BTC Exam Today 3pm Official Thread
Comments
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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... :-)
Thats what I did, and the N.I. Class 2 i did £2.40x 52 x 9/12 i think. I said exclude Goodwill from Rollover relief which I knew was wrong after the exam but think the other stuff I said was ok.0 -
Well have tried to block out that paper, especially section 2 which I think I have failed again : ( Messed up the marginal relief formula as I could not remember what I was : (
For part 1, I apportioned the WDA over 9 months as the lady only started trading on 1st May - 31st Jan.
NIC's - I worked out £2.40 x 52 weeks, then divided by 12 for months and times by 9 to get 9 months
Happy with rollover relief - waffled and filled up the section!
Part 2 - I did the plant bought in Feb 09 first and took off £28,000 AIA(think that was 9 months), then I did the plant bought in Oct 09 and took off AIA, then FYA as this only came in from 1st April 2009.
I took entrepreneur's relief off the gain on shares as it was the disposal of a business asset?
Left the private use on the car as got caught out with this last time.0 -
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Didnt even know the first purchase for Olivia was before May 10
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I think I did:
01 May 2009 - 05 April 2010
01 February 2010 - 31 January 2011
Or something like that - 2 months overlap...
Oh dear i did
01 May 2009 - 05 April 2010
01 May 2009 - 31 April 2010 (The first 12 months of trade)
I did a calculation that included £7250 per month though...... cant be too bad!
My stuff was neat and easy to understand so hopefully they'll see it was just one error and allow me a bit of leeway........ fingers, toes and eyes crossed. Though i may need to uncross my eyes before August!!!0 -
When can we see the exam paper online?0
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Was the fines for breaking H&S rules allowable or not ?? I added it but think it's wrong now...
got CT payable of £63000 something...? I messed up that part and had to cross it all out....arghhh0 -
Well have tried to block out that paper, especially section 2 which I think I have failed again : ( Messed up the marginal relief formula as I could not remember what I was : (
For part 1, I apportioned the WDA over 9 months as the lady only started trading on 1st May - 31st Jan.
NIC's - I worked out £2.40 x 52 weeks, then divided by 12 for months and times by 9 to get 9 months
Happy with rollover relief - waffled and filled up the section!
Part 2 - I did the plant bought in Feb 09 first and took off £28,000 AIA(think that was 9 months), then I did the plant bought in Oct 09 and took off AIA, then FYA as this only came in from 1st April 2009.
I took entrepreneur's relief off the gain on shares as it was the disposal of a business asset?
Left the private use on the car as got caught out with this last time.
aaaarrrrrggghhhhhhhh i forgot about entrepreneur's relief....... i have completely omitted it!! ah well.0 -
That threw me too! Because they didn't come under the heading of gift aid i allowed them.
But with hindsight i just don't know!!!!!!!!!!!!!!!!1
Just looked in my book, fines disallowed(good as I added that back!)
Add back depreciation
Damn I left staff entertaining as thought there was a £50 limit and this cost £52(oops)
Looks like local donation is ok - my BPP book says where donations is made to a small local company, HMRC will allow the donation on the grounds that, in these circumstances, it is made to benefit trade(in developing local goodwill).0 -
Oh dear i did
01 May 2009 - 05 April 2010
01 May 2009 - 31 April 2010 (The first 12 months of trade)
I did a calculation that included £7250 per month though...... cant be too bad!
My stuff was neat and easy to understand so hopefully they'll see it was just one error and allow me a bit of leeway........ fingers, toes and eyes crossed. Though i may need to uncross my eyes before August!!!
Oh no mine's probably the one that's wrong!!!
I spent ages trying to figure out what the dates were. :-s0 -
For the form (CT600?) I used me trusty fill it out in pencil and go back over in pen. Glad I did cos I made a couple of mistakes I needed to correct. Apologies to anyone I disturbed by blowing pencil rubbings off my paper before I left the room
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I was really pleased with that paper, it was tricky, especially in section 2 with the disallowables but I thought hard about what I thought HMRC would not allow and I got them all right.
Disallowables were - Health and Safety fine
Write off of employee loan
National charity donation
Gift aid
Negotiation of long term lease
Depreciation
I think that was all of them0 -
Well have tried to block out that paper, especially section 2 which I think I have failed again : ( Messed up the marginal relief formula as I could not remember what I was : (
For part 1, I apportioned the WDA over 9 months as the lady only started trading on 1st May - 31st Jan.
NIC's - I worked out £2.40 x 52 weeks, then divided by 12 for months and times by 9 to get 9 months
Happy with rollover relief - waffled and filled up the section!
Part 2 - I did the plant bought in Feb 09 first and took off £28,000 AIA(think that was 9 months), then I did the plant bought in Oct 09 and took off AIA, then FYA as this only came in from 1st April 2009.
I took entrepreneur's relief off the gain on shares as it was the disposal of a business asset?
Left the private use on the car as got caught out with this last time.
Entrepreneur's relief is only applicable for sole traders , not for companies...0 -
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What about the car in the corporation
did anyone think it was an expensive car since it was already in the pool
I seem to remember that special rate pool is only there from 1 April 2009, but could be wrong and dont know about his personal use of the car, or was that a red herring0 -
draindoctor@ntlworld.com wrote: »What about the car in the corporation
did anyone think it was an expensive car since it was already in the pool
I seem to remember that special rate pool is only there from 1 April 2009, but could be wrong and dont know about his personal use of the car, or was that a red herring
There was a high emission car that needed 10% not 20% but i dont remember what question that was!!0 -
draindoctor@ntlworld.com wrote: »What about the car in the corporation
did anyone think it was an expensive car since it was already in the pool
I seem to remember that special rate pool is only there from 1 April 2009, but could be wrong and dont know about his personal use of the car, or was that a red herring
It was an expensive car, so needed to be capped at 3000 but the personal use does not apply to ltd companies.0 -
I was really pleased with that paper, it was tricky, especially in section 2 with the disallowables but I thought hard about what I thought HMRC would not allow and I got them all right.
Disallowables were - Health and Safety fine
Write off of employee loan
National charity donation
Gift aid
Negotiation of long term lease
Depreciation
I think that was all of them
OMG I don't remember the write off of an employee loan?! Does anyone else?0 -
I was really pleased with that paper, it was tricky, especially in section 2 with the disallowables but I thought hard about what I thought HMRC would not allow and I got them all right.
Disallowables were - Health and Safety fine
Write off of employee loan
National charity donation
Gift aid
Negotiation of long term lease
Depreciation
I think that was all of them
oh b*****ks I said Long Term Lease renewal allowable grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr Im off to hit head on a wall lol0 -
It does - I wanted to look too clever! Had not put in it, then had niggles when I went to check :$ Hey ho, may aswell fail section 2 in style!!!!!!0
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