BTC &amp; PTC Revision Game

Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
The Same as MAC PEV & PCR for for taxes:-

ยซ134

• Registered Posts: 734 Epic contributor ๐
A-Vic wrote: ยป
The Same as MAC PEV & PCR for for taxes:-

a charge on income

Q. What are the relevant dates in the tax year for filing etc?
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
a charge on income

Q. What are the relevant dates in the tax year for filing etc?

Paper - 31 october on-line 31st Jan following that tax year.

Q, what is the upper limited when claiming marginal relief?
• Registered Posts: 734 Epic contributor ๐
A-Vic wrote: ยป
Paper - 31 october on-line 31st Jan following that tax year.

Q, what is the upper limited when claiming marginal relief?

1500,000 (although my book is last year)

Q what is the formula for marginal relief?
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
1500,000 (although my book is last year)

Q what is the formula for marginal relief?

o man, fraction x (m-p)x i/p x 7/400 i think agggghhhhh
• Registered Posts: 734 Epic contributor ๐
A-Vic wrote: ยป
o man, fraction x (m-p)x i/p x 7/400 i think agggghhhhh

lol i sympathise with your agggghh. don't forget to ask a question. lol. although i have to be at work for 8 so i should get to bed. i'll try do more at lunch
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
lol i sympathise with your agggghh. don't forget to ask a question. lol. although i have to be at work for 8 so i should get to bed. i'll try do more at lunch

opps got lost in the eqation lol

Q, how do you treat private use in incorparted companies when working out capital allowences
• Registered Posts: 589 Epic contributor ๐
A-Vic wrote: ยป
opps got lost in the eqation lol

Q, how do you treat private use in incorparted companies when working out capital allowences

Do you mean the private use pool for cars?

I knew the others and I get left with the toughy!!
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
Rachey wrote: ยป
Do you mean the private use pool for cars?

I knew the others and I get left with the toughy!!

cant tell you that you have to read the question :sneaky2: (But will say i mean Ltd)
• Registered Posts: 1,624 Beyond epic contributor ๐งโโ๏ธ
A-Vic wrote: ยป
cant tell you that you have to read the question :sneaky2: (But will say i mean Ltd)

And it's a bit of a trick question, but a good one as they often try and catch you out on that
• Registered Posts: 589 Epic contributor ๐
I refuse to look it up because that's cheating.

I'm not playing anymore :-( people keep trick questioning me!!!!!
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
Rachey wrote: ยป
I refuse to look it up because that's cheating.

I'm not playing anymore :-( people keep trick questioning me!!!!!

awwww still not telling you and your holding up the game no pressure someone else put her out of her misery
• Registered Posts: 589 Epic contributor ๐
Yes Vic I am now well and truly kicking myself LIMITED COMPANIES!!!!!!!! Dont use the private use pool because they have a separate form as a taxable benefit to the employees.

Name 3 possible things (or more if you fancy) that need to be added back to profits to eventually generate PCTCT...
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
Rachey wrote: ยป
Yes Vic I am now well and truly kicking myself LIMITED COMPANIES!!!!!!!! Dont use the private use pool because they have a separate form as a taxable benefit to the employees.

Name 3 possible things (or more if you fancy) that need to be added back to profits to eventually generate PCTCT...

Depreciation
Loan written off to ex-employee, suppiler or customer
Capital expenditure
Fines (director not employee)
Genaral provisions

Q, What is PCTCT?
• Registered Posts: 589 Epic contributor ๐
A-Vic wrote: ยป

Depreciation
Loan written off to ex-employee, suppiler or customer
Capital expenditure
Fines (director not employee)
Genaral provisions

Q, What is PCTCT?

Yes, sorry I was a little vague. What I should have wrote was adjusted trading profits.

Profits Chargable to Corporation Tax

What are the current % rates of corporation tax for a small company and then for a large company?
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
rachey wrote: ยป
yes, sorry i was a little vague. What i should have wrote was adjusted trading profits.

Profits chargable to corporation tax

what are the current % rates of corporation tax for a small company and then for a large company?

300,000 - 21%

1,500,000 - 28%

A, how do you treat AIA when a six month set of accounts are produced?
• Registered Posts: 589 Epic contributor ๐
A-Vic wrote: ยป
300,000 - 21%

1,500,000 - 28%

A, how do you treat AIA when a six month set of accounts are produced?

pro-rota it, in this instance 6/12.

part of me thought that was a trick question as there is an allowance that you dont pro rota, i'll give you a computerised tenner if you can tell me what it is, my mind is blank.

What is a wasting chattel?
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
Rachey wrote: ยป
pro-rota it, in this instance 6/12.

part of me thought that was a trick question as there is an allowance that you dont pro rota, i'll give you a computerised tenner if you can tell me what it is, my mind is blank.

What is a wasting chattel?

A Chattle with life expectancy of 50 years or less.

Q, if PCTCT is 1 million and divendends are nil what is the marginal relief?
• Registered Posts: 589 Epic contributor ๐
A-Vic wrote: ยป
A Chattle with life expectancy of 50 years or less.

Q, if PCTCT is 1 million and divendends are nil what is the marginal relief?

7/400 x (1,500,000 - 1,000,000) x (1,000,000 / 1,000,000)

0.0175 x 500,000 x 1

8750

I will ask a question when if you let me know if this is right or wrong!! I get brain freeze with formula's. And you was very generous with the NO dividends..... :-) Are you the examiner??? I wish you were!!
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
Rachey wrote: ยป
7/400 x (1,500,000 - 1,000,000) x (1,000,000 / 1,000,000)

0.0175 x 500,000 x 1

8750

I will ask a question when if you let me know if this is right or wrong!! I get brain freeze with formula's. And you was very generous with the NO dividends..... :-) Are you the examiner??? I wish you were!!

me too make this exam a little better for me lol
• Registered Posts: 589 Epic contributor ๐
Whats the first year rule for new companies? (the dates to calculate tax due)
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
Rachey wrote: ยป
Whats the first year rule for new companies? (the dates to calculate tax due)

If you cant go back 12 months you go to the 31/3?

• Registered Posts: 589 Epic contributor ๐
• Registered Posts: 589 Epic contributor ๐
A-Vic wrote: ยป
If you cant go back 12 months you go to the 31/3?

Rental and other property income

Dividends

How do you treat bonus issue shares when completing an indexed pool?
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
Rachey wrote: ยป
Rental and other property income

Dividends

How do you treat bonus issue shares when completing an indexed pool?

• Registered Posts: 589 Epic contributor ๐
I cant sorry. Only those two come into my head and i'm determined to do this from memory and not use my books. I've burned two rounds of toast on this game!!

One more just popped up, gift aid?
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
Rachey wrote: ยป
I cant sorry. Only those two come into my head and i'm determined to do this from memory and not use my books. I've burned two rounds of toast on this game!!

One more just popped up, gift aid?

and
• Registered Posts: 589 Epic contributor ๐
Interest?
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
Rachey wrote: ยป
Interest?

and (think capital)
• Registered Posts: 589 Epic contributor ๐
London?
• Registered Posts: 6,970 Beyond epic contributor ๐งโโ๏ธ
Rachey wrote: ยป
London?

lmao ya prat no was aming for gain on asset remember that would come under what?