PTC silly mistakes :(

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  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
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    Oh boy da paper looked easy at 1st sight ... But now i am feeling bit nervouse
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
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    umerali2003

    You always need to index stuff when it was brought before apr 1998.

    The painting was brought in 85 i think so that is NEEDED TO INDEX

    then the cleaning was in 88 (not sure but it was before 1998) so if you included this in your answers you NEEDed to index it, if you didnt put it in then no you only have ONE indexation.
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
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    Indexation up to 5 april 98 do apply ....but i am sure the framing ov da picture was in oct 1999 some thing like that ...... So we dont index that ......
  • jimmyt1988
    jimmyt1988 Registered Posts: 23 New contributor 🐸
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    correct umerali in what your statement said just there

    framing was AFTER, cost of picture and cleaning was BEFORE 1998
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
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    Any ways its friday night so chill its all done it cant be ammended now but the late hickups of not apportioning the car benefit and now the painting question can ruin my night ............
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    Its clear that some of the questions given were open to interpretation.
    So guess its a waiting game now.
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
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    I cant still belive how can i miss the apportionment of car ................ but on painting question still many doubts .........
  • jimmyt1988
    jimmyt1988 Registered Posts: 23 New contributor 🐸
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    Yep like you said, chill out, best of luck to everyone =)
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
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    1 thing more net employment in section 2

    employment income 28000 i guess
    less p.a ( 5225)
    net employment income

    2230 @10
    ????? @ 22


    b) cgt mine was 6k some thing @ 20%
  • dangermouse
    dangermouse Registered, Tutor Posts: 1 New contributor 🐸
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    Painting

    On the painting do you index up cost or gain? I was stumped and made it up as I went along. I indexed the costs to Apr 98 and deducted the 2 indexed costs along with the 1 unindexed cost from the proceeds.

    This paper was awful in my opinion.:thumbdown:
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
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    as long as we have shown the right format and completed the paper with carrying on with our own figure as well i fink we all will be orite .. there is always room for some error no body can do it 100 percent ...
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
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    i think her income was 22200

    So less PA = 16975

    2230@10% =223
    14745@22%= 3243.9

    =3466.9

    The capital gains was the remainder at 20%
    and some at 40%

    Thats what i got(it depends on the CGT taxable figure you got)
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
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    my mistakes are as follows

    - did not apportion the car ( still doubt that 25000 is for the whole year regardless he is given a new contract )
    - painting ( thought of with every angle but did not find any other way of doing it without putting the formulae at the end )
  • jody m
    jody m Registered Posts: 7 New contributor 🐸
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    i got the same answers as you!
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
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    yes it was 22200
    my figures certainily did matched up here with u lolzzz

    and i thing i put the cgt @ 20 because it was falling in basic rate band at least my figure was lolzzz
  • jody m
    jody m Registered Posts: 7 New contributor 🐸
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    its 10 percent of income and any costs like rates etc so u use the rental income all furnished properties have wear & tear allowance of 10percent
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
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    yes umerali2003

    As you would have used your own figures and the caculations would of been right then you are ok, no need to worry,
    Good luck with results.... Long wait tho, hate these waits
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    po1988 wrote: »
    i think her income was 22200

    So less PA = 16975

    2230@10% =223
    14745@22%= 3243.9

    =3466.9

    The capital gains was the remainder at 20%
    and some at 40%

    Thats what i got(it depends on the CGT taxable figure you got)

    Po1988 did you mean 16775??
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
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    i am out guys had enough discussion .. i pesonally think i did enough 2 convince the examiner 2 give me a SUCESSFULL:tongue_smilie:
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
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    personal allowance is 5225?

    so 22200-5225=16975?
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    po1988 wrote: »
    personal allowance is 5225?

    so 22200-5225=16975?

    Oh poo, i thought it was £22000!!!!!!!!
  • umerali2003
    umerali2003 Registered Posts: 400 Dedicated contributor 🦉
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    SORRY FORGOT 1 thING BEST OF LUCK 2 all of u WE ALL WILL MAKE IT DEFINATELY .. I HAD 2 SAY DA PAPER WAS BIT MESSY ...... and more of a catchy material rather then testing the knowledge
  • Big Bird
    Big Bird Registered Posts: 62 Regular contributor ⭐
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    Can anyone remember what % of taper relief they got for each item.
    Like most I thought I had done ok but when you start reading you begin to doubt yourself.
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    Big Bird wrote: »
    Can anyone remember what % of taper relief they got for each item.
    Like most I thought I had done ok but when you start reading you begin to doubt yourself.

    Erm Painting 60%
    can't remember the other 2
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
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    Think i got
    Share 1= 75%
    Share 2 = 80%
    Painting 60%
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    NBB wrote: »
    Erm Painting 60%
    can't remember the other 2
    Shares
    Was one 6 years @ 70%
    and 7 years at 75%
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    andrea1802 wrote: »
    Shares
    Was one 6 years @ 70%
    and 7 years at 75%

    75% rings a bell not sure which share for though!!!
    80% also rings a bell!!!!!!!!!
  • Big Bird
    Big Bird Registered Posts: 62 Regular contributor ⭐
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    po1988 wrote: »
    Think i got
    Share 1= 75%
    Share 2 = 80%
    Painting 60%

    Yep Thats what I got too
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    andrea1802 wrote: »
    Shares
    Was one 6 years @ 70%
    and 7 years at 75%

    Andrea you got the years right which was 6 but the taper relief was 80% just checked the chart thingy!! you would have put 80% when you looked at the chart!!!
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
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    think this paper was a lot easier then past exam papers, especially section 2 as it didnt have the PPR or 1985 pool shares

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