Btc
Comments
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you only lose marks once for one thing. meaning you wont be penalised for it being wrong for calculations later in the exam.0
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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 everyone0 -
Fiorelli,
I added 600 for goods for own use. He paid 200, when he should have paid 800.
Just what i think, not 100%0 -
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 consideredFiorellino wrote: »
I still dont understant what needed to be done with the aircondition Selling price £400 and he paid only £200.
Someone help please???0 -
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 £600.0 -
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WHY OH WHY,
Every time i make a stupid mistake,
Indexation, 0.017 not 0.17. How flippin clear is that, i am a moron0 -
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 end0
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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 FYA0 -
The shares: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
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??0 -
I did FYA for the SLA & the plant. No FYA for the directors car and the other misc cars under £12000.0
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Me too, couldn't recall anything in book saying not to, and was plant and machine not vehicles, so....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 end0 -
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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.0
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Yes misc cars in the pool, directors car in seperate column. With £3000 restricted WDA x 10/12 £2500.0
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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 12k0
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Sure 174076 wasnt cap allowance in section 2 matt......section 1 wasnt a PCTCT0
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Did everyone give 40% fya in sec 20
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i didnt give the SLA a FYA, which is more than likely wrong, but i had no idea!0
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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.0 -
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.0 -
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.0
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Staffz ltd companies dont get taper releif anyway!0
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when do we got the results?
i have a good feeling about mine as alot of people have the same answers
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No taper relief or Annual Exemption is given to companies. It only apllies to Sole trader and Partners0
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