Personal tax - your thoughts?
Comments
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It puzzled me for a while as well...at first, I thought it was exempt as under £5000, but it was provided from 1st July so I worked out the equivalent for the whole tax year would have been £5,333...so decided to include it in my benefits....bur really don't know now...I just did that because I found strange there was only one benefit in total (flat), so when re-checking I had not missed something, I spotted that....maybe over-thinking ???
Definitely not taxable because it was under 5k, doesn't matter about time apportionment. If it had originally been for over 5k, it would still have become exempt the minute the amount owed fell below 5k iyswim.0 -
Definitely not taxable because it was under 5k, doesn't matter about time apportionment. If it had originally been for over 5k, it would still have become exempt the minute the amount owed fell below 5k iyswim.
I made 7 errors in total from what i have worked out you rekan thats a staight fail?0 -
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I would hope not as there must be quite a few marks available per question and you should still get marks for the parts of each question which were correct - fingers crossed
thanks just a bit worried thats all like from some of the answers people have been putting up has made me worried about what i put down.
i know its pointless worrying about it now because nothing can be changed!!!0 -
thanks just a bit worried thats all like from some of the answers people have been putting up has made me worried about what i put down.
i know its pointless worrying about it now because nothing can be changed!!!
Honestly I wouldn't worry. In the past I've thought there's no way I could have passed other exams but was then pleasently surprised I've actually passed!0 -
How about the woodworm riddled antique - 6000 - 15300 loss of 9300 .... i think? Any other answers
In one of practice papers when calculating a gain when cost was under £6000 incidental costs of sale were ignored so I kind of guessed same would apply to a loss so I made it a loss of £9000. Ooops! Did mention auctioneers costs though. Hope that counts for something0 -
thanks just a bit worried thats all like from some of the answers people have been putting up has made me worried about what i put down.
i know its pointless worrying about it now because nothing can be changed!!!
Yes - I was feeling OK about the exam, after reading this here I'm not so sure - messed up on the list price of the car, and probably the disposal of the land - I did it by going back to the original disposal, calculating how much of the original cost was realised then. Then took the gain as the proceeds in recent deal less what was left of the original cost. At least I think that's what I did! Messed up on ethics thing too - said I wouldn't exchange personal information as I had a professional relationship with Bridget not a personal one. In fact I think I'd have passed on the number personally, but didn't know if that was what was expected!0 -
Honestly I wouldn't worry. In the past I've thought there's no way I could have passed other exams but was then pleasently surprised I've actually passed!thanks just a bit worried thats all like from some of the answers people have been putting up has made me worried about what i put down.
i know its pointless worrying about it now because nothing can be changed!!!
Someone posted a link this week on forum about last year's pass rates. I tried to find it and couldn't unfortunatelly. But i do remember PTC was something around 90% the highest of all which makes me believe it's the easiest from the lot.0 -
Someone posted a link this week on forum about last year's pass rates. I tried to find it and couldn't unfortunatelly. But i do remember PTC was something around 90% the highest of all which makes me believe it's the easiest from the lot.
thanks guys aprreciate the comments. think its time to think about something else now. infact the world cup draw is about to happen might take my mind off the taxes exam.
take care all of ya and best of luck for whenever the exam results are out.
thanks again.0 -
Someone posted a link this week on forum about last year's pass rates. I tried to find it and couldn't unfortunatelly. But i do remember PTC was something around 90% the highest of all which makes me believe it's the easiest from the lot.
which would mean that i would be evan more gutted if i failed based on what your saying lol!!!0 -
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Yes - I was feeling OK about the exam, after reading this here I'm not so sure - messed up on the list price of the car, and probably the disposal of the land - I did it by going back to the original disposal, calculating how much of the original cost was realised then. Then took the gain as the proceeds in recent deal less what was left of the original cost. At least I think that's what I did! Messed up on ethics thing too - said I wouldn't exchange personal information as I had a professional relationship with Bridget not a personal one. In fact I think I'd have passed on the number personally, but didn't know if that was what was expected!
