BTC Exam Today 3pm Official Thread
Comments
-
Even if it was under 36 months, she still didn't reinvest the whole amount.
I think I mentioned something about having to deduct any uninvested gain from the rollover relief.
As I said before hopefully got enough right to pass. I was feeling confident on leaving, now not so sure lol.0 -
I did....Yay that's 3 of us now that have £29,990! I then stupdily took off entrepreneurs relief(had a panic moment) so fingers crossed i still get the marks.
I also got confused and did not do the PCTCT calculation right as used the wrong figure and forgot to take off capital allowances. Shame I don't have to just pass section 1 as thought that was lovely! I will do this whether it takes me 2 or 22 attempts!
Trading profits (can't remember exactly what they were)
Plus the Chargeable Gain of 29900
Plus the Dividends received
Less Gift Aid
= PCTCT
Is this right??0 -
-
Did any one else multiply nic 2.40 x 430
-
Have sooo messed section 1 up: allowed the lease thingie & for some reason added on £1200 for the drawings of the goods thinking that the cost of sales figure must have been deducted from the revenue, so the revenue figure would need to be the total amount (didn't make sense then either !!). Also, I somehow managed to calculate 47 weeks for the NI contributions when I don't think anybody else did. Never mind, will have another bash next time (maybe !)0
-
Why did you include the mark up??? It's only the cost of goods that needs to be added back as it is only the cost of goods that would be in the p&l surely.0
-
With the personal goods I thought this was red herring as I thought the rules were that you take the cost value not the sales value?0
-
Didn't know what I was doing. Saw it and thought 'oh crap' ! Had a vague memory somewhere that if there hadn't been any adjustment done, then only the profit needs to be accounted for, but if there had been an adjustment then it needs to be the entire sales figure, so just kind of went for it !!0
-
I justed added 40% back in which was 288 think ..this wrong?Have sooo messed section 1 up: allowed the lease thingie & for some reason added on £1200 for the drawings of the goods thinking that the cost of sales figure must have been deducted from the revenue, so the revenue figure would need to be the total amount (didn't make sense then either !!). Also, I somehow managed to calculate 47 weeks for the NI contributions when I don't think anybody else did. Never mind, will have another bash next time (maybe !)
Try not to worry too much.. I got 48 weeks for NICs!! only £2.40 between us!! lol0 -
Just looked it up in my text book, it says 'if closing stock in the P & L account has been reduced for the goods taken for own use, but no other adjustments made, then the amount to be added back to arrive at the adjusted profit will be the selling price'.0
-
wonderwife2008 wrote: »Why did you include the mark up??? It's only the cost of goods that needs to be added back as it is only the cost of goods that would be in the p&l surely.
You should have added the sales price onto taxable profit.. The cos entry was already in cos.
Or that's the way I remember it anyway.. Who knows lol0 -
I also said that rollover relief was ok, as calculated that the new business was purchased less than three years after the sale of the original0
-
-
oh cr@p
was it in the profit and loss account at the front?
i saw this but i thought it was somehow already included in the adjusted profit figure???
Yeah it was included as other income.. So should have been deducted from trading profit comp and then added in the PCTCT pro forma - or atleast that's what I did, i may be wrong!0 -
This is going to sound really thick, but was really iffy about filling in the return, we never went through it in class ! Was unsure where to put the FYA figure, but think I blagged the rest0
-
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... :-)£450 just had to be grossed up and added to the PCTCT to get the "Profits" for the marginal relief calculation. Sometimes it's been put in the P&L and has to be removed during the adjustment.
The Rollover relief, over the 3 year time limit and hadn't reinvested the entire proceeds in the new business anyway - not entitled.
For the rollover relief - I thought the dates and amounts were she sold the business in Oct 2006 for £300,000 and her accountant worked out that she had a chargable gain of £175000
She bought new assets (think plant and machinery and factory) in May 2009 for 250,000
this means that its is less than 3 years 2 years and 7 months and the gain was less than she invested in the business.
Althought I dont remember doing Capital allowances on £250,000 in section 1 question 1 I thought in section 1 she bought a car for 12,000, energy efficient plant for £9600, plant and machinery for £38000 and another car which was over 165 cant remember how much think about £16000.
I did the Effieent plant at 100 FYA
the 38000 on plant at 9/12, so had 500 left which I then did FYA at 40% leaving a balance in the main pool of 300 (which I wasnt sure if I could write off to zero since below 1000, in the first year.
Car 1 was 12,000 WDA was 9/12 of 20% so was 1800 and the other car was 9/12 of 10%
One of the cars I had to write down again by the 25% that she used for personal use. Cant remember so got approx 49895 for Capital allowances
Can anyone remember the price of the car with emissions of 165g
Was it the car for 12,000 that she used herself0 -
I don't think dividends should be included in the PCTCT calc' but property income should be in there. Sorry0
-
Is the legal costs associated with negosiating a new lease capital expenses
I thought it was
but is a lease capital
Muddled mind0 -
was the 165g car price 9600?draindoctor@ntlworld.com wrote: »For the rollover relief - I thought the dates and amounts were she sold the business in Oct 2006 for £300,000 and her accountant worked out that she had a chargable gain of £175000
She bought new assets (think plant and machinery and factory) in May 2009 for 250,000
this means that its is less than 3 years 2 years and 7 months and the gain was less than she invested in the business.
Althought I dont remember doing Capital allowances on £250,000 in section 1 question 1 I thought in section 1 she bought a car for 12,000, energy efficient plant for £9600, plant and machinery for £38000 and another car which was over 165 cant remember how much think about £16000.
I did the Effieent plant at 100 FYA
the 38000 on plant at 9/12, so had 500 left which I then did FYA at 40% leaving a balance in the main pool of 300 (which I wasnt sure if I could write off to zero since below 1000, in the first year.
Car 1 was 12,000 WDA was 9/12 of 20% so was 1800 and the other car was 9/12 of 10%
One of the cars I had to write down again by the 25% that she used for personal use. Cant remember so got approx 49895 for Capital allowances
Can anyone remember the price of the car with emissions of 165g
Was it the car for 12,000 that she used herself0 -
what was the gifts to customers
know it was £30 but what exactly was it0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 324 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 94 AAT Level 4 Diploma in Professional Accounting
- 8.8K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 274 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 201 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 582 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership