PTC silly mistakes :(
Comments
-
yea it gives a much bigger gain and thats the whole point ..... u earn more on the thing which cost lesss (hmrc) wont let u go like that lolzzz think logically0
-
for the car benefit I did something like
List Price * 35% * 3/12 THEN took away the capital contribution, leaving me with 0 >.<. Presume this is wrong and I should have multiplied my final benefit liability by 3/12 then?
YEP just looked that up, got that a mess, everything else was ok, so hopefully they allow my carried through figure in the rest of the questions0 -
umerali2003 wrote: »yea it gives a much bigger gain and thats the whole point ..... u earn more on the thing which cost lesss (hmrc) wont let u go like that lolzzz think logically
I am still not sure about it!0 -
andrea1802 wrote: »OOps, should have been just 600o x 10% I think
I think it should have been
£6000 - 150 = 5850
10% x 5850 = 585 wear and tear
giving £5265 as the total assessable income for flat a???0 -
umerali2003
That formula doesnt include indexation, You do the formular before taper and also you work it out normally (wit indexin etc) and you take the lower of the two figures as the gain
In this casue it was the indexed one as the formula gives a much higher gain0 -
No definately 600 wear and tear. Insurance doesnt come into w and t0
-
Hiumerali2003
That formula doesnt include indexation, You do the formular before taper and also you work it out normally (wit indexin etc) and you take the lower of the two figures as the gain
In this casue it was the indexed one as the formula gives a much higher gain
Thats what I thought
andrea0 -
w and t is slang for wear and tear by the way
Check me out!0 -
-
andrea1802 wrote: »Hi
Thats what I thought
andrea
Agree0 -
Painting was something like 60,000
Less (5,000) + Indexed Amount
Less (800) + Indexed Amount
Less (4,500)
= Chargable gain? 46,XXX
Cant remember exact figure0 -
sleepysophie wrote: »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 ?
Yes but I thought it said received a car allowance of £25000 for the year regardless when he bought the car as he could only claim up to £25000 anyway, think I am wrong though!!!!!!0 -
jimmyt1988 wrote: »Painting was something like 60,000
Less (5,000) + Indexed Amount
Less (800) + Indexed Amount
Less (4,500)
= Chargable gain? 46,XXX
Cant remember exact figure
Yes I did that! anyone else?0 -
I indexed both figures, is that correct? as my friend did not index the cleaning of the painitng.jimmyt1988 wrote: »Painting was something like 60,000
Less (5,000) + Indexed Amount
Less (800) + Indexed Amount
Less (4,500)
= Chargable gain? 46,XXX
Cant remember exact figure0 -
well I did lol, whether it's right or not I don't know0
-
I didn't gross up the ppp figure. Did anyone else think it was a bit misleading as it didn't say if it was net or gross amount paid?0
-
U cant index both ov them one was after april 98 nd there is no indexation after april 980
-
I didnt deduct the cleaning of 800 at all - thought it was revenue!!0
-
2 were before 1998 and 1 was after, the 4,500 was after 800 and 5000 were before 19980
-
There is no other way of doing the question of painting without using the formule
it clearely say in bpp book sale proceed less then 6000 cost more then 6000 sale proceed are deemed 2 be 5/3 sale proceed - 60000 -
If Proceeds (60,000) > than 6,000 and cost (5,000) < 6,000 THEN you do the 5/3 (60,000 - 6,000) = 90,000 so it didn't restrict the gain anyway because the gain was about 46,000, but I put the formula in because I believe you have to show it.0
-
i indexed both
A)cause there where two index figures given and in past all figures given where used.
it says repairs etc done to a Chattel that would reflect in the sale proceeds count as costs( Ie. if it wasnt cleaned the sale might of been alot less) 0 -
umerali2003 - THat is the RISTRICTED gain, i.e, use it if the other way is more than that.0
-
umerali2003 wrote: »There is no other way of doing the question of painting without using the formule
it clearely say in bpp book sale proceed less then 6000 cost more then 6000 sale proceed are deemed 2 be 5/3 sale proceed - 6000
Yes but why they put the indexation factor for the exact date0 -
The fomula is used to benefit the CTG Payer by restricting gains.
In this case the gain would be higher using the formula so it is no use, as we use the lower of the two methods as stated before.0 -
There was one indexation thats 4 sure because framing the picture is like enhancement we do index the enhancement sperately but in that case the enhancement was done after april 98 so there will be NOindexation0
-
Wasn't sure if I calculated the benefit right. After calculating benefit percentage etc I deducted his contribution. Can't exactly remember my figure but I think it was around £1900 !?
Loving this thread. I was having such trouble doing the past papers as I ALWAYS forgot something that was written right there on the paper. Like the personal allowance when you had to calculate the tax in section 2. Always forgot that even if I had already done it in section 1. Remembered this time though! That was definately my worry for this exam - missing something that's right in front of me!
mi|kshake~0 -
In the letter to barberra, just want to check that I'm right in saying her private residence is exempt providing she has lived in it all the time with no time away more than 3 months or the fact work required her to work abroad. And her lil antiques were exempt as cost and proceeds of each was less than 6,000?0
-
No indexation on enhancement which was framing the picture because the date was oct 1999 some thing like that0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 322 NEW! Qualifications 2022
- 159 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 93 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership