Btc
Comments
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good job didn't add any then! Brain fried by indexation by that point, knew I'd seen indexing somewhere!Fiorellino wrote: »No taper relief or Annual Exemption is given to companies. It only apllies to Sole trader and Partners0 -
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All results are mid-Feb, aren't they?Fiorellino wrote: »Yes when do we have the results?0 -
Even if he we all did the odd mistake in each section am sure we have nothing to worry about. As long as we attempted every question competently we have good chance of passing right? I think i did 1 tiny mistake in each section - but we all not expected get everything correct. Dont worry about it people it was alot to work towards in short period of time. Everyone have a great christmas and dont worry lol!!!0
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OMG can't believe I overlooked that one! I wrote that there was no taper relief because less that one year. And for the question where we have to write about how gains on shares are calculated I wrote about indexation and taper relief, and said we only index in the pool to next operative event or 5th April 1998. Bummer!!!!0
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17th and 18th Feb,
Did everyone on the last question say if the had associated companiy this year they would be paying full rate of corp tax.
And explain for the shares in section 1 he got indexation to 98, then taper relief of 25%0 -
Oh well...! Good to chat with all of you.. now it is time to be concentrated on Private Tax, I will attende the exam on Friday. Anyone taking PTC?0
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KJG KJ - Section 1 is right there, not a ltd so gets business taper relief and indexations0
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From the majority of everyone's answers I can see I went wrong on a few points - firstly I deducted the cost of levelling land on the IBA when I shouldn't have. I also apportioned for 6/10 months (as the building was brought in to use 6 months in to the accounting year) when it looks like I shouldn't have, so my IBA will be completely wrong!
Adjusted Profits: I added back on the £600 for goods taken for own use (the profit that was missing), so pleased that seems OK. Disallowed the wife's earnings and the owner's, but allowed the son's (as he was an employee), so that's OK. Think got the NI question OK too, TP - less 5225x8% and the date of filing question, think OK. OK, I think with the question about indexation allowances. Section 2 - Straight forward accounting 12 months for limited company. But surprised that another capital allowance question - remembered not to apportion on the capital allowance for sole use of vehicle, gave 40% FYA as not a small company for the P&M, gave FYA for the SLA as well. No Schedule III, no shedule A - gain on the shares, OK I think, no gift aid. 30% on the PCTCT, marginal relief OK, gave the payment due at 14 day of M7. Answered the email about associated company dividing the allowances available by 50%. So, hopefully those couple of errors will be OK, fingers crossed.0 -
Hold on I'm getting confused. When we had to write about the disposal of shares was that Harrison?? If so ignore what I just said about taper relief, I was right after all.
The company written question was about associated companies!0 -
True, hopefully there is enough there to show competence!
DFS tomorrow and PTC on friday, then permanently drunk until 1st Jan!0 -
pernickety - Were we asked about the payment date?0
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pernickety wrote: »From the majority of everyone's answers I can see I went wrong on a few points - firstly I deducted the cost of levelling land on the IBA when I shouldn't have. I also apportioned for 6/10 months (as the building was brought in to use 6 months in to the accounting year) when it looks like I shouldn't have, so my IBA will be completely wrong!
Adjusted Profits: I added back on the £600 for goods taken for own use (the profit that was missing), so pleased that seems OK. Disallowed the wife's earnings and the owner's, but allowed the son's (as he was an employee), so that's OK. Think got the NI question OK too, TP - less 5225x8% and the date of filing question, think OK. OK, I think with the question about indexation allowances. Section 2 - Straight forward accounting 12 months for limited company. But surprised that another capital allowance question - remembered not to apportion on the capital allowance for sole use of vehicle, gave 40% FYA as not a small company for the P&M, gave FYA for the SLA as well. No Schedule III, no shedule A - gain on the shares, OK I think, no gift aid. 30% on the PCTCT, marginal relief OK, gave the payment due at 14 day of M7. Answered the email about associated company dividing the allowances available by 50%. So, hopefully those couple of errors will be OK, fingers crossed.
The corporation tax payment was due 9 months and 1 day after the period end, wasn't it? Oh my God have I done that wrong too??????0 -
Yeah where we had to work out corp tax due. I put 1 November 2008. 9 months and 1 day after year end because they were a medium company.0
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I didnt think you disallowed the wifes payment because it would be for the wife to declare to Inland Revnue, to the company it would be an expense, wouldn't it?0
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F*************K
Read the dam question Chris0 -
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17th and 18th Feb,
Did everyone on the last question say if the had associated companiy this year they would be paying full rate of corp tax.
And explain for the shares in section 1 he got indexation to 98, then taper relief of 25%
thanks, roll on 17th and 18th then
based on my pctct for him he would of been just short of the full rate (taking into account a new year, not a 10 month period)
and yes you get taper reilef affter 98 for the written question in section 1:thumbup1:0 -
You start to doubt your reasoning, don't you? Yes, we had a payment date question in one of the parts, but no questioned about it, can't remember which part! Will have to wait till the paper appears on here, or hopefully when I go in to college on Friday, the tutor may have one completed, as for last Level 3, FRA. So, sorry, not sure now. :confused1:0
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Arrrgghhh! I missed the part about the tax due date :mad2:
Stupid, it was an easy point to get as well.0 -
Beggar I misunderstood the corporation tax payment question, I read it that they wanted to know how long you had to keep files etc i.e. 6 years0
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GoldenRetreiver wrote: »Beggar I misunderstood the corporation tax payment question, I read it that they wanted to know how long you had to keep files etc i.e. 6 years
Yes, that was in there somewhere too as a written question, I put 6 years too! Least I got that one right. 9 months and 1 day for the payment of corp tax is right, just checked, sorry, I think I put 14th day of month 7 which would be one of the payment dates for a company paying full corp tax. Trying to remember the questions, never mind your answers is soooooo difficult. Just going to chill out and wait now, no more mangled papers off the printer, no more trying to rest the book at its side and knocking off the table all of the papers on to the floor, then trying to pick up on where you were with apportionment or allowances!0 -
i think it was 5 years not 6 years
ny ways i only made 1 mistake in section 2 and that is IBA i took it other way around the cost of preparing land was allowable and the other was disallowable but i did other way around i dont think so it will make a big difference in my over all competence in section 2
and in section 1 I only messed up a bit on tax returns .........0 -
LondonMatt,
From the sounds of it you will get exactly the same mark as me.
So, lets hope!0 -
For some reason I disposed of the air conditioning units in the P&M computation.
Will I fail for this? I also didn't apportion the IBA.... ADVISE NEEDED HELP0 -
Well, My Mistakes are.....
Deducting Land Prep
Using 0.17 as indexation instead of 0.017 (Hopefully just 1 mark)
Not stating the payment date (Hopefull just 1 mark)
Section 1 i reckon i got alright.
CA Seem right for both questions, hopefully the majority of marks are there!!!!!0 -
any comments on tax returns ????? i am bit worried abt them .. i hope so i have slaughted the right figures in thats the only question where i bit struggled0
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Does Sandy post answers for this topic?0
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no basis period lolzzzz from last two consecutive sittings aat forgot abt basis periods lolzzz
btc was quite fair today ... i hope so ptc on friday comes up in a same way like that0
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