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Btc

1246

Comments

  • bennyboy88bennyboy88 New Member Registered Posts: 8
    you only lose marks once for one thing. meaning you wont be penalised for it being wrong for calculations later in the exam.
  • toniizardtoniizard New Member Registered Posts: 5
    These are the things that stood out to me in the exam, hope they are right!!

    :ohmy:

    I added back £800 for taking air cond. Note: assuming no entries had been made to reflect in P+L.

    Cost of Land = disallowable
    Cost of preparing land = allowable
    IBA = 4% * 10/12 (not apportioned if not in use for entire period, but apportioned for periods not equal to 12 months)

    Salaries - wife and his disallowable

    Short life asset in seperate pool - 4 year predicted life

    One financial year used FY07 Apr-Jan
    30% less marginal relief

    Shares - no indexation to date on bonus issue. One indexation of 0.017.


    Good luck everyone
  • cs_1988cs_1988 Well-Known Registered Posts: 231
    Fiorelli,

    I added 600 for goods for own use. He paid 200, when he should have paid 800.

    Just what i think, not 100%
  • StaffzStaffz Feels At Home Registered Posts: 40
    Fiorellino wrote: »


    I still dont understant what needed to be done with the aircondition Selling price £400 and he paid only £200.
    Someone help please???
    There were two air con units, selling price 400 each (400*2)=800-200(Harrison paid business 100 each) so 600 was the difference which had to be considered
  • kjg-kjkjg-kj Feels At Home Registered Posts: 68
    Well I added back £600.
    The difference between what he paid £100 each and the selling price of £400 each. As I assumed the £200 he paid would be included in the sales figure. So the only benefit he is receiving is the difference of £600.
  • mentalfuzzmentalfuzz Just Joined Registered Posts: 3
    ma1thew wrote: »
    i got 9500 for iba
    285000 X 0.04 X (10/12)

    is this correct?
    i got 234000 * 4% * 10/12
    i deducted the cost of the land
  • FiorellinoFiorellino Feels At Home Registered Posts: 82
    cs_1988 wrote: »
    Fiorelli,

    I added 600 for goods for own use. He paid 200, when he should have paid 800.

    Just what i think, not 100%

    I do not know I added £200, probably to easy this way though. Oh well...
  • cs_1988cs_1988 Well-Known Registered Posts: 231
    WHY OH WHY,

    Every time i make a stupid mistake,

    Indexation, 0.017 not 0.17. How flippin clear is that, i am a moron
  • LondonMattLondonMatt Experienced Mentor Registered Posts: 1,110
    Did everyone else also give FYA to the SLA in section 2? I doubted myself and had to think about it, but I gave the FYA in the end
  • FiorellinoFiorellino Feels At Home Registered Posts: 82
    LondonMatt wrote: »
    Did everyone else also give FYA to the SLA in section 2? I doubted myself and had to think about it, but I gave the FYA in the end

    Yes I did give FYA
  • StaffzStaffz Feels At Home Registered Posts: 40
    toniizard wrote: »
    These are the things that stood out to me in the exam, hope they are right!!

    :ohmy:

    I added back £800 for taking air cond. Note: assuming no entries had been made to reflect in P+L.

    Cost of Land = disallowable
    Cost of preparing land = allowable
    IBA = 4% * 10/12 (not apportioned if not in use for entire period, but apportioned for periods not equal to 12 months)

    Salaries - wife and his disallowable

    Short life asset in seperate pool - 4 year predicted life

    One financial year used FY07 Apr-Jan
    30% less marginal relief

    Shares - no indexation to date on bonus issue. One indexation of 0.017.


    Good luck everyone
    The shares:

    I indexed as I went along, May to November, then added bonus issue (but not sure what should have been value - obviously was 0 cost) then reindexed Nov to Jan then sold leaving remainder.

