BTC - how did you find it...

Crazysarah86

I also got £40k but I did WDA coz I couldnt remember lol got same answer tho ...

talinka

Because he ceased trading calculated profit should be added to the last year figure of 30,000.Thus becoming the extended taxable period

shaunjubb

so again, these lossess from 07/08 were the only thing i left out . what were you meant to do with them..?
also on the NI class 2 i done 52 weeks then took 9/12 months to get the figure, what did you do?

Vics

I didnt include that!! Damn!!! Kept looking at it but then wasnt sure!

talinka

The 30,000 from the previous year was not needed in the form, cause some pages were missing

Vics

For the NI i did the same as it was obv only a 9 mth period

talinka

In section 2 did anyone account for the private use of the car, as it was limited company and not a sole trader, I decided to ignore it.

carrieclarke2001

talinka wrote: »

In section 2 did anyone account for the private use of the car, as it was limited company and not a sole trader, I decided to ignore it.

YOU were right to ignor it

lewpylew

I calculated NI for 9 months too and think I got £89.70 for class 2 and £785 something for class 4 using a salary of £20,000 over 9 months.

I got totally lost on part 1 - am really not hopeful at all. I did not extend the taxable period, rememebered not to calculate allowances as they are not valid in the year when a company ceases trading.

This is the first exam I have felt really uncomfortable with - guess all I can do now is forget it and get ready to start learning FA 2009 when the results come out in June. I am doing personal tax and business tax, plus cash & credit which I have already passed so in theory only need to pass 1 of the tax exams.

I thought section 2 was quite nice - albeit I missed out the general pool figure at first then had to re-do the whole question in a new paper! oops x

Shar-ley

omg i've totally messed up reading all your posts and i've done mine totally different I totally forgot it was a 9 month period so didn't time apportion my answer for NI. Did anyone get something like 1670 on section 1 for profit on disposal of asset and the get 2 minus figures...?

talinka

And the last task in section 2. The loss was too big to be offset, so it was set against all the years and would be carried forward to the next year?

lewpylew

Shar-ley wrote: »

omg i've totally messed up reading all your posts and i've done mine totally different I totally forgot it was a 9 month period so didn't time apportion my answer for NI. Did anyone get something like 1670 on section 1 for profit on disposal of asset and the get 2 minus figures...?

Yes I did - I got one balancing allowance and 2 negatives which I think left me about £8900 down? God knows what I was doing!

first I wrote no allowances are available, then realised there were balancing charges and allowances.

talinka

I had 1670.

Shar-ley

I'm not reading anymore of the stuff on here I feel like crying!!!

shaunjubb

for 1.5 i think it was on the question before the tax form, what was the payment date.. ? i wasnt sure if it was different when a business had ceased trading..

carrieclarke2001

Shar-ley wrote: »

omg i've totally messed up reading all your posts and i've done mine totally different I totally forgot it was a 9 month period so didn't time apportion my answer for NI. Did anyone get something like 1670 on section 1 for profit on disposal of asset and the get 2 minus figures...?

yes thats what I got and a came to about 9752

Shar-ley

yehh I got the same at least I got one thing right!

talinka

I had balancing charge only for the car sold for more than its cost, other ones were bal.allowaces

Shar-ley

I put the same as usual 31 January prob wrong.

LucyB

lewpylew wrote: »

I calculated NI for 9 months too and think I got £89.70 for class 2 and £785 something for class 4 using a salary of £20,000 over 9 months.

I got totally lost on part 1 - am really not hopeful at all. I did not extend the taxable period, rememebered not to calculate allowances as they are not valid in the year when a company ceases trading.

This is the first exam I have felt really uncomfortable with - guess all I can do now is forget it and get ready to start learning FA 2009 when the results come out in June. I am doing personal tax and business tax, plus cash & credit which I have already passed so in theory only need to pass 1 of the tax exams.

I thought section 2 was quite nice - albeit I missed out the general pool figure at first then had to re-do the whole question in a new paper! oops x

Class 4 NI - Is based on Trading Profits not salary!!!

talinka

Phew, I was beating myself up cause I based it on profit and not salary.

carrieclarke2001

Oh I messed that up because my profit was higher than 40,004 to I had
119.60 (wrong)
5465-40004 x8%
then ??-4004 x 1%

maybe I will get something lol

lewpylew

Might as well mess it up in style!!! Should feel really upset but had my tears this morning and know there is nothing I can do about it now. Got myself into such a pickle - had a go at every question so may get a few marks. Just need to forget it now - not failed an exam before but I gave it a shot & if at first you don't suceed, try again and that's what I'll do : )

LucyB

Did anyone take the trading profits less the overlap profits of around £8k then less some more overlap profits of £2500 ( this was calculated by taking the £30,000 /12 x 1, as there was one month from the year end 30 april 2009's profits in the tax year 08/09) ???

Crazysarah86

I made a mess of the gapital gain on the picture, couldnt rememeber what the rules were and I took of the annual exemption.

I think i got the NI as I based it on my profit too.

In all wasnt very happy after this, I dont feel confident at all

LucyB

Crazysarah86 wrote: »

I made a mess of the gapital gain on the picture, couldnt rememeber what the rules were and I took of the annual exemption.

I think i got the NI as I based it on my profit too.

In all wasnt very happy after this, I dont feel confident at all

Is the picture a Chattel?? If so did anyone use the 5/3 method, as i tried this and it gave a loss, but in the question it said calculate the gain, so i ignored the Chattel rules and did it like normal (Proceeds - Cost)

LittleChinaDoll

NI Class 4

Hi,
When calculating NI Class 4 did you adjust upper and lower limits to 9 months period.
As 40040 and 5345 relate to 12 month period.
Thanks

carrieclarke2001

nope lol

Crazysarah86

I think so, dunno I did the 5/3 but messed up the formula lmao

civicmeister

No you wouldn't have to adjust the bands I don't think as you are still working it out for the full 12 months it's just that you didn't make any profit for the last 3 months.