Mary - I reckon you're right on the telephone number (although i didn't quite put that). When I read what you put I think it's the best answer out of the whole lot!0 -
with the phone number i said i wouldnt pass it on as it was a private matter and i was not there for that....also that you didnt know if there was history between them so best not too....never know she may have done time for tryin to kill him in previous years or something....lol0
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with the phone number i said i wouldnt pass it on as it was a private matter and i was not there for that....also that you didnt know if there was history between them so best not too....never know she may have done time for tryin to kill him in previous years or something....lol
lol paronide love it0 -
The thing with these tax exams is everyone feels they completed everything 100% correctly until they see the answers.0
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why was the loan an exempt benefit? do you mean the loan amount or the interest? because there is a benefit as the loan is interest free isn't there?
also with the part disposal i worked out the cost of the disposal in the past (in usual proceeds over proceeds + remaining value), so to take it away from the original cost, giving the cost of the remianing land.0 -
why was the loan an exempt benefit? do you mean the loan amount or the interest? because there is a benefit as the loan is interest free isn't there?
also with the part disposal i worked out the cost of the disposal in the past (in usual proceeds over proceeds + remaining value), so to take it away from the original cost, giving the cost of the remianing land.
The loan's an exempt benefit as it's less than £5000 - our tutor went on and on about all these benefits in kind - now I'm glad, as that's one of the things that I DID remember, lol!0 -
with the phone number i said i wouldnt pass it on as it was a private matter and i was not there for that....also that you didnt know if there was history between them so best not too....never know she may have done time for tryin to kill him in previous years or something....lol
Love that answer!!0 -
With regards to the telephone number question, I get the impression from previous Chief Assessors' reports that if an answer is tailored and explained to the specific question (rather than just regurgitating previous past paper answers learned by rote) then there is a high chance of being awarded marks, even if the actual end result differs from the model answer.0
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If we fail..new standards/format next year?
What happens if we fail this year altogether? What are the new standards about? I expect this is posted somewhere here, but I am new here, and would be grateful if someone would tell me where details of the new format next year are?0 -
what ive been told it wont matter if you fail an exam and have one outstanding you wont have to re-do the whole year by my tutor0
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Ptc land
You need to work out the cost of 30 acre land from original cost which is 300grand 300*30/50=180000 this is the cost now you use the formula a/a+b*180000=350/350+250*180=105000-350000=245000 cg0 -
PTC / agents letting fee
Lots of discussion about whether to have charged the 6% commission on the whole tenancy or only the months that the tenants stayed. In reality, agents charge their fees for the whole of the tenancy up front - in this case a yearly tenancy. If the tenants subsequently leave the contract early, the landlord can ask the agents for a refund of fees pro rata on the vacant months if they can prove that the agents failed to assess the prospective tenants's references correctly. This is unlikely to be successful, so the next step is to add the fees pro rata to the missing rent that they pursue the tenants for. Otherwise it's an expense the landlord has to bear - and it's tax deductable as we know!0 -
Lots of discussion about whether to have charged the 6% commission on the whole tenancy or only the months that the tenants stayed. In reality, agents charge their fees for the whole of the tenancy up front - in this case a yearly tenancy. If the tenants subsequently leave the contract early, the landlord can ask the agents for a refund of fees pro rata on the vacant months if they can prove that the agents failed to assess the prospective tenants's references correctly. This is unlikely to be successful, so the next step is to add the fees pro rata to the missing rent that they pursue the tenants for. Otherwise it's an expense the landlord has to bear - and it's tax deductable as we know!
it only mentioned a whole years tenency for the new couple not the previous thats why i didnt charge the whole year0 -
Springhill14
What u mean a nice paper - it was full of tricky bits. That land question was a bummer, so was the tricky mobile phone. Section 2 was ok though0
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