Btc
Comments
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I added back the Salary for Harrison and his wife. Added back £600 for the goods he took. Was debating on £800 though, but decided against it because he contributed £200.
I deducted the cost of the land for the IBA. But I time apportioned the 4% by 10/12 because it was a 10 month period...not sure if that was right??0 -
I did that!
280000
(46000)
( 5000)
___________
229000*4% = (9160/12)*10= 7633
Right? I hope so!0 -
Kj - I did almost everything like you, did you deduct land preperation costs too, becasue their associated with the land.
Fiorellino - You do apportin IBA my friend!0 -
YAYAYAYAY Staffz nice one! Its reassuring to see answers the same as yours!!!
Did anyone else get something like 792 for the shares?0 -
I didn't deduct the land prep costs, in our Kaplan book it says qualifying costs include costs of preparing the land ie levelling, tunnelling and drainage.0
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I added back the Salary for Harrison and his wife. Added back £600 for the goods he took. Was debating on £800 though, but decided against it because he contributed £200.
I deducted the cost of the land for the IBA. But I time apportioned the 4% by 10/12 because it was a 10 month period...not sure if that was right??
My book definitely said that IBA and WDA are both time apportioned if the period concerned was not 12 months and FYA wasn't.0 -
Also added extra 600, to make up cost of aircon units.
Disallowed wife's wages altogether, as wasn't a business cost, but left his in -argh!!! I guess that is key, as without it there are no profits so cannot show that I can work out the split year 19% & 20% - will it be a straight fail for section 1???0 -
KJG KJ - Ohhh Thanks for that my mind is now at rest! I knew I saw that 'someone' had commenced in Trading that year just couldn't remember who......mind playing traicks and all that0
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I added back the Salary for Harrison and his wife. Added back £600 for the goods he took. Was debating on £800 though, but decided against it because he contributed £200.
Sorry I meant to reply this as well earlier. I understand what you are saying about £600 rather than £800 but does it really matter that he paid money for it? Isn't just the amount of the sale (which is £800) that goes through P&L rather than cash flow.
I don't know. I am just thinking out loud here because I deducted £8000 -
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There wasnt a split 19% 20% was there.
End of section two was a ten month cap. So April, May, June, July, August, Sep, Oct, Nov, Dec, and Jan = 10months, all at 20% corp tax.
They also gave three indexation factors to confuse us. i Used 17%0 -
why was the taxt split between 2 years.
it was 10 months from april untill january so where does the split come in?0 -
did anyone create a seperate pool for the short life assets? i did and i dont know if this is correct or not:confused1:0
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I agree, section 2 was the April to Jan period, was it not? Jeez, no wonder I am rubbish at exams, can't even remember 3 hours later!!!0
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I didn't deduct the cost of preparing the land. i remember seeing somewhere that it is a qualifying cost.
As for the shares i just remember that i had an indexation allowance of £91...?!
The airconditioning units in the first one, i added on the £800 in which they were worth? didnt have a clue what to do for this one!
The written questions, i dont feel like i wrote enough! oh well!!!0 -
When I was doing the corp tax I used 30% with marginal relief, but I suppose it depended on your other figures from the previous questions. I had a taxable profits for the company of seven hundred and something thousand0
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i got 9500 for iba
285000 X 0.04 X (10/12)
is this correct?0 -
There wasnt a split 19% 20% was there.
End of section two was a ten month cap. So April, May, June, July, August, Sep, Oct, Nov, Dec, and Jan = 10months, all at 20% corp tax.
They also gave three indexation factors to confuse us. i Used 17%
wasnt section 2 taxed at 30% less marginal relief?0 -
ash1711 I created a separate pool for the short lifeassets0
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corporation tax was at 30 % because Marginal Relief is given, am I right?0
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i got 700 and something thousand for the profit so i used marginal releif0
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Yes, you nalways have a separate pool for S.L.A.- anything you intend to keep under 5 years I think, tho may be 3 - I always confuse those two! That's why accountant consult using books!0
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For Section one I got:
Capital Allowances £67564
Scd D Case 1 profits £53216
NIC contributions £2667.36
PCTCT (?) £174076
Section two I got:
IBA £7633
PCTCT £735664
Tax Liability £207841
I can only save 7 answers in my calculator, so not sure about the rest - and the labels might be wrong as well... but those are the numbers I put0 -
OH Crap ****
I deducted marginal relief to, please tell me i didnt use 20%!!!!
Dont think i did, i remember making sure the months were 07 for the formula!
What corp tax figure did you get?0 -
i used 30% less marginal relief.
i think my tax payable was around 200k in the end... i think!0 -
bennyboy88 wrote: »I didn't deduct the cost of preparing the land. i remember seeing somewhere that it is a qualifying cost.
As for the shares i just remember that i had an indexation allowance of £91...?!
The airconditioning units in the first one, i added on the £800 in which they were worth? didnt have a clue what to do for this one!
The written questions, i dont feel like i wrote enough! oh well!!!
i had the indexation allow of £91 surely we can't both be worng :001_tongue:0 -
End of section 2, I just had one tax year, however, they were eligible for marginal relief I hope0
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London Matt....Snap!
Think we might have made a mistake in the IBA if land prep is allowable though!0 -
LONDONMATT
i got nearly the same answers as you.
was it just the entertaining staff expendite that was not allowable in the other expenses info.0
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