PTC silly mistakes :(

124678

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  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
    Tamworth=

    I indexed the two costs using the figures given to us
    and then taped the final value gain @60%
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
    there was no apportion on the car benefit thats 4 sure it said during the year and it didnt said any where that the car was unavailabe in certain months so we will take the whole benefit ................ all the apportionments were in employment income
  • renae
    renae Registered Posts: 76 Regular contributor ⭐
    I don't remember anything about a payment towards a company car, and I am sure I only used one index figure? Ah well, at the end of my paper I did write that if this was a 'real' matter, then I would confirm everything on HMRC, as it covered such a wide date range...........must get half a mark for imagination???????
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
    There was the apportion because he had the use of the car when he was promoted
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
    You do need to apportion the car benefit

    It says he got the car when he was promoted ie the last 3 months
  • cs_1988
    cs_1988 Registered Posts: 231 Dedicated contributor 🦉
    umerali, it said he got the car when he was promoted!
  • tamworth
    tamworth Registered Posts: 21 New contributor 🐸
    po1988 wrote: »
    Tamworth=

    I indexed the two costs using the figures given to us
    and then taped the final value gain @60%

    I did that too, i feel much better now :thumbup1:.
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
    renae wrote: »
    I don't remember anything about a payment towards a company car, and I am sure I only used one index figure? Ah well, at the end of my paper I did write that if this was a 'real' matter, then I would confirm everything on HMRC, as it covered such a wide date range...........must get half a mark for imagination???????

    Ha ha that s a good one! well done!
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
    In flat a we will take 12 m rent - insurance -10% wear and tear

    in flat b only 8 months rent ..... Nothing else was there 2 put in
  • renae
    renae Registered Posts: 76 Regular contributor ⭐
    I thought the car BIK was only over 3 months, as he had changed department or something, and from April - Dec he had a 4% pension with no car, and then from Jan to March he had the company car and increased his contribution to 6%
    Also two different salary figures, one to be x9 & x3
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
    Sorry i will clarify myself. Wear and tear is "10% (of rent received minus water rates & council tax if paid by landlord)"

    Therefore when i calculated "10% of (rent £6000 - insurance £150)" to give wear & tear of 585 I think i was wrong.

    I had it in my head that wear and tear was "10% of (rent - expenses)"during the exam and kicked myself on leaving.
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
    Anyone know how much the shares in the 2.2 task where (the second lot)
    and how many and how much he sold them for?
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
    Fiorellino wrote: »
    No sorry to Jon He said that incorrectly deducted the insurance from the rent, but I think it is right, is it not?

    Yes you are supposed to deduct the insurance from the rent

    Expenses must be incurred wholly and exclusively for the purpose of the letting
    Examples include
    Repairs & maintenance
    Insurance
    Water rates
    Council tax
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
    renae wrote: »
    I thought the car BIK was only over 3 months, as he had changed department or something, and from April - Dec he had a 4% pension with no car, and then from Jan to March he had the company car and increased his contribution to 6%
    Also two different salary figures, one to be x9 & x3
    Hi Renae,

    Thats what I did

    Andrea
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
    Oh ****tttttt...... I didnt apportioned it car benefit oh my how can i miss that .... Ny ways i carried on all the procedure right
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
    I cannot remember any figure!!!
  • sleepysophie
    sleepysophie Registered Posts: 17 New contributor 🐸
    po1988 wrote: »
    Tamworth=

    I indexed the two costs using the figures given to us
    and then taped the final value gain @60%

    In my opinion the painting was the hardest thing on the paper.
  • renae
    renae Registered Posts: 76 Regular contributor ⭐
    Think I did wear & tear on the 6k, less insurance
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
    renae wrote: »
    Think I did wear & tear on the 6k, less insurance
    OOps, should have been just 600o x 10% I think
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
    In painting the sale proceeds deemed 2 be 5/3 ( sale proceed-6000) i have done that at the end
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
    umerali2003 wrote: »
    there was no apportion on the car benefit thats 4 sure it said during the year and it didnt said any where that the car was unavailabe in certain months so we will take the whole benefit ................ all the apportionments were in employment income

    I agree, but it looks like it is just us two??
  • cs_1988
    cs_1988 Registered Posts: 231 Dedicated contributor 🦉
    I Didnt deduct the cleaning from the painting as i thought this was revenue. But there is room for error people, as long as you are competant your ok.

    Section 1 i had an error in car benefit and didnt gross up the personal pension. Hopefully ok tho!
  • renae
    renae Registered Posts: 76 Regular contributor ⭐
    andrea1802 wrote: »
    Hi Renae,

    Thats what I did

    Andrea

    Then it's a good day - been on here 3 years & never had the same answer as anyone else.......either that or you are slipping :001_smile:
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
    umerali2003 wrote: »
    In painting the sale proceeds deemed 2 be 5/3 ( sale proceed-6000) i have done that at the end

    I thought about using the formula but at the end I decided to index everything since we have been given the indexation, so I thought that was a clue!!!!
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
    Yea but i am still not sure..... Because i got all the time in the world 2 read that question again and again and usually if they ask 2 apportion it they give the date of unavailibilty .............
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
    Fiorellino wrote: »
    I thought about using the formula but at the end I decided to index everything since we have been given the indexation, so I thought that was a clue!!!!
    I did look at the limirted formual but his gave an even bigger gain!!
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
    SALE PROCEED >6000 ........ COST<6000 then sale proceed are deemed 2 be 5/3 (sale proceed-6000) and u have to do that at the end after deducting all the cost and after applying the indexation as well
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
    umerali2003 wrote: »
    SALE PROCEED >6000 ........ COST<6000 then sale proceed are deemed 2 be 5/3 (sale proceed-6000) and u have to do that at the end after deducting all the cost and after applying the indexation as well

    Do you???
  • sleepysophie
    sleepysophie Registered Posts: 17 New contributor 🐸
    umerali2003 wrote: »
    Yea but i am still not sure..... Because i got all the time in the world 2 read that question again and again and usually if they ask 2 apportion it they give the date of unavailibilty .............

    It said: "when he took the promotion" or something like that he got the car. The date of the promotion was given. So, he just had the car 3 months ?
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
    umerali2003 wrote: »
    Oh ****tttttt...... I didnt apportioned it car benefit oh my how can i miss that .... Ny ways i carried on all the procedure right

    I thought it said he got a company car allowance of £25000 for the year whether he bought a car when he got promotion or not does this still not count as the whole year??

    Think i am making my own questions up here lol xx

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