    Anyone??
  • kjg-kjkjg-kj Feels At Home Registered Posts: 68
    I did FYA for the SLA & the plant. No FYA for the directors car and the other misc cars under £12000.
  • StaffzStaffz Feels At Home Registered Posts: 40
    LondonMatt wrote: »
    Did everyone else also give FYA to the SLA in section 2? I doubted myself and had to think about it, but I gave the FYA in the end
    Me too, couldn't recall anything in book saying not to, and was plant and machine not vehicles, so....
  • LondonMattLondonMatt Experienced Mentor Registered Posts: 1,110
    kjg-kj wrote: »
    I did FYA for the SLA & the plant. No FYA for the directors car and the other misc cars under £12000.
    Did you also put the misc cars under the general pool?
  • kjg-kjkjg-kj Feels At Home Registered Posts: 68
    You only index to operative events, and a bonus issue is not one, so you should have had one indexation allowance from May 2007 to Jan 2008 of 0.017, which came to about £159 I think.
  • FiorellinoFiorellino Feels At Home Registered Posts: 82
    Staffz wrote: »
    The shares:

    I indexed as I went along, May to November, then added bonus issue (but not sure what should have been value - obviously was 0 cost) then reindexed Nov to Jan then sold leaving remainder.

    Anyone??

    I indexed only once up to Jan - not sure if it is right!
  • kjg-kjkjg-kj Feels At Home Registered Posts: 68
    Yes misc cars in the pool, directors car in seperate column. With £3000 restricted WDA x 10/12 £2500.
  • StaffzStaffz Feels At Home Registered Posts: 40
    I did, as they were all under 12k, so belong there, no? I also assigned full 25% to that, as none would be restricted due to all being under 12k
  • cs_1988cs_1988 Well-Known Registered Posts: 231
    Sure 174076 wasnt cap allowance in section 2 matt......section 1 wasnt a PCTCT
  • cs_1988cs_1988 Well-Known Registered Posts: 231
    Did everyone give 40% fya in sec 2
  • bennyboy88bennyboy88 New Member Registered Posts: 8
    i didnt give the SLA a FYA, which is more than likely wrong, but i had no idea!
  • Ash1711Ash1711 Feels At Home Registered Posts: 26
    cs_1988 wrote: »
    Did everyone give 40% fya in sec 2

    yes as it was a medium business and they are not entitled to 50%
  • StaffzStaffz Feels At Home Registered Posts: 40
    Trying to work out if it works out the same, if the cost May to November is indexed, then no value added to indexed cost of bonus shares, and reindexed Nov to Jan?
    What gains did you end up with? Mine were under 2k can't remember figure, and I didn´t relieve them as had owned less than a full year.
  • Ash1711Ash1711 Feels At Home Registered Posts: 26
    bennyboy88 wrote: »
    i didnt give the SLA a FYA, which is more than likely wrong, but i had no idea!

    i couldnt make up my mind whether to give it or not, i did in the end but i dont know what the correct answer is.
  • StaffzStaffz Feels At Home Registered Posts: 40
    Ash1711 wrote: »
    yes as it was a medium business and they are not entitled to 50%
    me too
  • kjg-kjkjg-kj Feels At Home Registered Posts: 68
    Can't remember my exact figures for the gain but I know I had indexation of £91, and there was no taper relief because owned less that 1 year.
  • cs_1988cs_1988 Well-Known Registered Posts: 231
    Staffz ltd companies dont get taper releif anyway!
  • Ash1711Ash1711 Feels At Home Registered Posts: 26
    when do we got the results?

    i have a good feeling about mine as alot of people have the same answers :D
  • FiorellinoFiorellino Feels At Home Registered Posts: 82
    No taper relief or Annual Exemption is given to companies. It only apllies to Sole trader and Partners
  • Ash1711Ash1711 Feels At Home Registered Posts: 26
    kjg-kj wrote: »
    Can't remember my exact figures for the gain but I know I had indexation of £91, and there was no taper relief because owned less that 1 year.

    i had the indexation of £91 also and i think was the gain before indexation was £1661
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