BTC Exam Today 3pm Official Thread

Options
Rachey
Rachey Registered Posts: 589 Epic contributor 🐘
in AAT Level 4 (Level 8 in Scotland)
Hi everyone,

As soon as 3pm arrives, posts below!!!
«1345678

Comments

  • Rachey
    Rachey Registered Posts: 589 Epic contributor 🐘
    Options
    Does my time post say 3pm yet....? My clock does!!
  • pirate
    pirate Registered Posts: 469 Dedicated contributor 🦉
    Options
    Yea so does mine
  • taskey
    taskey Registered Posts: 1,800 Beyond epic contributor 🧙‍♂️
    Options
    Rachey wrote: »
    Does my time post say 3pm yet....? My clock does!!

    no it says 13.59 but go for it lol
  • Rachey
    Rachey Registered Posts: 589 Epic contributor 🐘
    Options
    Section 2 = so hard :-(

    Section 1 = ok

    I have a capital allowances figure of £45,170 but dunno what section thats for.. duh!!! I was so stressed i couldn't remember....
  • Beth
    Beth Registered Posts: 40 Regular contributor ⭐
    Options
    Right!

    I messed up on that rollover relief question! I went on and on about how Goodwill was excluded from rollover relief lol
  • Marky Astra
    Marky Astra Registered Posts: 45 Regular contributor ⭐
    Options
    Rachey wrote: »
    Section 2 = so hard :-(

    Section 1 = ok

    I have a capital allowances figure of £45,170 but dunno what section thats for.. duh!!! I was so stressed i couldn't remember....

    I agree with your capital allowances figure - that was section 1 question 1 i think.
  • safrica
    safrica Registered Posts: 106 Dedicated contributor 🦉
    Options
    Rachey wrote: »
    Section 2 = so hard :-(

    Section 1 = ok

    I have a capital allowances figure of £45,170 but dunno what section thats for.. duh!!! I was so stressed i couldn't remember....

    Rings a bell ...I think !! was section 1, got £14500 on overlap...section 2 was a killer...!
  • noodles
    noodles Registered Posts: 308 Dedicated contributor 🦉
    Options
    i normally finish papers in 1.5 hrs , i was there to the end. I did struggle over section 1
  • Rachey
    Rachey Registered Posts: 589 Epic contributor 🐘
    Options
    Is it? I dodnt even know that..... oops. I mentioned the annual exemption and stuff. Did anyone else multiply the £2.40 class 2 NIC's by 48 weeks or just silly me???
  • pirate
    pirate Registered Posts: 469 Dedicated contributor 🦉
    Options
    What did peple do about the employee loan in section 2, the directors personal use of the car, the charity
    I got something like 77k ish for the corp tax less marginal relief
    and what about the charity payments
  • Rachey
    Rachey Registered Posts: 589 Epic contributor 🐘
    Options
    safrica wrote: »
    Rings a bell ...I think !! was section 1, got £14500 on overlap...section 2 was a killer...!

    My overlap was £47110, what year rules did you use? Think i used the wrong 2nd year rule, i used the 1st 12 months of trade.
  • Ampsie
    Ampsie Registered Posts: 145 Dedicated contributor 🦉
    Options
    I really messed up the capital allowances. I bloody did it right then crossed it out!!!!!!
    I think it should have been - time apportion for the AIA as one was bought b4 April 2009. Then the next one was allowed the 40%

    Unfortunately i only remembered that on the way home!!!! :-(

    At least i remembered MD's car had no private allowance and was still capped at 3k.

    Think i was fine on section 1 but too many mistakes on sec 2 - am soooo angry with myself cus i know it really - just screwed up on the day.

    Ampsie
    :-(
  • Beth
    Beth Registered Posts: 40 Regular contributor ⭐
    Options
    That capital allowance figure rings a bell!

    I got more confused on the first section than the second I think... Except when I panicked a realised that I hadn't deducted the AEA £10,100 from the sale of shares until I remembered that it was a company so it doesn't apply! lol

    PROFIT MARGIN
    That would be that the cost is 60% and the profit is 40% on top of that right? So total market value £1,200? I did mark up (add 40%) then I realised it said mark up and spent ages thinking back to our old modules...
  • Rachey
    Rachey Registered Posts: 589 Epic contributor 🐘
    Options
    draindoctor@ntlworld.com wrote: »
    What did peple do about the employee loan in section 2, the directors personal use of the car, the charity
    I got something like 77k ish for the corp tax less marginal relief
    and what about the charity payments

    I deducted the local charity and the gift aid. The personal use for directors car wasn't applicable because it was a limited company.

