BTC Exam Today 3pm Official Thread
Comments
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I totally forgot about writing if off if it had a balance below £1000, but i had a balance c/f of 300 on my main pool too. and the capital allowance figure i got a pretty similar figure cant remember exactly.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 -
I think it was a wallet with company logo so allowable0
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stationery with company logo printed on wasnt it?draindoctor@ntlworld.com wrote: »what was the gifts to customers
know it was £30 but what exactly was it0 -
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draindoctor@ntlworld.com wrote: »what was the gifts to customers
know it was £30 but what exactly was it
I allowed these as it was stationary with the company logo.
For some STUPID reason i disallowed entertaining STAFF!!!!!! How stupid. As I was writing it i thought, this is wrong. But hey, i just gotta get on with it now no point crying!0 -
do we really need to know these off by heart though? i mean in practise wouldnt we look these up to check? especially with the changing rules!I allowed these as it was stationary with the company logo.
For some STUPID reason i disallowed entertaining STAFF!!!!!! How stupid. As I was writing it i thought, this is wrong. But hey, i just gotta get on with it now no point crying!
I hope they give us marks for laying the computation out correctly
hehe 0 -
When I think of the hours & hours spent trying to remember those darned penalties for late filing, late payment etc & they never even came up !0
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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).
Is staff entertaining allowed. so you are ok0 -
does anyone know for definate that youu dont get marked down more than once if you carry an error forward? I know i did my capital allowances wrong on section 2 as i knocked the AIA off the oct 09 purchase first and then the balance off the 28000 from feb 09 which only qualified for a 20% wda - thus making my PCTCT figure wrong, and my tax due wrong!!! will i just lose marks on the first error and as long as i did the pctct and tax comp correctly i will be ok on those??
for definate???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!!!
ive got the same figure as you0 -
My book says staff ent allowed . The £50 is for gifts to customers with logos0
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For the first year i did
2009/10 1st May - 5th April - 48000 or summit like that.. Depending on adjusted profits
2010/11 1st Feb 10 - 31st Jan 2011 87000 with overlaps from 1st Feb - 5th April as 14500....0 -
For the first year i did
2009/10 1st May - 5th April - 48000 or summit like that.. Depending on adjusted profits
2010/11 1st Feb 10 - 31st Jan 2011 87000 with overlaps from 1st Feb - 5th April as 14500....
so did i - there was a period of account ending in 2nd year - it was 12 months or more and therefore basis period is 12 months ending in 2nd year = 1st feb 10 - 31st jan 110 -
It's not the gain, it's the proceeds that have to be reinvested. It does look like you can claim partial relief though which I didn't mention.
Oh no I knew this I had it hightlighted in my revision but for some reason forgot and was sure if was the gain not the proceeds
so she could still get rollover relief but not on the whole amountso 50,000 of the 175000 would still be liable to CGT less entrepenurs less exempt amount etc
Just as a matter of interest if she did claim roll over releif presumably she woould have already had to pay the CGT on the 175000 gain in jan 2008 so would she then get a refund from the tax office?0 -
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I said allowable!!!0
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draindoctor@ntlworld.com wrote: »Oh no I knew this I had it hightlighted in my revision but for some reason forgot and was sure if was the gain not the proceeds
so she could still get rollover relief but not on the whole amountso 50,000 of the 175000 would still be liable to CGT less entrepenurs less exempt amount etc
Just as a matter of interest if she did claim roll over releif presumably she woould have already had to pay the CGT on the 175000 gain in jan 2008 so would she then get a refund from the tax office?
I didnt mention entrepenurs relief in this answer, oops.0 -
exam papers
to repeat an earlier question when does the dreaded exam paper become available online?0 -
For the rollover relief question I was sure the proceeds were £175k and the new business cost was £250k so therefore she would have invested the whole amount so no CGT.... have I read it wrong.....?0
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oh god,
i used AEA on the shares gain computation!!
and my final profit in section 2 was charged 21% corp tax as my profits didnt go over 300000!!0 -
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Was there an associated company, so the lower and upper limits had to be halved ?0
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For section 2 I calculated that the profits of PCTCT plus dividend of £600 was over the lower threshold of 300,000/2
So I did a marginal relief calc,
I dont think I was right now but I did the calculation loads of time in which I took my PCTCT + dividend from 150,000 and there was a positive number but did anyone do this
I can't remember the calculation now at all for profits even before they were adjusted
but I had to add back to the addjusted profits income for rental of 64200 and the Chargable Gain on the shares at 29900
I have something like 118000 for the capital allowances but I cant remember0
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