PTC silly mistakes :(

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  • Essexgal
    Essexgal Registered Posts: 42 Regular contributor ⭐
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    karenv wrote: »
    Also as you say we werent given the figs for council tax and rates. So I dont hink we were expected to give wear & tear allce

    I agree
  • cs_1988
    cs_1988 Registered Posts: 231 Dedicated contributor 🦉
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    You always get wear and tear on the furnished lettings. Council tax and rates only matter if they are paid by the landlord, then you deduct them from the gross income, then times by 10%
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    po1988 wrote: »
    Thanks for that, any one know the figures for shares?
    Just how much they where and what they went for as i member the rest.

    Also for 1.6, Did everyone say he can submit by 31/01/09 and also the living benefit by just saying 1)Annual value 2)COst-75000 * 6.25% and that it gets time apportioned?

    Thanks

    I said 10% of the net salary because it is a job related!!!
    ?????
  • Essexgal
    Essexgal Registered Posts: 42 Regular contributor ⭐
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    I thought submission was 31 October if on paper and 31 Jan if filing online ooops may have lost a mark there but I did put both for answer and explained
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    Essexgal wrote: »
    I agree
    HI guys,

    I think you are wrong, you can still have wear and tear as long as it is on a furnished flat regardless of whether the landlord pays the council tax,rates.

    andrea
  • sleepysophie
    sleepysophie Registered Posts: 17 New contributor 🐸
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    po1988 wrote: »
    Thanks for that, any one know the figures for shares?
    Just how much they where and what they went for as i member the rest.

    Also for 1.6, Did everyone say he can submit by 31/01/09 and also the living benefit by just saying 1)Annual value 2)COst-75000 * 6.25% and that it gets time apportioned?

    Thanks

    I said that if it was a contractual requirement of the job that he had to live there whilst in Belfast(?)then tax would only be payable on his heat & light. but that if he stayed there from choice, then value of house less £75k etc etc.
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    Essexgal wrote: »
    I thought submission was 31 October if on paper and 31 Jan if filing online ooops may have lost a mark there but I did put both for answer and explained

    I did the same!!!
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    cs_1988 wrote: »
    You always get wear and tear on the furnished lettings. Council tax and rates only matter if they are paid by the landlord, then you deduct them from the gross income, then times by 10%

    My book doesnt say that, so maybe the book is wrong....
    I will be suing BPP...

    It says that wear & tear is allowed in place of claiming for replacement furniture. The question did not suggest that furniture was replaced
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
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    If you look on Dec 06 paper, the furnished letting is given W+T allowance evern tho it doesnt say it in the question or that council tax/ rates are paid.

    However the examiner cant let you fail the paper just by not including it so dont worry.
  • cs_1988
    cs_1988 Registered Posts: 231 Dedicated contributor 🦉
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    Karenv - Your book is correct, thats the idea of wear and tear - for furniture. If you buy furniture it doesnt go on the property income as it is capital.

    Wear and tear is a bit like depreciation!
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    po1988 wrote: »
    If you look on Dec 06 paper, the furnished letting is given W+T allowance evern tho it doesnt say it in the question or that council tax/ rates are paid.

    However the examiner cant let you fail the paper just by not including it so dont worry.

    No the wear & tear allce in this paper were allowed for the storm repairs.
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    po1988 wrote: »
    If you look on Dec 06 paper, the furnished letting is given W+T allowance evern tho it doesnt say it in the question or that council tax/ rates are paid.

    However the examiner cant let you fail the paper just by not including it so dont worry.

    December 2006????? You cannot relay on such an old exam paper. Tax and rules changes! It is a different tax year
  • kjg-kj
    kjg-kj Registered Posts: 68 Regular contributor ⭐
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    For the 1.6 re the accommodation, I put that it was not work related because I thought it wasn't like a caretaker or vicar who has to live on site, so I put annual value/rent, expensive charge, 20% of furniture and cost of bills. I did put 'assuming it is not work related'.

    However I think this may be wrong as some other people I know put it was work related so the only charge is 20% for furniture and cost of bills, but limited to 10% of other income.

    Any ideas which is right???

    Also for 1.1 I had a mind block and took the 2995 off the cost of the benefit before I time apportioned it by 3/12 (so worked out on the list price of £27995 did the 35%, then minused 2995, then x 3/12), which I now know I should have taken the £2995 off the list price first. Will I lose many marks for this?
  • renae
    renae Registered Posts: 76 Regular contributor ⭐
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    cs_1988 wrote: »
    You always get wear and tear on the furnished lettings. Council tax and rates only matter if they are paid by the landlord, then you deduct them from the gross income, then times by 10%

    I agree, thats why you only had to gove 10% on flat A, as flat B was unfurnished
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    po1988 wrote: »
    Thanks for that, any one know the figures for shares?
    Just how much they where and what they went for as i member the rest.

    Also for 1.6, Did everyone say he can submit by 31/01/09 and also the living benefit by just saying 1)Annual value 2)COst-75000 * 6.25% and that it gets time apportioned?

