Hi Everyone - I am back and need help !

Pigpen

Currently revising Personal Taxation for an ATT exam next week - I am puzzled by two answers in the text book - Can anyone help?

1. Nicholas is a 72 yr old - blah blah - Basically he has a civil partnership with Paul (59) - Very PC - He has various income from writing and a discretionary trust which I understand but the the answer allows him the MCA (married couples allowance) - What is his tax liability for 2008/09 - Well if he is 72 now and we are calculating his 2008/09 return surely he doesn't qualify for MCA - say its 2009 and he is 72 that would mean he was born in 1937 - it says in my book you have to be born before 6.4.1935 to qualify? Puzzled?

2. Sandra has net earnings of £3929 - she sufferd paye of £800 - calculate her tax payable - The answer shows her employment income as £3929 but surely her emp Income would be the net earnings plus the paye amount = £4729

Not sure whether its me or the book? Please help.

A-Vic

2. you only take off PAYE when working out tax liability as she has already had it deducted.

Good to see you back

andrewtdk

I dont know who your study provider is but im studying for ATT aswell with tolleys and while they are very good i have noticed several errors in the question booklets and a couple in the main text so if your also with them i wouldnt be suprised if its a typing error or something. Maybe worth giving your study provider a quick ring.

I agree with you on both questions but then again im only studying aswell

A-Vic

Sorry yeah i think on 2 they must mean gross?

Pigpen

Thanks Guys

I am studying myself - Self taught - The text book is the BPP/Kaplan book study Text

Glad its not just me then - My Finance Director is in later so I will pick his brains I think

How are you finding it all Andrew - Quite a step up from AAT i thought in terms of amount of information you need to remember

andrewtdk

Im not finding it too bad at the moment but its deffinately a step up from AAT. Ive only been at it a month or so but have studied the personal tax part of paper one and am now studying capital gains tax ready for my practise exam in a month or so. There seems so much to remember like all the rules for share schemes and foreign income but im hoping i'll be able to remeber it all come May.

I have yet to start paper 3 but 4 ring binders worth of stuff does seem a lot so im guessing its going to be quite a challange.

How long have you been at it?

Pigpen

I decided to sit personal taxation in November and to be honest didn't even open the text book till a few weeks ago - But I learn much better that way anyway - I was quite schocked at how much more complex it is. I did do PT at AAT and am responsible for payroll and P Tax issues at work which helps. Will see how this goes - Can claim exemption from unit 2 as have done it at AAT then 2 more next May - If I continue?

BTW - Have just shown above two examples to my FD and he agrees with me (stupid text books)

Soooooooooooooo its another lost weekend for me this weekend with my head buried in my text book! Oh joy!