BTC - how did you find it...

shaunjubb

i think its like 70% on each section to pass, for section 1 i think the bulk of the marks will be in the tax form at the end and for section 2 i think the bulk of the marks will be on the capital allowances question at the start

Just for Fun

In agreement

Lynn Saunders wrote: »

Worried now...
Who agrees with any of this:

Task 1.1) Capital allowances - no allowances except 2 balancing allowances and one balancing charge (one of these had to be proportioned for the business use but I can't remember which one)

Task 1.2) Adjustment of profits - seemed fairly straightforward, ended up with trading profit of around £48,316?

Task 1.3) For tax year 2008/09 I added the profit from y/e 30 April 2008, to the profit from the period ending 31 Jan 09, then deducted overlap profits given in the question. To give a nice round figure of £70,000?

Task 1.4) National Insurance - Guessed this!!! I thought that if this was being calculated for the profits of the tax year 2008/09 this would be 52 weeks, so just did the £2.30 x 52, then (£70,000 - £40040) x 1% and (£40040 - £5435) x 8%???

Task 1.5) Chargeable gain - this one confused me as well. Just did the goodwill gain of £400,000 (or whatever it was) less Entrepeneurs relief, but then got carried away and took off the annual exemption as well?

Task 1.6) The tax return - wasn't sure again but just put the accounting period start date as 1 May 2008 and end date as 31 Jan 2009, as I figured although they'd given us the profit figure for the previous accounting period we had no idea what that was made up of, so couldn't possibly include it in the form? Doesn't page 4 of the return (that we wasn't given) ask for all the other information?

Task 2.1) Capital allowances - think this was ok. Private use on the directors car was irrelevant information just to try and confuse us! Had a general pool then 3 separate car pools?

Task 2.2) Was this the chattel task? Have a horrible feeling I did this wrong... Can anyone remember the figures for this one???
I know at the end I said the gain was restricted to 5/3 (proceeds - £6000) but this worked out to £10,000 and the gain I'd calculated was already less than this?

Task 2.3) PCTCT - was this just adjusted trading profits (given) less capital allowances (calculated in task 2.1) plus gain calculated in task 2.2???

Task 2.4) Corporation Tax - seemed too easy to be true? This was a straightforward " x 28% " calcuation right???

Then saying how you could pay it by 4 instalments of 25% each, first payment 14th Oct, then 14th Jan, then 14th Apr, then 14th July???

Task 2.5) The Losses - (a) just said 3 reliefs available, current year, carry back and carry forward
(b) Described a bit about each of the reliefs, was hard as they said not to calculate figures so didn't give examples
(c) Capital loss, just said it could only be carried forward and used against chargeable gains, not any other income???

Anyone agree or disagree with the above... please tell me...

Lynne

Agree throughout with one exception (but its very small!) - the Class 2 NIC is for 9 months only and not 52 weeks so its £89 and pennies. Chattels question you're right - in this case the proceeds are smaller than the limiting calculation so the original answer stands.

Sounds like you did well!

JFF

RockCessie

I only took 40,000 profits for the year ended 31/01/2009. If you used 70,000 then why wasn't the start date of the tax return 01 May 2007 and not 2008. If you'd not paid tax on those profits then that period should be included in the return???? I'm not sure at all...think I messed up this question.

Just for Fun

Periods ending in the FY 08/09 are the accounts to 30/4/08 and the short period to 31/1/09. If you think about it the return would normally be based on the accounting date in the FY so thats the one ending 30/4/08 but we've had a short period as well so both must be included to ensure all tax is accounted for in a cessation calculation (less overlap)

JFF

RockCessie

Just for Fun wrote: »

Periods ending in the FY 08/09 are the accounts to 30/4/08 and the short period to 31/1/09. If you think about it the return would normally be based on the accounting date in the FY so thats the one ending 30/4/08 but we've had a short period as well so both must be included to ensure all tax is accounted for in a cessation calculation (less overlap)

JFF

I reckon I messed this one up as I thought previous year tax with have been on CYB therefore it had already been assessed. Rubbish. Oh well hopefully done better on the other questions.

Lyn32

After I leave the room I was thought I'm doing alright take my time and look every single task again and again except task 1.3 that I really puzzled.

Section 2 That is company I don't have to adjust the car allowance because it is a company. Now, reading all the thread I was feeling sick and I can't honestly remember what I did I am very disappointed if I failed this exam.

Lynn Saunders

Just for Fun wrote: »

Periods ending in the FY 08/09 are the accounts to 30/4/08 and the short period to 31/1/09. If you think about it the return would normally be based on the accounting date in the FY so thats the one ending 30/4/08 but we've had a short period as well so both must be included to ensure all tax is accounted for in a cessation calculation (less overlap)

JFF

I do not see how you were meant to include y/e 30 April 2008 details on the tax return as you was only given the taxable trading profit for this year and not any breakdown of how this figure was arrived at. Therefore I still think it was correct to just put the 9 month period ending 31 Jan 2009 on the form in the question.

Hinchy

Lynn Saunders wrote: »

I do not see how you were meant to include y/e 30 April 2008 details on the tax return as you was only given the taxable trading profit for this year and not any breakdown of how this figure was arrived at. Therefore I still think it was correct to just put the 9 month period ending 31 Jan 2009 on the form in the question.

Just discovered this forum...bit slow...but am starngely relieved to see people experienced the same problems i did today sitting the BTC exam...I included the April 08 figures as well as the short period to Jan 09 but in agreement over the fact there was no place in the tax return to put this information down...very confused...???

civicmeister

Can anyone remeber whether the last question of section two (on losses) specifically said do not do workings or whether it said you don't have to? As I did a small calculation to help me illustrate and Im scared now that I didn't read it properly and will lose marks if they said no to any numbers!!

lisnic

i think it said you do not need to do calculations. you wont lose a mark for doing one but you wont gain any extra i dont imagine

Stokie24

BTC Dec 2009

I honestly don't know how you people remember every last bit of the exam andpost it in detail on these chats!
I have to say I know most of what I answered at the time and reading through your posts it seems the only thing to say is June here I come!

Stokie24! Who cares!

GemmaLouise

civicmeister wrote: »

Can anyone remeber whether the last question of section two (on losses) specifically said do not do workings or whether it said you don't have to? As I did a small calculation to help me illustrate and Im scared now that I didn't read it properly and will lose marks if they said no to any numbers!!

It said you dont need to do any calculations however i you wouldnt lose marks for illustrating your answer - i did aswell- however basically its the time you waste as there werent any specific marks for working out how to treat all the losses in a computational question. Aslong as you covered the points you will be fine!

Claire321

Have many completed the online exam feedback questionnaire for BTC (under my AAT)?