Ptc - dreading it!!!

playboybunny_110

Is anyone else really really dreading the PTC exam tomorrow
had my PCR today and that was awful as i have spent all my time revising tax but now i semm to have forgotten absolutely EVERYTHING to do with capital gains and i dont know what to do about it now!! ArggghhH!! :crying:

King of the Mountains

I did PCR today, it was awful. I feel sorry for you, they mess with the words. Good luck, try and keep cool because I think thats the key to AAT! Always in hindsight one looks at the questions and the calculations are actually quite simple. Best of luck!

Jon_1984

Go on then throw some answers at me:

A wasting chattle is defined as ?

you buy a non wasting chattle for 8000 and sell it for 4000. the loss is restricted to?

you buy a non wasting for chattle for 4000 and sell for 12500. the gain is restricted to what/what x what?

conditions for a furnished holiday let are?

wear and tear allowance is what % of what?

renae

I CAN ANSWER ONE......10% wear & tear off of furnished propertys....that being rental less rates x 10% for w&t??????

Jon_1984

renae wrote: »

I CAN ANSWER ONE......10% wear & tear off of furnished propertys....that being rental less rates x 10% for w&t??????

Correct:thumbup1:

swampy19

Wasting chattel is summat with a life expectancy of less than 50 years eg dog or horse.

Swampy






lol Renae!! 10% ............ lol

jimmyt1988

A wasting chattel is defined as something that has a life span of less than 50 years?

Jon_1984

swampy19 wrote: »

Wasting chattel is summat with a life expectancy of less than 50 years eg dog or horse.

Swampy






lol Renae!! 10% ............ lol

:thumbup1:

jimmyt1988

First limited to 3333 second to 10833?

ambitious

Jon_1984 wrote: »

Go on then throw some answers at me:

A wasting chattle is defined as ?

you buy a non wasting chattle for 8000 and sell it for 4000. the loss is restricted to?

you buy a non wasting for chattle for 4000 and sell for 12500. the gain is restricted to what/what x what?

conditions for a furnished holiday let are?

wear and tear allowance is what % of what?

Wasting chattle = Movable Item < 50 yrs of age e.g yaucht

2nd one

Deemed proceeds 6000
Cost 8000
loss is 2000

3rd one

Proceeds 12500
cost 4000
so "supposed" gain is 8500

But Gain is restricted to 5/3(12500-6000) = 10833

So gain is 8500.

jimmyt1988

haha i misread the second one as the other way round, embarrassing :blushing:

Jon_1984

jimmyt1988 wrote: »

First limited to 3333 second to 10833?

:thumbup1:

not sure where playboybunny_110 got too?

swampy19

conditions for a furnished holiday let are?

can only remember not to exceed 155 days

Better read up on this one


Swampy

jimmyt1988

Probably to be sensible and get some sleep, got a good half hour or so before I stop revising I think. Being on here boosted my confidence a bit thought. Finding I know a bit more than I originally thought which is good.

swampy19

Good luck!! :thumbup1:


Swampy

jimmyt1988

got me reading about holiday lettings now, doesn't make too much sense to me, I'll hope that one doesn't come up lol

ambitious

Apr 99 You buy #(shares) = 10 @ £1.50 per share

Apr 00 You get rights Issue: 1 for 10 @ £2 special price for the whole 10 of them

Apr 01 You sell every share for £30

Whats your gain ?

Answer:

Group Rights Issue with Purchase(s) made before the rights issue first:

#Shares----Value
10

---

£15
10

---

£2

---

20

---

£17

Now Match:


Proceeds 20 shares @ £30
Cost 20 shares @ £17
Gain is £13.

troy

holiday homes

Hi,
I felt fairly confident about the PCT exam in the morning, but now i have not thought about holiday homes at all! Can any one give me one or two simple but important things i may need to remember? :huh:
Good luck to all that is taking the exam
x

jimmyt1988

I've just read up on this, from what i can understand:

Availability Condition - Must be available for 140 days

Letting Condition - Must be let for 70 days

Occupation Condition - Must not be occupied for more than 155 days by the same occupant

Correct me if I'm wrong guys, i'm not 100% on this myself

Jamie

troy

Thank you. I didn't really feel like reading the text book much more.
My pre exam routine?.....bath with candles (very girlie), one small (read medium/large) glass of wine, and now idiot t.v until bout half ten. LOL

swampy19

Only knew about the 155 days and even though I have re-read about it am still no more clearer !!

Not gonna beat myself about it!! :001_unsure:

Swampy

jimmyt1988

Think i'm going to retire to something like idiot tv now, need to chill out before sleeping, don't want to overcook it. I Can't fill my head with any more junk now, it just can't take it, it's either good or bad from here on.

Good luck to everyone involved, hope to hear feedback from you all afterwards, even if its a simple good :thumbup1: or bad :thumbdown: comment.

Cheers guys :thumbup:,
Jamie

playboybunny_110

thanku for the testing!! i used it and then roped my brother into testing me on all my revision notes!! feeling a tiny bit better now just gotta try remember it till the morning lol
Hope everyone does ok tomorrow and let me know how you get on guys
Good Luck!!
xx