PTC - done
Comments
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im dreading my resit!!!! think ive buggered it all by not adding in the benefits in the employment calc.... so my income tax workins were all on basic rate.... seems like I had most other things correct though, what do you think pass or fail???? Cant believe I made such a stupid mistake :mad2:0
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im dreading my resit!!!! think ive buggered it all by not adding in the benefits in the employment calc.... so my income tax workins were all on basic rate.... seems like I had most other things correct though, what do you think pass or fail???? Cant believe I made such a stupid mistake :mad2:
Im not sure, i guess if you did the calculation correctly and you did the computation according to your answer you should only be penalised once, not sure if you will get another for not including gift aid but technically you did right to leave it as he was basic rate in your computation...im not sure
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I put that the tax band was increased due to the gift aid payments... and the figure it increased to! Dont know how i missed it:huh:
Sounds like you did well - are you cracking open the wine tonight?:thumbup:0 -
I dont drink!
Im more of a chocolatey person!
I wont celebrate till i see my results because im one of these people who make stupid mistakes!
Im sure you'll be fine aswell, its so easy to miss adding benefit i did it in my mock! :thumbup1:0 -
well fingers crossed until the 17th of August :001_unsure:0
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this probs isnt very optimistic, but is the tax rate gonna b the same for DEC 2009 exam? :tongue_smilie:0
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Yep think they will -did you do ok then?0
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Oh my god I can't belive that I missed the gift aid payments !!!I put that the tax band was increased due to the gift aid payments... and the figure it increased to! Dont know how i missed it:huh:
Sounds like you did well - are you cracking open the wine tonight?:thumbup:
Do you think thats a probable fail !!!0 -
hanapospis wrote: »I take off only one year... as he had it in 2007/2008 and in 2008/2009 he bough it from employer
I had benefit in kind of £2840 for it
4800x20% = 960
4800-960-1000 = 2840...
I had the same as this - it confused me as they did not give the market value as at the date of sale.
I kept changing my mind about the childcare, I decided not to include it, which I now think is wrong.0 -
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I wouldnt worry to much Tracey if that was your only mistake it will be fine.... hopefully the pass rate wont be 2 high:001_tt2:0
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Can anyone remember what gain they got for selling the painting. (Not the insurance claim payment.)
I apportioned the cost and restricted the profit and got a figure of £6666
Does that sound familiar to any one ?????0 -
I had the same as this - it confused me as they did not give the market value as at the date of sale.
I kept changing my mind about the childcare, I decided not to include it, which I now think is wrong.
I had the previous years benefit as from 1st July for the stereo so I only put 960 x 10/12 = £800. The childcare I exempted because it said 'approved carer' but not sure0 -
Tracy Keeley wrote: »Can anyone remember what gain they got for selling the painting. (Not the insurance claim payment.)
I apportioned the cost and restricted the profit and got a figure of £6666
Does that sound familiar to any one ?????
Yes!0 -
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Tracy Keeley wrote: »Can anyone remember what gain they got for selling the painting. (Not the insurance claim payment.)
I apportioned the cost and restricted the profit and got a figure of £6666
Does that sound familiar to any one ?????
8k*(10k/10k+18k)=2857
i didnt do (10000-6000)5/3 tho=6667, but u should use the lower figure, right?0 -
I entered the childcare in the benefit assessment as an exempt amount as it was an approved minder.nhlightnin wrote: »I had the previous years benefit as from 1st July for the stereo so I only put 960 x 10/12 = £800. The childcare I exempted because it said 'approved carer' but not sure0 -
My Answers (not all correct)
Hi all, thought id post my answers as far as i can remember to see what you all think, i know there are a few mistakes and cant remember all of it.
