Btc
Comments
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help me: What does anyone think???
imo i dont think you will fail from one or two mistakes if you have shown a gd level of competence in both sections you should be fine - its not about marks - its just "competency"
I got 2 little things wrong but am not going let it beat me up cause in every exam you do you cant expect get 100% of the paper correct.
Dont worry n enjoy the build up to christmas:thumbup1:0 -
cheers for that. Hope u av a fab xmas.0
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agreed with person above me i saw this post nd was in doubt literally i got my book out of the bag again and rechecked it again ...... i think the person who posted that probably mixed up the indviduals and companies big time0
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Yeah I do know that...just got caught up in the moment. I hope the examiner just ignores my little note to say no taper relief lol!0
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u will be o rite dunt worry certain types of errors are considerd minor ... but i dont if its minor or not but u will be o rite ... one question does not make any big difference in your over all competence0
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for which task u have calculated taper relief ????0
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umerali2003 wrote: »i think it was 5 years not 6 years .........
For some reason with document retention for the sole trader I put 5 years 10 months - does this mean anything to anyone? I've looked in my book and don't know where the figure came from. My brain's had it today!
I thought I would feel great relief to get the two exams over this week (PEV and BT) but I don't particularly, I feel that I haven't done that well. I'll just have to wait for the results.:001_unsure:0 -
I forgot to put the corporation tax date payable in just completley forgot plus in section 1 i have put that the records need to be kept for 5 years but i have said from the end of the accounting period which isnt correct and i have indexed the shares twice although i did get £91 and a couple of other people have got this. Aside from the above obvious errors i dont know if i went wrong anywhere else but am so glad its over! I had never seen a net loss before either and the salaries and units he took home were not areas i had practiced really. Hey ho.0
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HI Angela 27I forgot to put the corporation tax date payable in just completley forgot plus in section 1 i have put that the records need to be kept for 5 years but i have said from the end of the accounting period which isnt correct and i have indexed the shares twice although i did get £91 and a couple of other people have got this. Aside from the above obvious errors i dont know if i went wrong anywhere else but am so glad its over! I had never seen a net loss before either and the salaries and units he took home were not areas i had practiced really. Hey ho.
if u have said that the record should have been kept safe for 5 years from the end of the accounting year its still ok i dont consider it wrong because its perfectly making a sense i dont think so u will loose a mark on this
the payment of corporation tax is after nine month and 1 day of the concerned accounting period if u forget to answer that its just a 1 mark mistake
u have indexed twice for the share and that resulted in 91 which is wrong if u got all other procedure right and calculated the corporation tax right ?? then i dont think so it will be of that much concern .. u will be o rite these are minor mistakes which are always on board no body can deliver 100 percent
i made 2 mistakes yesterday in btc paper firstly i considerd cost of land as a disallowable expenditure and deducted it from the industrail building allowance and then apportioned it by 10/12 but the cost of perparing the land was disallowable expenditure instead of cost of land i hope so it will be a 1 mark mistake
2ndly i was bit struggled with the tax return eventually ended up filling those figures some how which i have calculated in task 1.1 and 1.2 but if u look the question care fully it says As Far as possible fill in the tax return so i did it as far as i could lolzzzz
Edit/Delete Message0 -
I made a few mistakes, a bit worried now! My mistakes were i didn't give the s/l asset a fya only wda! Forgot to put the payment date for the PCTCT, easy question dam! For the iba deducted land prep when apparantley your not meant to! How many mistakes are you allowed before they fail you do you think, you should get away with a few i'm sure!!0
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My only concern is tht i screwed up with IBA i subtracted both cost and preparation. and goods for own use threw me a little but apart from all tht i think i have shown alot of competence in my answers so fingers crossed. I have said before everyone isn't expected to get 100% correct (even tho if u did it wud b great :001_tongue:)0
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Yeah i am confident in section one. But section two i have made some stupid mistakes.
Used 0.17 instead of 0.017 as the indexation - Stupid
Completely ignored it when they asked to give a payment date - Stupid
Deducted land prep costs,
Hopefully thats a pass though. I got the same CAPS as everyone, i would think a lot of the marks came from there. I am fairly sure i did the PCTCT and worked out the corp tax correctly.
