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Btc

1356

Comments

  • bennyboy88bennyboy88 New Member Registered Posts: 8
    LondonMatt wrote: »
    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 put

    i got figures very similar to these, bar the iba and the D 1 profits, mine were 53416 :)
  • KairiKairi Feels At Home Registered Posts: 25
    Well the "profits" I had were between £300,000 and £1,500,000 (both apportioned to 10/12 months obviously but I can't be arsed to calculate them again) so therefore it's 30% tax less marginal relief. And because of that I don't think you had to divide between different financial years.
  • cs_1988cs_1988 Well-Known Registered Posts: 231
    Surely Indexation was
    =9350*0.17

    =1589.5?
  • StaffzStaffz Feels At Home Registered Posts: 40
    Yes the 2nd section was at 30% as it was over the 300,000 lower limit, so had to do fraction thingy to get relief figure.

    1/40 * (1,500,000-7*****)*I/P

    I remember getting 700nodd thou, but couldn't remember meaning of I/P know one was profit, but sat for ages trying to remember other! Not looking too good!
  • KairiKairi Feels At Home Registered Posts: 25
    these answers look familiar to me.
  • kjg-kjkjg-kj Feels At Home Registered Posts: 68
    Indexation was x 0.017.
  • bennyboy88bennyboy88 New Member Registered Posts: 8
    i thought it was 0.017... cant remember
  • Ash1711Ash1711 Feels At Home Registered Posts: 26
    LondonMatt wrote: »
    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 put


    your section 1 looks the same as mine, (i got the same answers that are in bold) can't remember my pctct figure though.

    we also got different IBA figures, mine was £7800. and i can't remember exactly the amounts but they were definatley around the same as yours in section 2 :thumbup:
  • cs_1988cs_1988 Well-Known Registered Posts: 231
    0.017 or 0.17

    Oh Crap
  • ma1thewma1thew Settling In Nicely Registered Posts: 22
    you didnt need to do the i/p did you in marginal relief as there were no dividends received???
  • FiorellinoFiorellino Feels At Home Registered Posts: 82
    I still dont understant what needed to be done with the aircondition Selling price £400 and he paid only £200.
    Someone help please???
  • GoldenRetreiverGoldenRetreiver Feels At Home Registered Posts: 64
    Hi there was no difference between profit and PCTCT as there were no dividends received I think
  • LondonMattLondonMatt Experienced Mentor Registered Posts: 1,110
    cs_1988 wrote: »
    London Matt....Snap!

    Think we might have made a mistake in the IBA if land prep is allowable though!

    Yeah, they're right - the b*****ds ! :001_smile: - prep work is allowable

    At least we're not alone in our failure :001_tongue:
  • ma1thewma1thew Settling In Nicely Registered Posts: 22
    how was the iba correctly worked out?
  • KairiKairi Feels At Home Registered Posts: 25
    ma1thew wrote: »
    LONDONMATT


    was it just the entertaining staff expendite that was not allowable in the other expenses info.

    Ma1hew, it's customer entertaining that isn't allowed. Entertaining staff is allowed.
  • Ash1711Ash1711 Feels At Home Registered Posts: 26
    Staffz wrote: »
    Yes the 2nd section was at 30% as it was over the 300,000 lower limit, so had to do fraction thingy to get relief figure.

    1/40 * (1,500,000-7*****)*I/P

    I remember getting 700nodd thou, but couldn't remember meaning of I/P know one was profit, but sat for ages trying to remember other! Not looking too good!


    your 1,500,000 should have been 1,250,000 as it was a 10month period.

    1,500,000 x 10/12 = 1,250,000.
  • StaffzStaffz Feels At Home Registered Posts: 40
    You mean entertaining clients? Staff is allowable, clients are not. Only gift to clients under 50 with logo are.
  • KairiKairi Feels At Home Registered Posts: 25
    ma1thew wrote: »
    how was the iba correctly worked out?

    This how I done it

    Sale price of premises
    Less: cost of land
    = qualifying cost

    IBA = qualifying cost x 4% x 10/12
  • FiorellinoFiorellino Feels At Home Registered Posts: 82
    280000 - 46000 = 234000 x 4% x 10/12 = 7800
  • StaffzStaffz Feels At Home Registered Posts: 40
    Oh rats! I knew I got it wrong, didn't spend enough time on it, but then in 10 lessons was to be expected - technician level in 11 weeks is a joke! Especially with all exams in same week!
  • Ash1711Ash1711 Feels At Home Registered Posts: 26
    ma1thew wrote: »
    how was the iba correctly worked out?


    280000
    (46000)
    = 234000
    234000 x 4% =9360
    9360 x 10/12 = 7800
  • bennyboy88bennyboy88 New Member Registered Posts: 8
    i didnt time apportion my limits. dang. just means my marginal relief is wrong, hey ho
  • kjg-kjkjg-kj Feels At Home Registered Posts: 68
    OMG staffz...are you doing all 5 exams this week and you only had 11 weeks to learn it all???
  • mentalfuzzmentalfuzz Just Joined Registered Posts: 3
    Kairi wrote: »
    It's 3.0.pm!!!
    Right... I have a question. How did you deal with the part of the salaries that was paid to the wife that was not employed by the company in the first part??? I put it as proprietor's drawings. Did i do it right??

    Also... I just thought back.. I think I missed a question completely. There was something about company paying dividends in the second part, wasn't there?? But then I am not sure I would have known how to deal with it anyway. Anyone?

    Otherwise, I think it was a pretty good exam. Nothing too out of the ordinary and all understandable. Just hope my 2 muck ups will not be enough to fail me
    for the wifes salaries i thought these were disallowable expenditure! also not sure i saw anthing on the dividends?
  • FiorellinoFiorellino Feels At Home Registered Posts: 82
    Ash1711 wrote: »
    280000
    (46000)
    = 234000
    234000 x 4% =9360
    9360 x 10/12 = 7800


    cost for Preparing land is qualified expense
  • mentalfuzzmentalfuzz Just Joined Registered Posts: 3
    Fiorellino wrote: »
    nooo you do not apportion the IBA
    I am not sure about the figure for preparing the land, I think I have not deducted it.
    you do apportion the iba as it was a short period therefore you needed to multiply iba by 10/12
  • Ash1711Ash1711 Feels At Home Registered Posts: 26
    Fiorellino wrote: »
    cost for Preparing land is qualified expense

    yea so you get iba on it.
  • cs_1988cs_1988 Well-Known Registered Posts: 231
    I don't know what the hell i read the indexation allowance as, just re done the question, and should have had 1552.74 for the shares.


    Will i just lose one mark if i calcualted the indexation wrong, but all the rest was correct (Well incorrect - but using my incorrect answer then its correct lol)
  • StaffzStaffz Feels At Home Registered Posts: 40
    kjg-kj wrote: »
    OMG staffz...are you doing all 5 exams this week and you only had 11 weeks to learn it all???
    Yup, we didn't get option unless we were doing nights. Not pleased, as they then bunged 23 people into one class too!
  • FiorellinoFiorellino Feels At Home Registered Posts: 82


    I still dont understant what needed to be done with the aircondition Selling price £400 and he paid only £200.
    Someone help please???
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