Hi everyone,
It did say something next to the box on the tax form about redundancy up to £30,000!!!0 -
umerali2003 wrote: »ftc kaplin havent showed any fing like redundency it was the word out of my vocabuloray any ways i treated as some thing given to the employee if he is willing 2 retire himself
bcoz there was a lttle clue in task 2.7 that the girl wanted also redundency and wanted 2 know how much money he got although that was a typical confidentality question but was makin some kind of sense 2 me
i added that redundency in the salaries and treated that as some kind of a bonus to the employee who retires at will
This whole post is out of my vocabulary.0 -
HiHi everyone,
It did say something next to the box on the tax form about redundancy up to £30,000!!!
I used the BPP book, the Osborne book and the Kaplan book and I can confirm that BPP were the only ones who mentioned anything about redundancy. However, we were not shown where to enter these figures on the tax return. I know there is a box on the form mentioning the redundancy exemption but it is no as simple as entering the figure in that box. I have just checked on the HMRC website and it says that we should have entered £20,000 in box 1.24 (the exemption box) and then enter it again in box 1.29. I wonder if any PTC student in the country (except form the ones who do tax returns daily) got this bit right.
Oh well. I think I only missed that the redundancy on the form and, like an idiot, I missed the CGT due date. If those are my only mistakes in each section hopefully they only carry a couple marks.
Well good luck to everyone anyway.
Speegs0 -
Hi everyone.
I think if you make a few initial errors with your benefits but then carry the benefits figure forward and treat it correctly going forward, you might be OK because of the "students own figure" rule.
Also remember that even if you end up with the wrong answer, if you have included your workings, you will get marks for each of the numbers your had correct in your workings. That's what it said on the AAT website once when the examiners were trying to encourage everyone to put their workings down.
Well, bye for now.
Speegs0 -
nattynoonoo wrote: »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.
Omg how much was the loan for?0 -
£7000 i think0
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Hi
I used the BPP book, the Osborne book and the Kaplan book and I can confirm that BPP were the only ones who mentioned anything about redundancy. However, we were not shown where to enter these figures on the tax return. I know there is a box on the form mentioning the redundancy exemption but it is no as simple as entering the figure in that box. I have just checked on the HMRC website and it says that we should have entered £20,000 in box 1.24 (the exemption box) and then enter it again in box 1.29. I wonder if any PTC student in the country (except form the ones who do tax returns daily) got this bit right.
Oh well. I think I only missed that the redundancy on the form and, like an idiot, I missed the CGT due date. If those are my only mistakes in each section hopefully they only carry a couple marks.
Well good luck to everyone anyway.
Speegs
Hi Speegs,
With all due respect, my job has nothing to do with tax I was unconfident going into the exam yesterday as I missed mostly all tax lessons, due to illness. I just looked at the small print on the tax form for any clues and that is were I came acroos it.0 -
NBB - That's my point. I do not work in tax either, but I was supporting all the people who were not lucky enough to study at BPP because those people were not taught about redundance. I was taught it at BPP but was not shown were to put it on the form. Yes box 1.24 mentions redundancy, but box 1.29 does not and not everyone would have known what to do with the figure. Also the Kaplan book specifically states that boxes 1.24 to 1.29 would not be used.
Anyway, gotta go for now as I am having my pacemaker battery replace this afternoon. Wish me luck.:crying:
Speegs0 -
NBB - That's my point. I do not work in tax either, but I was supporting all the people who were not lucky enough to study at BPP because those people were not taught about redundance. I was taught it at BPP but was not shown were to put it on the form. Yes box 1.24 mentions redundancy, but box 1.29 does not and not everyone would have known what to do with the figure. Also the Kaplan book specifically states that boxes 1.24 to 1.29 would not be used.
Anyway, gotta go for now as I am having my pacemaker battery replace this afternoon. Wish me luck.:crying:
Speegs
Goodluck with the pacemaker battery Speegs!!!!!
An just for the record i was one of those "people who were not lucky enough to study at BPP" I was merely answering your question in regards to "I wonder if any PTC student in the country (except form the ones who do tax returns daily) got this bit right" Which was yes there was!!0 -
PTC exam was very strange yesterday... first redundancy!? In all the past exam papers that I have practised, this had never came up! Plus we were never taught at college how to deal with the matter so it was a complete guess! I left it as in the tax form, there was a slight clue under the lump sum section where its says £30,000 exemption so I did not tax it!
And PPR! What is all this about! We never covered this in tax lessons! As we were leaving our last lesson our tutor gave us a hand out and said, you may need to know about this...it has PPR on it and just explained that it was tax was chargeable if the property was empty for more than 36 months!! So no1 in my class could do this question as we didn't know how to calculate it...just had a bash at it!
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PTC exam was very strange yesterday... first redundancy!? In all the past exam papers that I have practised, this had never came up! Plus we were never taught at college how to deal with the matter so it was a complete guess! I left it as in the tax form, there was a slight clue under the lump sum section where its says £30,000 exemption so I did not tax it!
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Hi Laura88,
I wasn't taught about redundancy either, but like you said there was a slight clue so I did exactly the same as you!!!! xx0 -
I literally read about redundancy the night before my exam as I was skimming the book. I barely took it in as I'd never seen it on a paper before but luckily I remembered the 30k expemtion.
With regards to PPR, I barely understood that anyway so I knew I'd suck if that came up
This sitting they seem to have chucked a load of awkward stuff in
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Well I took that redundancy payment to be a situation where he had a contract with his employer where they asked him to leave early and his contract said he had to be paid a certain amount if he left early. :thumbup:
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/19/cmredun19.xml&page=2
Let the search for loopholes begin or we could just admit we didnt have a clue what to do with it as it wasn't in our study books.0 -
Ptc Exam
Hi Everyone Just Wondering Did You Have To Apportion The Salary And Pension Or Woz This A Red Herring ???0 -
Hi Gavin,
I apportioned the salary by seven months. I then calculated the pension based on the apportioned salary. YOu could also calculate the pension on the annual salary and then apportion it and you would have gotten the same figure.
Speegs0 -
Hi Speegs Thank So Much For The Reply It Looks Like I Messed That Bit Up I Did Not Apportion For The Salary And Pension At All
Oh Well C Est La Vie !!!
Regards0 -
Your not alone, I did not apportion the salary and pensionGAVINWILLIAM2005 wrote: »Hi Speegs Thank So Much For The Reply It Looks Like I Messed That Bit Up I Did Not Apportion For The Salary And Pension At All
Oh Well C Est La Vie !!!
Regards 0 -
To all of my fellow aat members i knew u all r worried abt the result but we cant make any changes now the more i see the forum the more i get tensed just get over it now we all have our fingers crossed so just chill out now lets hope aat will drop back a bit in passing rates bcoz the papers were not dat wasy 2 score 70 percent easily0
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Hey Hunter Oh Well That's Makes The Two Of Us
Misleading I Thought That Woz Not Seen That Before !!0
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