BTC Revision challenge June 2010 (2)

MichaelBeechFMAAT

Another poser for those revising for BTC

Relates to Capital Allowances

Betgood Plc have knocked out a set of figures for period 1.5.2009 to 30.9.2010

Total figures for the whole 17 mth period shows a profit of £310k. No capital allowances have been accounted for in this figure

For the CAP year ending 30.4.2009,we have some written down values:-

Expensive Car (Fiat) £12k
Main Pool £87k

Some info is given from the accounts showing assets bought and sold during this 17mth period

July 2009 Disposal of plant for £990 (originally bought for £9,900)
August 2009 Acquired a low emission car for £12K
September 2009 Purchased a used Mercedes car for £25K
June 2010 Got hold of Plant for £14,900
August 2010 Got rid of the Fiat for £11K

Can you:-

Calc Plant and Machinery cap allowances and other cap allowances for CAP ending 30.9.2010, and then also calculate the income assessment (trading) for Betgood PLC for CAP to 30.9.2010?

SLM

this one I get capital allowances of 54,860, adjusted profit of 255,140

Primble

i know i must be going wrong but i am not sure where. can someone point it out?
my workings are a bit all over the place so sorry

Laulau85

Hi,
Thanks for posting question - I got capital allowences £57,103 and adjusted profit £252,897. Please can you tell me if this is right.
Thanks

Primble

can people post their workings?

noodles

I may be doing it wrong but i have added the car to the pool as it was not specified it was high emm therefore joins pool and wda of 20%, not capped at 3k!
also, i have done aia 100% of the plant of 14900 as if you take the 50k aia for 5 mths it is within this.
le me know what you think i agree the exp car bal allowance you have, just done the other items differently
nicky

Primble

nscuffell wrote: »

I may be doing it wrong but i have added the car to the pool as it was not specified it was high emm therefore joins pool and wda of 20%, not capped at 3k!
also, i have done aia 100% of the plant of 14900 as if you take the 50k aia for 5 mths it is within this.
le me know what you think i agree the exp car bal allowance you have, just done the other items differently
nicky

you mean the £25k car to the pool rather than an expensive car pool for each? TBH by the looks of it i have forgotten AIA completly

i thought expensive car allowances were capped at £3k?

noodles

i have edited your workings to show how i would do it.

not very neat as sat with laptop on my knee!
please let me know if you disagree
nicky

noodles

my understanding is that expensive cars relate to prior april 09, after that it is from emissions, as no emissions were stated, i assume all under 160g therefore they go in the pool and 20% used. You must also remember that the last cap is for 5 mths so needs to be apportioned unless a FYA or bal charge/allowance.
If you have a b/f pool of an exp car then that is capped at 3k.
do disagree with me, I am learning it like you are.

nicky

timgriff

Hi nicky, thanks for posting your answers, i have the same result as you bar £1 - prob due to my rounding. I've also realised a balancing charge is deducted not added, so thanks for posting!
Tim

noodles

Oh I am glad you have, I was not totally sure I was doing it correct but hoped I was! these forums are a good way of making to learn it. I just want to get it out of the way now, with btc,ptc and dfs I am worn out!!

timgriff

Blimey i don't think i could do 3! It's 'just' MAC for me which i find a lot easier than BTC although sometime soon my head is going to implode! good luck!

Primble

nscuffell wrote: »

my understanding is that expensive cars relate to prior april 09, after that it is from emissions, as no emissions were stated, i assume all under 160g therefore they go in the pool and 20% used. You must also remember that the last cap is for 5 mths so needs to be apportioned unless a FYA or bal charge/allowance.
If you have a b/f pool of an exp car then that is capped at 3k.
do disagree with me, I am learning it like you are.

nicky

doh my book is old

Primble

thanks i see where i went wrong