Personal tax - your thoughts?
lewpylew
Registered Posts: 216 Dedicated contributor 🦉
How did you find the exam in general? Cannot wait til 3pm(yes I am sad!) so we can discuss in more detail : )
I thought it was a really nice paper - especially after business tax the other day! Thank you Mr Examiner!! I did it in an hour and 10 mins - and the invigilator was shocked to see me say I'd finish!
I thought it was a really nice paper - especially after business tax the other day! Thank you Mr Examiner!! I did it in an hour and 10 mins - and the invigilator was shocked to see me say I'd finish!
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Aye, a relatively pleasant paper compared to some of the practice papers I was looking over, wasn't the only one leaving after an hour from my small group. Couple of tricky parts with %ages, one I know i've used a wrong figure for but the written answers were very manageable.0
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I also thought it was a nice paper0
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I can see what your saying, however I was caught up with a couple of tricky bits...0
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Maybe it seems nicer than it was after Business Tax on Tuesday!0
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I thought it was a good paper, none of the bits I was dreading - however, I thought there were quite a few points that you could of tripped on which it makes it better in a way as you feel you haven't wasted your time revising!
Oh what to do now, I feel lost with no revision!!!!0 -
Me too! Feels odd that it is the 4th December as I have been so wrapped up in tax!
Think that is why I thought this was a nice paper as the business tax on tuesday was so horrible and came out in tears. Going to have a nice day shopping tomorrow & spend the evening wrapping up presents to see if I can find the festive spirit!!0 -
Came out and checked my notes realised I had made a couple of stupid errors in the benefits - but the rest was fine (fingers crossed enough done to pass)0
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Last exam - goodbye AAT
I though it was quite easy, although I did it in nearly 2 hours because I like to check things very carefully and I tend to write quite a lot. I studied a lot about penalties as our tutor was pointing out that was something they would test and was glad not to see them. But I have to say there were a couple of tricky things, nothing major anyway. This is my last exam - I finished Tech level in June and didn't do the tax exam last year because the tutor was awful and couldn't teach at all. I was dreading coming back in Sep (to another college, of course) to do PTC, but I loved it. Now, the worst - wainting till Feb for results.0 -
What a relief.... was expecting a nightmare of a paper because the CGT rules had been simplified..... only one little thing i'm not sure on... i suspect it may have thrown a lot of us......it did at my college!?!0
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roll on 3pm0
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Oooh it's 3pm!!!!0
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So who did what with the land??0
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so we can talk??? ok what disposal grrrrr0
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what did everyone get then?0
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used origanal cost 300/500
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the land threw me at first as they mentioned the part that they had already disposed of first, but it was march 09 they wanted it was march's value over marchs value plus bit already disposed of times the cost at purchase to give the cost of part disposal
The other bit i nearly slipped up on was that the loan was exempt, but luckily realised!0 -
I calculated the disposal of part of the land in 2003 then took the figure off the cost price when it was bought in 1998. This then give you the cost of the land which was sold in 2009 to give sumat like a 175k gain.
Hope that was right
Anyone else do this?0 -
For the land I worked out the gain on the 20 acres(using a / a+b formula) and then just simply took the proceeds of the 30 acres took of the value and added the 2 together - may not be right but who knows!!
With the car theory question - you take the market value of the car don't you and not the price she was offered to pay don't you?
And also with the pension - I worked out 10 months cost and added this to the BR tax band to extend it as she only started it on the 1st June - any thoughts?
I had the loan and mobile phone as exempt in part one : )0 -
Land Disposal
I did
300,000 - ((300,000 x (180,000/(180,000+250,000)))
Then take this figure from the 350,000 Proceeds
Really wasn't sure and was starting to panic though, hope i've done enough to pass
And the antique disposal - I lessed the commission 8700 loss i think I had.0 -
For the land I worked out the gain on the 20 acres(using a / a+b formula) and then just simply took the proceeds of the 30 acres took of the value and added the 2 together - may not be right but who knows!!
With the car theory question - you take the market value of the car don't you and not the price she was offered to pay don't you?
And also with the pension - I worked out 10 months cost and added this to the BR tax band to extend it as she only started it on the 1st June - any thoughts?
it was a company pension you only extend the band with personal pensions0 -
the land threw me at first as they mentioned the part that they had already disposed of first, but it was march 09 they wanted it was march's value over marchs value plus bit already disposed of.
The other bit i nearly slipped up on was that the loan was exempt, but luckily realised!
I did slip up on the loan - but hey maybe I did enough - who knows. Did anyone get caught out by the email on the car - it gave both cost and list price - somewhere in the back of my mind I remembered it had to be list price0 -
I started with the part disposal thing then realised hed sold the first part off in 2003.....proceeded to sit staring at paper hoping for divine intervention!! I ended up with £100,000 but know its wrong.... sitting here now thinking with a clear head maybe i should have used a fraction of the original cost that represented the acreage he was selling.0
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I calculated the disposal of part of the land in 2003 then took the figure off the cost price when it was bought in 1998. This then give you the cost of the land which was sold in 2009 to give sumat like a 175k gain.
Hope that was right
Anyone else do this?
Sorry my explanation was not very clear, I did £300k x (part disposed of value/ (part disposed of value + remaining value). This gives the cost. So then did proceeds of part disposed of less cost0 -
I did
300,000 - ((300,000 x (180,000/(180,000+250,000)))
Then take this figure from the 350,000 Proceeds
Really wasn't sure and was starting to panic though, hope i've done enough to pass
And the antique disposal - I lessed the commission 8700 loss i think I had.
I did this on the antique. I took 3% off the £15,000 sale price, then took off £6,000 as the deemed market value as the item was under this and got a loss of £8,700.0 -
the car at 30% as diseal advised not to pay the private contribution fuel and to consider using there own car waffle waffle waffle lol0
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I started with the part disposal thing then realised hed sold the first part off in 2003.....proceeded to sit staring at paper hoping for divine intervention!! I ended up with £100,000 but know its wrong.... sitting here now thinking with a clear head maybe i should have used a fraction of the original cost that represented the acreage he was selling.
I got £100,000 for the 30 acres and £54k something gain on the 20 acres - I think!0 -
oh no - there's one bit a made a mess up of, did she only start her pension in June????0
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yeh me too, just wrote anything and everything bout cars :-)0
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For the car I took the value of £25,000 and she paid 30%(15% + 12% for 195 co2 and 3% for a diesel) which gave £7500 car benefit and £16,900 x 30% for fuel = £5,070.0
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you all notice the red herring on phone number? i just said would pass on the number and it was upto the cousen if they rang0
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