Task 1.1Benefits
Car Price 18600 * 23% (15 + 8 additional) = 4278
Fuel 16900 * 23% = 3887
Total = 8165 (not sure if the list price was 18300 either)
Also i never deducted £1200 as i thought they were running costs etc.. (1st Mistake)
Asset
4800 * 6/12 = 2400 (cant remember if this was 5,6 or 7 months but assuming 6)
2400 - £1000 = 1400*20% = £280
Total = 8445
THIS IS DEFO WRONG,ha (great start to the paper)
Task 1.2 Employment Income
40000 * 9/12 = 30000
42000 * 3/12 = 10500
Total = 40500
Task 1.3Computation of Taxable Income
Total Non-Savings Savings Dividends
Salary 40500 40500
Pension (1620) (1620)
Benefits 8445 8445
Dividends 140 140
Total 47465 47325 140
Less PA (6035)
Taxable Income 41430
Note: your answers may be different as my Benefits are wrong
Task 1.4 Net Income Tax Payable
Taxable Income 41430
Less Dividend (140)
41290
35700@20% = 7140 (Increased basic rate by £900 for Gift aid £75*12)
5730 @40% = 2292
140 @32.5%= 45.50
= 9477.50
- Tax Paid (14) (dividend)
Tax Payable = 9463.50
Note: your answers may be different as my Benefits are wrong
Task 1.5 Email
Notes that you will say in the email.
Think i wrote 4 or 5 along the lines of.
1) Importance of filling out a correct Tax Return
2) consequences of filling out an incorrect Tax Return
3) How to get the Return amended and notifying HMRC
4) Penalties Occured
Task 1.6 Email 2
Cant tell her anything because of confidentuality etc.......
Hoping i have above 70% there, let me know what you think?
Task 2.1 Shares
Really cant remember this - I think i had the Cost of the Shares sold at 9035.
Then obviously took this away from the Proceeds to give me my gain.
Task 2.2 a) destroyed in fire
Proceeds 48,000
Cost (25,000)
Gain 23,000
Task 2.2 b) Vintage Rolls Royce
Exempt
Task 2.2 c) Painting
10,000
10,000+18,000 * 8,000
= 2857
Task 2.3 Net Taxable Gains
Shares 8000 (just a rough amount)
Insurance1 23,000
Paintings 2857
Total 33857
Less AE (9600)
24257
Less Loss PY (15,000) (just a rough amout as cant remember exact figure)Net Tax Gains 9257
Task 2.4 Capital Gains Tax Liability
9257 * 18% = 1666
Note: my answer was not exactly this as cant remember what i had for shares etc..
Task 2.5 Net Income
17 wood lane 42 something street
Rent Income 6480 9600
Council Tax (?) (?)
Water Rates (?) (?)
Something Else (?) (?)
Decoration (?) (?)
Cleaning (?) -
Furtiture - Cant Include
= Net......
Cant remember the exact amounts but thats what my answer looked like.
However i have made a mistake not including wear and tear for 42 something street.
Task 2.6 Email
On a whole explaine how if his earnings were below 34800 the tax implications would not change but if there were for e.g. £50,000 then whatever he paid into his pension e.g. 3000 would increase his basic rate by £3000 also allowing him to pay 20% tax on my income untill paying 40% tax band.
But this was worded better and lasted a full sheet of A4.
Let me know your thoughts and if would of passed this section?
Thanks
Enjoy0 -
Thats the calc I used for the apportioned cost then I restricted the profit :-diamondavid wrote: »8k*(10k/10k+18k)=2857
i didnt do (10000-6000)5/3 tho=6667, but u should use the lower figure, right?
£10,000 - £6000 x5/3
Which gave me the £6666 as my gain0 -
Tracy Keeley wrote: »Thats the calc I used for the apportioned cost then I restricted the profit :-
£10,000 - £6000 x5/3
Which gave me the £6666 as my gain
nononono, i dont think thats right, dont quote me on it, but im 80% sure0 -
diamondavid wrote: »8k*(10k/10k+18k)=2857
i didnt do (10000-6000)5/3 tho=6667, but u should use the lower figure, right?