    Thanks

    Yes Po1988

    I put something along those lines too.
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    cs_1988 wrote: »
    You always get wear and tear on the furnished lettings. Council tax and rates only matter if they are paid by the landlord, then you deduct them from the gross income, then times by 10%

    That is what I did, but timesd it by 20% lol great???
  • cs_1988
    cs_1988 Registered Posts: 231 Dedicated contributor 🦉
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    kjg-kj wrote: »
    For the 1.6 re the accommodation, I put that it was not work related because I thought it wasn't like a caretaker or vicar who has to live on site, so I put annual value/rent, expensive charge, 20% of furniture and cost of bills. I did put 'assuming it is not work related'.

    However I think this may be wrong as some other people I know put it was work related so the only charge is 20% for furniture and cost of bills, but limited to 10% of other income.

    Any ideas which is right???

    Also for 1.1 I had a mind block and took the 2995 off the cost of the benefit before I time apportioned it by 3/12 (so worked out on the list price of £27995 did the 35%, then minused 2995, then x 3/12), which I now know I should have taken the £2995 off the list price first. Will I lose many marks for this?



    I DID THE SAME!!! We will lose marks but we got the 35% and time apportioned right so leway is there!! I also didnt gross up the 2400 on pension payments to his tax band, and said work related for 1.6. There all wrong but pretty sure there is enough there to pass...hopefully!
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    karenv wrote: »
    My book doesnt say that, so maybe the book is wrong....
    I will be suing BPP...

    It says that wear & tear is allowed in place of claiming for replacement furniture. The question did not suggest that furniture was replaced

    I got the BPP text book (unit 19 personal taxation FA2007 for exams in 2008) in front of me and on page 61 it says
    A taxpayer can claim a WEAR AND TEAR ALLOWANCE instead. This allowance is equal to:

    10% [ rents - (water rates & council tax if paid by landlord)]

    and is allowable as a deduction in place of claiming relief for the replacement of furniture.
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    Can anbody remeber any info on th shares??
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    Jon_1984 wrote: »
    I got the BPP text book (unit 19 personal taxation FA2007 for exams in 2008) in front of me and on page 61 it says

    Jon - did you calcutale the wear and tear allowance?
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    andrea1802 wrote: »
    Can anbody remeber any info on th shares??

    that all my revision of the FA85 pool was a bit of a waste of time?:mad2:
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    Jon_1984 wrote: »
    I got the BPP text book (unit 19 personal taxation FA2007 for exams in 2008) in front of me and on page 61 it says

    Thanks thats the book I have and yes on page 61 it says exactly that.
    But the question we were given didnt say that any furniture had been replaced,
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    Fiorellino wrote: »
    Jon - did you calcutale the wear and tear allowance?

    I did, however I incorrectly deducted the insurance from the rent:blushing:
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    kjg-kj wrote: »
    For the 1.6 re the accommodation, I put that it was not work related because I thought it wasn't like a caretaker or vicar who has to live on site, so I put annual value/rent, expensive charge, 20% of furniture and cost of bills. I did put 'assuming it is not work related'.

    However I think this may be wrong as some other people I know put it was work related so the only charge is 20% for furniture and cost of bills, but limited to 10% of other income.

    Any ideas which is right???

    Also for 1.1 I had a mind block and took the 2995 off the cost of the benefit before I time apportioned it by 3/12 (so worked out on the list price of £27995 did the 35%, then minused 2995, then x 3/12), which I now know I should have taken the £2995 off the list price first. Will I lose many marks for this?

    The rent wasn't work related this was seperate income for example trading profits, I think!!!! thats what I put anyway??
  • tamworth
    tamworth Registered Posts: 21 New contributor 🐸
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    Section 1:

    I did not do anything with the private pension.

    In regards to the car it has stated, the company would give x amount to buy a car, i presumed that that x was less the total cost and rest was paid private?

    Looks like i made 2 errors there?

    Section 2:

    Shares seemed easy enough.
    House & Antiques- exempt
    Erm... the painting was the hard one, taper relief on two elements of cost and then taper relief of the total at the end? I think i screwed the painting up.


    IF I did make these errors, would this warrant a fail?
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    Why is it incorrect? I did the same
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    karenv wrote: »
    Thanks thats the book I have and yes on page 61 it says exactly that.
    But the question we were given didnt say that any furniture had been replaced,

    Yeah but its an annual allowance instead of having to keep track of what you replace each year. You can alternatively claim the total value of what you replace within the year, but need to keep receipts etc. for this.
  • tamworth
    tamworth Registered Posts: 21 New contributor 🐸
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    Fiorellino wrote: »
    Why is it incorrect? I did the same

    Was that aimed at me?
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    tamworth wrote: »
    Was that aimed at me?

    No sorry to Jon He said that incorrectly deducted the insurance from the rent, but I think it is right, is it not?
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    Jon_1984 wrote: »
    Yeah but its an annual allowance instead of having to keep track of what you replace each year. You can alternatively claim the total value of what you replace within the year, but need to keep receipts etc. for this.

    All the questions i have come across have actually stated that the taxpayer had chosen to claim wear & tear allce though, and this didnt.

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