PTC - done

hanapospis

Hi everyone,

How did you go with PTC exam today? What do you think about it?

I think it was not too bad. I am sure I have done some mistakes but overall it was quite a nice paper.

BUT..As soon as I left the room, I have realised I'd made a stupid mistake in calculation (stupid calculator!!!!!). The working on paper is correct ( I hope) only the answer is wrong and I have carried it on .... :crying: Can I fail for it? Do I lose many marks for it? :crying::crying:

Kate9986

Thought the exam was ok until i left and realised that i forgot to add the benfits fgure into employment calc.........do you think I wil fail for that it is a preety whopping mistake!!!!:huh:

diamondavid

use 13%instead of 15%, stuipid me, there was couple that i wasnt sure, so i was just guessing, will talk more at 3pm.

ps. as long i pass PEV i dont mind resitting PTC

Kate9986

sure that is a pretty minor mistake you will be fine!:tongue_smilie:

Crazy Chick

i found it ok, few strange bits but just waffled on for those.....if you make one mistake and then it carries on they only mark you down for one so don't worry on that score.

talk after 3:001_smile:

Kate9986

hopefully - i cant believe I forgot it out! so then my tax was in low rate! what exams have you had this week? My brain is done in from 3. :001_unsure::crying:

Crazy Chick

BTC and PTC
BTC was harder I thought all the indexation n that..

just glad they are over with

just got DFS at Xmas

hanapospis

I also had BTC and PTC.. also found BTC a bit harder....

MAC and DFS in December:cool2:(if no tax exam resit)

Crazy Chick

MAC was ok just dont like all the percentages..did my head in...but passed it so must of been ok..

gotta go to the dentist in a bit then well and truly gonna go out n get blasted with beer

alicemaylara

Yeah i had three, DFS, PTC and MAC.

We got a goodie bag today with booze and chocolate but i smashed the bag on a wall and spilt all the alcohol everywhere....i smelt like an alcoholic and it doesnt help that i look underage!

Almost three then we can talk details!

Tracy Keeley

I found the exam ok. I was able to answer all the questions.

I have a few doubts, i will wait till 3 and then will post them and it would be great if any one could help put my mind at rest.

I would be very surprised if I had failed, and normally after an exam I'm not this confident!

alicemaylara

Well the BBC says its three o clock so cant argue with that

I wasnt sure if the child care was exempt, i put that it was?

Also the captial gains on the clock destroyed by fire, i wasnt sure if it was exempt but then i saw that car was exempt so decided to include it as a captial gain

Greycow

I put the childcare as exempt as it is under £55 per week and processed the clock as a sale as he had actually benefitted

I must admit I expected a harder paper as they were suggesting more woudl be put in to do with property due the simplification of capital gains.

Crazy Chick

i put the car as exempt

wasnt sure what to do about the pension payments..any ideas on that one?

Crazy Chick

i put the childcare as a benefit

the clock as chargeable

nearly filled in the return on the wrong part - the holiday lettings page instead of the lettings

Greycow

I also put the car as exempt, with the pension i deducted the contributions from the salary as it was an occupational pension

alicemaylara

ignore empployers pension then employees was deducted from the employment income calculation....i think it was 4% of 40,500...1620

alicemaylara

Crazy Chick wrote: »

i put the childcare as a benefit

the clock as chargeable

nearly filled in the return on the wrong part - the holiday lettings page instead of the lettings

I did that too with that form, luckily i noticed and tipex it out :crying:

diamondavid

alicemaylara wrote: »

ignore empployers pension then employees was deducted from the employment income calculation....i think it was 4% of 40,500...1620

did u use 3months instead of all 12?

40k, 9months, 4%
40.5, 3months, 4%

alicemaylara

I just looked on the HMRC website to try and work out what should have been done to the childcare.They talk a different language at the Revenue a swear! But i think if its over £55 a week then you tax on the excess but im not sure. Can anyone clarify?

Im secretly annoyed that there was no PPR as i worked so hard on that element! Why do they never test the things i actually learn!

hanapospis

She had 40K for 9 months and 42K for 3 monts (5% increase)

alicemaylara

diamondavid wrote: »

did u use 3months instead of all 12?

40k, 9months, 4%
40.5, 3months, 4%

Well he got £30,000 from April to Dec
then £10,500 from Jan - March didnt he?

So i took 4% of the total annual salary:huh:

diamondavid

the music system, i did bought price * 20%, which i think its wrong

the shares gain 8465
property, wasnt sure if the redecro is in or the clean cost
painting 8k*(10k/10k+18k)

alicemaylara

hanapospis wrote: »

She had 40K for 9 months and 42K for 3 monts (5% increase)

40,000 annual so dont you have to divide by 12 and times by 9....

hanapospis

I put the childcare as exempt as well..
the clock as chargeable

How did you deal with the paintings? I used the formula for part disposal.. is this right?

What about the contribution towards the provision of the car? Did you take £1200 out of the cost of the car before calculating the percentage?

alicemaylara

diamondavid wrote: »

the music system, i did bought price * 20%, which i think its wrong

the shares gain 8465
property, wasnt sure if the redecro is in or the clean cost
painting 8k*(10k/10k+18k)

It was a used asset so its the higher of market value at date provided -price paid or marvet value when 1st provided - benfits already assessed - price paid by employee....cant remember the figures but i think your calculation is only for new assets.

shares =thats what i got :thumbup:

Painting:thumbup:also

hanapospis

alicemaylara wrote: »

40,000 annual so dont you have to divide by 12 and times by 9....

40K for 9 months = 30K
42K for 3 months = 10.5K

tho total employment income = 40.5K. Is it right?

alicemaylara

hanapospis wrote: »

What about the contribution towards the provision of the car? Did you take £1200 out of the cost of the car before calculating the percentage?

No i think you take it after you calculate the benefit assessable...but shouldnt matter too much

Tracy Keeley

diamondavid wrote: »

the music system, i did bought price * 20%, which i think its wrong

the shares gain 8465
property, wasnt sure if the redecro is in or the clean cost
painting 8k*(10k/10k+18k)

I can't remember the gain I had for the shares but I definitely had a gain.

The music system I did Original cost less 20% less amount employee had paid to buy it. I actually charged two years usage at 20% as it was partly owned by the company for the tax year (not sure if two years was right.)

I too apportioned the cost of the painting like you did.

alicemaylara

hanapospis wrote: »

40K for 9 months = 30K
42K for 3 months = 10.5K

tho total employment income = 40.5K. Is it right?

yeah!:thumbup:

Greycow

If you split it 40000 x 9/12 and 40500 x 3/12 both times by 4% the total figure is 1605 whereas 40500 x 4% is 1620 (which is how I calculated it) so I am hoping the for sake of 3 difference it will be ok