Personal tax - your thoughts?

lewpylew

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!

TtD

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.

Claire321

I also thought it was a nice paper

Ian

I can see what your saying, however I was caught up with a couple of tricky bits...

Claire321

Maybe it seems nicer than it was after Business Tax on Tuesday!

Cyfarthfa

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!!!!

lewpylew

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!!

oh confused one

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)

Hil

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.

Sally

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!?!

A-Vic

roll on 3pm

lewpylew

Oooh it's 3pm!!!!

Sally

So who did what with the land??

A-Vic

so we can talk??? ok what disposal grrrrr

chrislloyd

what did everyone get then?

A-Vic

used origanal cost 300/50

Cyfarthfa

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!

Jointy

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?

lewpylew

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 : )

wro1

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.

Jointy

lewpylew wrote: »

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 pensions

oh confused one

Cyfarthfa wrote: »

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 price

Sally

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.

Cyfarthfa

Jointy wrote: »

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 cost

lewpylew

wro1 wrote: »

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.

A-Vic

the car at 30% as diseal advised not to pay the private contribution fuel and to consider using there own car waffle waffle waffle lol

lewpylew

Sally wrote: »

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!

Cyfarthfa

oh no - there's one bit a made a mess up of, did she only start her pension in June????

wro1

yeh me too, just wrote anything and everything bout cars :-)

lewpylew

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.

A-Vic

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 rang