Did anyone remember what the adjusted profits in 2 were calculated as. Nine hundred and something thousand?0 -
How did everyone caluclate the NI contributions, i think i did this wrong aswell!! aahh i was so bloody confident in the exam and im am now finding i messed up big time!0
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richards0l0 wrote: »How did everyone caluclate the NI contributions, i think i did this wrong aswell!! aahh i was so bloody confident in the exam and im am now finding i messed up big time!
I did it as the tax tables at the front said
so 2.20 per week = 114.40
and
then 8% on earnings from £5225 to £34840 and 1% on earnings above £348400 -
Thats what i did, maybe i was right then!0
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you can either calculate per week or per month it wont make any difference on class 2 contribution
and then 8% nd 1% depending upon the rate bands earnings fall into
i hope so this is right as well0 -
I think they're the exact figures I got, except for the NI. I changed my NI answer about 3 times though because I kept spotting mistakes which adjusted my profits!0
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No it weren't his first year of trading, it was a standard 12 month period.
Section 2 was a first year of trading. It was a 10 month period 01.04.07 - 31.12.07 I think0 -
Hi For the last question about the shares that were worth some money - did anyone mention indexation up to 98 then taper?0
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Yes that's exactly what I said for the shares.GoldenRetreiver wrote: »Hi For the last question about the shares that were worth some money - did anyone mention indexation up to 98 then taper?
I basically put that as they were business assets he would be eligible for all possible allowances.
I said that indexation allowance would be used to April '98 which would account for any rise in the shares value due to inflation.
I then went on to say that taper relief would then be calculated on the firgure after indexation which would equate to 25% of the gain as he had owned the shares for more than 2 years after 1998.
I summarised by saying that after all allowances the taxable gain would actually be much less than it first would have appeared to be.
This sounding familiar/correct to anyone?0 -
richards0l0 wrote: »How did everyone caluclate the NI contributions, i think i did this wrong aswell!! aahh i was so bloody confident in the exam and im am now finding i messed up big time!Yes that's exactly what I said for the shares.
I basically put that as they were business assets he would be eligible for all possible allowances.
I said that indexation allowance would be used to April '98 which would account for any rise in the shares value due to inflation.
I then went on to say that taper relief would then be calculated on the firgure after indexation which would equate to 25% of the gain as he had owned the shares for more than 2 years after 1998.
I summarised by saying that after all allowances the taxable gain would actually be much less than it first would have appeared to be.
This sounding familiar/correct to anyone?
That is exactly what I put, but I also put that he would have a £9200 personal allowance.0 -
thanks at least thats one thing I did right!0
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Does anyone know the percentage pass rate for BTC?0
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There's never an official pass rate. It goes on the majority pass percentage if that makes any sense?Does anyone know the percentage pass rate for BTC?
Basically if 80% of students got 75% of the paper correct, then the pass rate is 75%. If 80% get 35% correct, 35% would be the pass rate. I think they do it that way so that if there's any really badly worded or confusing questions, then there isn't an uproar form lots of failed students!
NB. The 80% is an example, I don't know the actual percentage used by the aat.
I think the past 3 years or so the pass rate was set at around the 75% mark so it's not too bad!0 -
from this picture
Last years pass rate was aprrox 70%
(picture taken from BPPs Website)0 -
Goods for own use
Hi Fiorellino
With goods for own use you treat this as though the proprietor had made a sale to himself at selling price :- Dr Drawings Cr Sales.
The proprietor had already paid the business £200 for these goods therefore the net adjustment was £400 x 2 = £800 selling price Less £200 already adjusted Net adjustment = £800 - 200 = £600.
Hope this makes sense.0 -
Hi Fiorellino
With goods for own use you treat this as though the proprietor had made a sale to himself at selling price :- Dr Drawings Cr Sales.
The proprietor had already paid the business £200 for these goods therefore the net adjustment was £400 x 2 = £800 selling price Less £200 already adjusted Net adjustment = £800 - 200 = £600.
Hope this makes sense.
Yes it does! I put a wrong figure!!! never mind! Thanks0
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