PTC silly mistakes :(
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kateyliz
Registered Posts: 16 New contributor 🐸
Hi
Am worried as made a couple of silly mistakes in section 1.
I think I misread the dates of promotion so worked out salary and pension on 10 months and 2.
I also for some reason took the whole capital allowance of £5000 off the car!! No idea why and I re read 3 times and still thought it was right
So thats 2 questions wrong already.
Does anyone know if I will get partial marks for these questions for clearly showing workings and getting the other elements in it right?
Thanks!
Am worried as made a couple of silly mistakes in section 1.
I think I misread the dates of promotion so worked out salary and pension on 10 months and 2.
I also for some reason took the whole capital allowance of £5000 off the car!! No idea why and I re read 3 times and still thought it was right
So thats 2 questions wrong already.
Does anyone know if I will get partial marks for these questions for clearly showing workings and getting the other elements in it right?
Thanks!
0
Comments
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You are not alone
I slipped up with the picture in section 2
Oh well just have to wait and see0 -
hello i got 3 months and 9 months?
and did you mean we had to only take like 2995 to get it to 25000 and then use that to mutilpy by the 35%(maximum).
Do you think they will fail you if you think you only got the last question wrong in section two, about the penalties?0 -
We should not discuss the exam before 15.00.
Let wait until 3pm then. I have got a few concern too about the exam today.0 -
hi kateyliz,
No need to worry. In a GENERAL aat exam, you loose a mark for each minor error. Getting months wrong in an GENERAL exam is a minor error.
A Major error will lose you a few more marks, but you have nothing to worry about. Making a hash of a question in a GENERAL aat exam will not lose fail you.
Chris0 -
does anyone know if there was gift Aid0
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Ohhhhhhhhhhh roll on 15.00 hours!!!!!!!!!!!!!!!!!!0
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Can you all be ready with your figure for the end of sections 1 & 2....got to go on the school run at 3.05 and I can't wait...failed PCR for def. yesterday so I am praying for a good result on this one!!!0
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I will just tell you my figures & you can just agree....then I can log off a happy bunny!!0
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Hello everyone,
What did you answer in section 2 about Barbara selling the house and the other antiques assets?
I said they are exempt of capital gain because house is a primary residence and the assets were sold and costs at less than £ 6000 each.
Do you agree?0 -
PTC – My Answers – Dec 08
Section 1
1.1 – 2188 – Company Car benefit
1.2 - 45353 – Employment Income (Salary minus pension plus benefits)
1.3 - 8290 – Rental income (was I correct in giving a 10% wear and tear allow of £600 for property A?)
1.4 - 4251.24 – Tax Chargeable (Had to extend basic band by (256 x 12) Also After PAYE and tax paid)
Section 2
2.1 – 4425 – Shares
2.2 – 7429 – Shares
2.3 – 46185 – Painting (anyone else’s gain this high?)
2.4 – 27773 – Net Taxable Gains (after TR and 9200 allowance)
2.5 – 3466.90 – Income tax payable
2.6 – 7584.20 – Capital Gains tax payable
Everyone let me know what you got!!0 -
Fiorellino wrote: »Hello everyone,
What did you answer in section 2 about Barbara selling the house and the other antiques assets?
I said they are exempt of capital gain because house is a primary residence and the assets were sold and costs at less than £ 6000 each.
Do you agree?
agreed.0 -
There was defo no gift aid but there was a personal pension plan as well as an occupational pension plan0
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HI
I did the same residence ppr so exempt and sale and cost less than 6K so exmpt also.
Andrea0 -
I'm to scared......and my ink is erasing from my hand...think it's a sign...... Think it says £3,2?? or maybe £3,3?? for section one???0
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Fiorellino wrote: »Hello everyone,
What did you answer in section 2 about Barbara selling the house and the other antiques assets?
I said they are exempt of capital gain because house is a primary residence and the assets were sold and costs at less than £ 6000 each.
Do you agree?
yeah i agree with this.0 -
I thought the antiques cost less than £6000 but would be sold for more than that??0
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No, all of them together were worth 50k, but as individual they were worth 4k0
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PTC – My Answers – Dec 08
Section 1
1.1 – 2188 – Company Car benefit
1.2 - 45353 – Employment Income (Salary minus pension plus benefits)
1.3 - 8290 – Rental income (was I correct in giving a 10% wear and tear allow of £600 for property A?)
1.4 - 4251.24 – Tax Chargeable (Had to extend basic band by (256 x 12) Also After PAYE and tax paid)
Section 2
2.1 – 4425 – Shares
2.2 – 7429 – Shares
2.3 – 46185 – Painting (anyone else’s gain this high?)
2.4 – 27773 – Net Taxable Gains (after TR and 9200 allowance)
2.5 – 3466.90 – Income tax payable
2.6 – 7584.20 – Capital Gains tax payable
Everyone let me know what you got!!
Sound about right to me. The only thing is that I did not calculate the Wear and tear allowances only because It said that the only expense the landlord paid was the insurance and I thought you give this allowance if the landlord pays water, council tax. Oh well it was not specify was it?0 -
PTC – My Answers – Dec 08
Section 1
1.1 – 2188 – Company Car benefit
1.2 - 45353 – Employment Income (Salary minus pension plus benefits)
1.3 - 8290 – Rental income (was I correct in giving a 10% wear and tear allow of £600 for property A?)
1.4 - 4251.24 – Tax Chargeable (Had to extend basic band by (256 x 12) Also After PAYE and tax paid)
Section 2
2.1 – 4425 – Shares
2.2 – 7429 – Shares
2.3 – 46185 – Painting (anyone else’s gain this high?)
2.4 – 27773 – Net Taxable Gains (after TR and 9200 allowance)
2.5 – 3466.90 – Income tax payable
2.6 – 7584.20 – Capital Gains tax payable
Everyone let me know what you got!!
Looks about what i got , Car was different figure, 3K something but think I forgot to apportion it.
Also I only had 585 wear and tear (6000-150 insurance x 0.1)0 -
YEEEY...one question right...hope that one was worth a lot of marks!!!0
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OOps! Big mistake!0
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So do you think I should have calculated Wear & tear allowance?0
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Fiorellino wrote: »Sound about right to me. The only thing is that I did not calculate the Wear and tear allowances only because It said that the only expense the landlord paid was the insurance and I thought you give this allowance if the landlord pays water, council tax. Oh well it was not specify was it?
no its 10% of [rent - (water rates and council tax)]
and as there was no water rates or tax i just did 10% of rent? anyone else do this or not?0 -
Although looking at the above figures, I think thats the ONLY question that I got right....would be the one where you just have to say EXEMPT!0
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PTC – My Answers – Dec 08
Section 1
1.1 – 2188 – Company Car benefit
1.2 - 45353 – Employment Income (Salary minus pension plus benefits)
1.3 - 8290 – Rental income (was I correct in giving a 10% wear and tear allow of £600 for property A?)
1.4 - 4251.24 – Tax Chargeable (Had to extend basic band by (256 x 12) Also After PAYE and tax paid)
Section 2
2.1 – 4425 – Shares
2.2 – 7429 – Shares
2.3 – 46185 – Painting (anyone else’s gain this high?)
2.4 – 27773 – Net Taxable Gains (after TR and 9200 allowance)
2.5 – 3466.90 – Income tax payable
2.6 – 7584.20 – Capital Gains tax payable
Everyone let me know what you got!!
I totally screwed up the company car i based it on the whole year and not just the three months he had it! appart from that i think my answers for section one were around these figures.
Section 2 again i think my figures were around the same as these.0 -
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