    AT THIS POINT A BIG THANKYOU TO REDDWARF WHO TAUGHT ME THAT ON THE REVISION THREAD!!!!!!!
  • noodles
    noodles Registered Posts: 308 Dedicated contributor 🦉
    Options
    I did 49 weeks i think - oh dear, mistake number 1
  • safrica
    safrica Registered Posts: 106 Dedicated contributor 🦉
    Options
    Rachey wrote: »
    Is it? I dodnt even know that..... oops. I mentioned the annual exemption and stuff. Did anyone else multiply the £2.40 class 2 NIC's by 48 weeks or just silly me???

    I multiplied by 39 weeks...? lol !
  • Beth
    Beth Registered Posts: 40 Regular contributor ⭐
    Options
    Rachey wrote: »
    Is it? I dodnt even know that..... oops. I mentioned the annual exemption and stuff. Did anyone else multiply the £2.40 class 2 NIC's by 48 weeks or just silly me???

    I did 39 weeks :-s Is that right?
  • pirate
    pirate Registered Posts: 469 Dedicated contributor 🦉
    Options
    I did NICs by 49 weeks
  • wonderwife2008
    wonderwife2008 Registered Posts: 41 Regular contributor ⭐
    Options
    What about the capital aloowance comp in section 2 with the two additions of plant & machinery. Did you split the comp as 40% FYA only allowable from 01.04.09???
  • Marky Astra
    Marky Astra Registered Posts: 45 Regular contributor ⭐
    Options
    i think the only one im confident on is task 1.5 about the father asking you about Olivia's profit margin haha
  • wonderwife2008
    wonderwife2008 Registered Posts: 41 Regular contributor ⭐
    Options
    With NICS I did £2.40 * 52 /12 months times 11 months I think!!
  • pirate
    pirate Registered Posts: 469 Dedicated contributor 🦉
    Options
    My overlap from section 1 was
    14500
    87000 * 2/12
    think the profit for the first 9 months was 33378 or something probs wrong
  • Rachey
    Rachey Registered Posts: 589 Epic contributor 🐘
    Options
    wonderwife2008 wrote: »
    What about the capital aloowance comp in section 2 with the two additions of plant & machinery. Did you split the comp as 40% FYA only allowable from 01.04.09???

    I was wondering about this. The first purchase was before the date available for FYA but didnt it not matter anyway because it was entitled to the full AIA?? It was the second one that had the partial AIA and then needed the FYA. Pleeeeeeease correct me if i'm wrong... :-)
  • safrica
    safrica Registered Posts: 106 Dedicated contributor 🦉
    Options
    Rachey wrote: »
    My overlap was £47110, what year rules did you use? Think i used the wrong 2nd year rule, i used the 1st 12 months of trade.

    I used the 12 months to the accounting period ending in Year 2...
  • Rachey
    Rachey Registered Posts: 589 Epic contributor 🐘
    Options
    Marky Astra wrote: »
    i think the only one im confident on is task 1.5 about the father asking you about Olivia's profit margin haha

    Confidentiality lol. I'm with you on that, hahaha.
  • noodles
    noodles Registered Posts: 308 Dedicated contributor 🦉
    Options
    how do the donations work, i know about gift aid but it threw me when it said local donation and national
  • wonderwife2008
    wonderwife2008 Registered Posts: 41 Regular contributor ⭐
    Options
    AAAAAAAAAAAAAAAAAArrgggggggggghhhhhhhhhh
  • safrica
    safrica Registered Posts: 106 Dedicated contributor 🦉
    Options
    Rachey wrote: »
    I was wondering about this. The first purchase was before the date available for FYA but didnt it not matter anyway because it was entitled to the full AIA?? It was the second one that had the partial AIA and then needed the FYA. Pleeeeeeease correct me if i'm wrong... :-)

    Correct !..I think !!
  • Rachey
    Rachey Registered Posts: 589 Epic contributor 🐘
    Options
    safrica wrote: »
    I used the 12 months to the accounting period ending in Year 2...

    I didnt think there was one, ah well that'll teach me about reading the question properly....
  • pirate
    pirate Registered Posts: 469 Dedicated contributor 🦉
    Options
    I did the nics as
    365 days less 24 days
    341/7 to get no of weeks = 48.7
    I think I have gone made

Categories

Privacy Policy