Btc
Comments
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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
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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.0
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Surely Indexation was
=9350*0.17
=1589.5?0 -
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!0 -
these answers look familiar to me.0
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Indexation was x 0.017.0
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i thought it was 0.017... cant remember0
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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:0 -
0.017 or 0.17
Oh Crap0 -
you didnt need to do the i/p did you in marginal relief as there were no dividends received???0
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I still dont understant what needed to be done with the aircondition Selling price £400 and he paid only £200.
Someone help please???0 -
Hi there was no difference between profit and PCTCT as there were no dividends received I think0
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how was the iba correctly worked out?0
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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 = 1,250,000.0 -
You mean entertaining clients? Staff is allowable, clients are not. Only gift to clients under 50 with logo are.0
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280000 - 46000 = 234000 x 4% x 10/12 = 78000
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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!0
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i didnt time apportion my limits. dang. just means my marginal relief is wrong, hey ho0
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OMG staffz...are you doing all 5 exams this week and you only had 11 weeks to learn it all???0
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for the wifes salaries i thought these were disallowable expenditure! also not sure i saw anthing on the dividends?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 me0 -
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you do apportion the iba as it was a short period therefore you needed to multiply iba by 10/12Fiorellino 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.0 -
Fiorellino wrote: »cost for Preparing land is qualified expense
yea so you get iba on it.0 -
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)0 -
I still dont understant what needed to be done with the aircondition Selling price £400 and he paid only £200.
Someone help please???0
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