Crazy Chick wrote: »
ive never heard of it..i just ignored it as it is an allowable expense...the salry i added sorry not deducted from trading profit
SammySh wrote: »
We just had to explain the ent relief to Emily think.
Part disposal, threw me a bit too. I has proceeds, less cost of acq (100,000/20), less (indexation of £5000 x 0.257), less (100,000 x 150,000/(150,000+500,000)), is that what you all got?
beansprout64 wrote: »
didnt you have to split the profit in half (6months each).
the first 6 months the original person (can't remember the name) got all of the profits.
in the second 6 months when the other person joined. the original person got 10,000 of salary. then split the remaining profit in half for the 2 owners.
does that make sense?
hanapospis wrote: »
I also think It went ok.
I was a bit confused with the part disposal.
The land (20acres) cost 100.000 when bought. Part of it was sold for 150.000 (5acres) and rest of it was valued for 500.000. Logically if 20 acres cost 100.000 so 5 acres should have cost 25.000
but when you do the calculation 100.000 * 150.000/650.000 you get 23077.
So I put
23.077 x 0.571
I was so confused...
Crazy Chick wrote: »
no but i remember they had put the rates in reverse order on the printout at the front i nearly used the 2007 ones for 2008...bit of a trick....
what did you do with the salary for emily (was it her ) for 20k ? I time apportioned it to the 6 months and then deducted it of the trading profits ...what did you do?
Ellybellybarbietoe wrote: »
I never time apportioned it as Emily had been there for the whole year, the business had been trading for years, it was Ismail who had only been there six months. is this right? Should I have time apportioned it?
Jointy wrote: »
I did the CT payable at 28% i halfed the limits twice for the associates and prorated for the different financial years so for the 1,500,000 I had 281250 can anyone remember the profit figure for the 9 months?
Amy1234 wrote: »
Does anyone remember what tax payable figure they ahd at the end, i ended up with something like 122,000!! :blushing: not too sure how.
Also think i messed up the marginal relief, do u time apportion the upper and lower limits to use in the calculation.
e.g for upper band 1500000/3 X 9/12?? giving u a upper limit of 375000?
i'm stressin as i'm pretty sure i messed up the part disposal and the date questions....