Personal tax - your thoughts?
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Oh no Me too!!!oh no - there's one bit a made a mess up of, did she only start her pension in June????
I did the same, I looked at every other date to make sure they weren't time apportioned and miss the one thing that was then lol.
Hopefully it will be fine with just that little detail(?) :-)0 -
did anyone think this was a short paper?0
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Total benefits, I got something like £7525
Tax bit, I got something like £4672.
Cant remember last figure, after all the pension deductions etc.
Land disposal £175k.
Anyone else?0 -
I agree with the confidential question too, think it was a red herring, I put that I wouldnt normally, but as it's a cousin, I would and it's up to them.0
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dobbieobby wrote: »Total benefits, I got something like £7525
Tax bit, I got something like £4672.
Cant remember last figure, after all the pension deductions etc.
Land disposal £175k.
Anyone else?
Sounds about right to me.
I don't think I made any huge mistakes, but I did check my maths carefully.
I did remember to list the loan, mobile phone and employers pension contribution as exempt benefits.0 -
the email for PPR felt cheated wanted to do the full question but waffled about staying in the property and if they did leave and move to another property make sure in the last 3 years0
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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.
Yeah i put that too, I recommended that she contributes to car and not petrol as no deductions for petrol and she should pay her own petrol.0 -
did anyone think this was a short paper?
certainly did - I was shocked to see no forms to fill in and was out of the exam in an hour and 15 mins. I know I have made mistakes but just want to pass not have a perfect paper. I have self taught myself this subject in 2 months so will be more than chuffed whatever happens!0 -
A long shot, but can anyone remember the land dsiposal question word for word?!0
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Did it actually ask for recommendations or just to explain what the tax implications are? I did the tax implications but didn't make any recommendations.0
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No idea why as i knew the mobile was exempt but i deducted 500 and listed the rest as assessable benefit (grrrr)0
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dobbieobby wrote: »I agree with the confidential question too, think it was a red herring, I put that I wouldnt normally, but as it's a cousin, I would and it's up to them.
I went into automatic pilot and said I was not able to discuss anything due to confidentiality laws - surely this stands relative or not?! If not, hey ho guess I only have lost a couple of marks!0 -
For the part disposal i did the following
it was purchased in 1998 for 300k
in 2003 disposed of 20 acres
300k x 180K/ = £125,581
(180k+250k)
In 2009 disposed of 30 acres therefore
Proceeds - £350,000
Cost - £300,000 - £125,581 = £174,419
Gain £175,5810 -
dobbieobby wrote: »total benefits, i got something like £7525
tax bit, i got something like £4672.
Cant remember last figure, after all the pension deductions etc.
Anyone else?
i got these!0 -
For the rental property that the tenants did a bunk from ... do we calculate the rent for the whole year and then class the rent she never received as unrecoverable?? (2 months i think i did?)0
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Yes, wrote that too !! there was no confidentiality issue for me there....??
I put that as it was a note you needed to check that she'd written it as due to confidentially you can't give her number out without authorisation. I think really i just wanted to write the word confidentiality!!0 -
I think it's fine either way Lew :-)0
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dobbieobby wrote: »Total benefits, I got something like £7525
Tax bit, I got something like £4672.
Cant remember last figure, after all the pension deductions etc.
Land disposal £175k.
Anyone else?
yeh same here got them0 -
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I got these.0
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For the part disposal i did the following
it was purchased in 1998 for 300k
in 2003 disposed of 20 acres
300k x 180K/ = £125,581
(180k+250k)
In 2009 disposed of 30 acres therefore
Proceeds - £350,000
Cost - £300,000 - £125,581 = £174,419
Gain £175,581
Ooh that looks familiar! I was so pleased I actually remembered the A/A+B formula as that was the one I could not grip til yesterday's mass revision session!!0 -
Did it actually ask for recommendations or just to explain what the tax implications are? I did the tax implications but didn't make any recommendations.
lol ready for this
i said go away for a while leave the property empty come back within the 3 years and sell.
Also mentioned the P11d for the car and the fact they could claim car mileage 40p for 10000 and 25p for the rest if they turned down the car - also not to pay the private use and just contribute to the cost of the car0 -
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dobbieobby wrote: »I got
Rent 8 x £
Bad debts 2 x (£)
Rent 1 x £
Then something else I've forgotten
a few used 8 months then put 2 months to bad debt i didnt0
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