BTC How did everyone get on?
Comments
-
never heard of it and can't see it in my book? Is it in the Osborne book?
0 -
ive never heard of it..i just ignored it as it is an allowable expense...the salry i added sorry not deducted from trading profit0
-
Ismal profit portion, he was in the company for 6 months, therefore the profit has to be split in two and then the portion for his part? is this correct?0
-
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
part of the lease is a disallowable expense since the car was costing more than £150000 -
I split it in two and then in two again for Ismail's portion 0
-
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
Proceeds ......150.000
cost .............23.077
indexation.......13177
23.077 x 0.571
gain.............. 113.177
I was so confused...0 -
how do we know whose car the lease was for?0
-
-
i didnt know it was disallowable... oh well..
yes i did that too with the salary...0 -
hanapospis I did exactly the same as you 0
-
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?0 -
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?
Yes, thats what I did0 -
I have also added up the lease expense of 2.200 as it is a capital nature therefore disallowable.
With the profit share..
I have split it up in two 6 and 6 months. And the second part divided between two partners. Emily was also entitled to receive 10.000 as her salary from the profit...0 -
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
Proceeds ......150.000
cost .............23.077
indexation.......13177
23.077 x 0.571
gain.............. 113.177
I was so confused...
I think that is the same answer as mine - I remember my tutor telling me that you calculate part disposal of land on value, and not on the acres.0 -
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?0
-
Proceeds ......150.000
cost .............23.077
indexation.......13177
23.077 x 0.571
gain.............. 113.177
I got the same but the gain works out at 113746
Proceeds less cost less indexation..0 -
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?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?0 -
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?
She only started receiving a £20k salary in November, so needed apportioning to 6 months.0 -
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?
did you half the limits twice. or divide the limits by 3 as there were 2 associates?0 -
I got the same but the gain works out at 113746
Proceeds less cost less indexation..[/QUOTE]
yes, you are right.. sorry for speeling mistake.. it should have been 113.7460 -
did you have to knock off the capital losses b/fwd off the 113746?0
-
i halfed the limits twice most people seem to have used marginal relief just wondering were i went wrong0
-
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....0 -
cheers hanapospis
just panicking cos i think i have made some quite random errors ...0 -
you did not need to time apportion the corp tax as it does not when the year end falls as long as its a 12mth period. All you had to be aware of is the 2 Associated companies0
-
I had PCTCT as 452.516
and Profits as 458 516
For the 3 months period I had
113.129 x 30% - 256 = 33 683
For the 9 months period I had
339 387 x 28% - 537 = 94 491
Tax 33 683 + 94 491 = 128 1740 -
you did have to time apportion the cap cos it was over 2 financial years - 3months FY07 and 9 months FY080
-
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....
my tax seemed really high but i'm sure i did all the formula correctly!
i did the same with the limits. divided them by 3 then time apportion them (3/12 and 9/12) I think i messed the same things up as well!0 -
Same as you again Hanapospis!0
-
I thought it was a 31 March 2009 year end0
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