2857 was the cost, not the gain. Therefore 10,000 - 2,857 gave a gain of 7142, which was restricted to 6,667 due to 5/3 x (10000 - 6000)0 -
Oh dear !!!diamondavid wrote: »nononono, i dont think thats right, dont quote me on it, but im 80% sure
£8000 x £10,000/£10,000 + £18,000 = £2857 (Rounded Down)
Proceeds £10,000
Less Cost (£2857)
£7,143
Restricted to 5/3 (£10,000 -£6000) = £6666 Rounded down
The reason being that he was making a profit on a chattel that had cost under £6,000
Was I way off ???????0 -
oops, like i said b4, if i passed PEV i dont mind resitting PTC:crying:
i better go now, its ruining my fri night LMAO0 -
Tracy Keeley wrote: »Thats the calc I used for the apportioned cost then I restricted the profit :-
£10,000 - £6000 x5/3
Which gave me the £6666 as my gain
I dont think thats the right calcualtoin because the amounts sold for anfd purchased were above £6000 so you just do it like normal, you only do that if the bought it for less than £6000 and sold for more than £6000
aso its a apart sale so you have to do
Costs of whole purchase * gross proceeds/gross proceeds+mv of rest of asset
£8000 x £10,000/£10,000 + £18,000 = £2857 (Rounded Down)
Proceeds £10,000
Less Cost (£2857)
£7,1430 -
alicemaylara wrote: »I dont think thats the right calcualtoin because the amounts sold for anfd purchased were above £6000 so you just do it like normal, you only do that if the bought it for less than £6000 and sold for more than £6000
aso its a apart sale so you have to do
Costs of whole purchase * gross proceeds/gross proceeds+mv of rest of asset
£8000 x £10,000/£10,000 + £18,000 = £2857 (Rounded Down)
Proceeds £10,000
Less Cost (£2857)
£7,143
Does that not make it qualify for the 5/3 x (Proceeds - 6,000) as it becomes a chattel sold at a gain for over £6,000?0 -
Mmmmmmm, im not sure that seems rather confusing. Oh no i dont no know! :laugh:
I think because they gave the amount for the 3 paintings it was trying to make you use the part sale equation i could be wrong though0 -
I think Tracy is correct,as I've checked the tutorial book.Don't worry though cos I got the same as you..£7143.
I also missed childcare from Benefits in Kind and Redecoration from property expense.
Probably some more as well.
I'll just have to wait until August, as reading more & more on here is likely to make me spot more mistakes and do my head in even more.0 -
I think Tracy is correct,as I've checked the tutorial book.Don't worry though cos I got the same as you..£7143.
I also missed childcare from Benefits in Kind and Redecoration from property expense.
Probably some more as well.
I'll just have to wait until August, as reading more & more on here is likely to make me spot more mistakes and do my head in even more.
I agreee! I am now not going to look at this thread...promise!0 -
Did anyone make an adjustment for the sound system for:
The 10 months already assessed in 07/08 (Jun-Mar)
The 6 mths in 08/09
Then less the £1000 paid by employee?
I have checked out the following:
The Childcare amount is not assessable as it is less than £55 per week.
The £100 per month for car use should have been deducted from the benefit calculated.
The basic rate threshold should have been extended by the gross Gift Aid amount x 100/80.
Just looked up about insurance claims and it is treated as sale proceeds - this was the only thing I wasn't sure about as not covered this on my Distance Learning course but feel happier having now checked this.
The paintings calculation did need to be restricted to 5/3 x proceeds - 6000 as only the total of 3 painting was over 6000.
The redecoration and cleaning of properties are allowable expenses.
The furniture is classed as capital expenditure and should not be allowed as an expense.
Fingers crossed for August - this was my final exam!!!!0 -
I think it's the worst thing to do, I came out of the exam full of confidence and now I'm going to be nervous in August waiting for my results as I have know picked up on some errors I made.alicemaylara wrote: »I agreee! I am now not going to look at this thread...promise!
Why do we do it to ourselves !!!!!
Looks like I will be seeing you on the forum waiting for our results in August !!
Can't even have a glass of wine to relax as I'm pregnant.0
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