BTC Exam Today 3pm Official Thread
Comments
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i think my capital allowances were 118860 on this onedraindoctor@ntlworld.com wrote: »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 -
Got the capital allowances at 118860 too but could kick myself for indexing the cost of the shares rather than the indexed cost (I knew this too!). Also missed allowing the local charity donation and the long term lease costs so my PCTCT is wrong but I'm clinging onto the hope that I may have filled in the CT600 correctly.
Does anyone know whether we had to split the PCTCT over financial years 2008 and 2009 on the form. I vaguely remember doing this in class because the CAP crossed over two financial years. Or have I totally blown this one and need to start saving for the resit now0 -
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Anyone do the corp tax at 28%???
I just cant remember the actual figure for PCTCT
it was something like 28xxxx
I had profits from adjusted (no idea can't remembmer) less Capital allowance (118860)
plus Chargable gain of £29900
plus income from rent of £64200 ish
less Gift aid of £2000
but I just cannot remember the figure for profits adjusted by adding back all disallowable expenses and deducting capital allowances and rent.
Anyone got any idea of the rough figure
I did take of H& safety fine
Write of emp loan
National charity
local charity (oops)
legal lease fees
gift aid
depreciation0 -
draindoctor@ntlworld.com wrote: »Anyone do the corp tax at 28%???
Marginal Relief, there was an associated company so the limits halved, dont know if that actually made a difference though. I used the silly formula :-(0 -
I got 287170 for the PCTCT
which means approx 195000 for the adjusted profits ie adding back all disallowed expenses and taking off capital allowances and rental income
anyone get anything like that
so I charged it at 28% corp tax less marginal relief
Profit for working this out were PCTCT plus the dividend of 6000 -
Rollover relief
Don't think I've passed this paper as got v confused with rollover relief. I explained how it all works in the e-mail but then I thought that it wouldn't be available as they had sold the whole business and I thought it was just for disposal of business assets when they are replaced with an asset for use in the same business?0 -
Had something like 69356 of corp tax after marginal relief0
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Don't think I've passed this paper as got v confused with rollover relief. I explained how it all works in the e-mail but then I thought that it wouldn't be available as they had sold the whole business and I thought it was just for disposal of business assets when they are replaced with an asset for use in the same business?
I got all this wrong as well
1) forgot to do it on proceeds and did it on gain
2) suggested it was ok to do it as the alternative even with entrepreneurs relief and exempt amount was very high
dont worry its only 1 question
I hate the wordy questions0 -
I mucked up my corp tax calculation.... took the property income off of the adjusted profits but then forgot to add it back in when doing the computation so only taxed on the trading profits less cap all, less gift aid...
hmmm, adding up all the errors can't see how I'm gonna pass this paper, I could kick myself for some of the mistakes I've made!!! grrrr!0 -
anyone know in the first section she took goods for her own use
of 720 which has been deducted
there is a 40% margin
Did it say margin or mark up
I calculated it as 720 * 1.40 = 1008 therefore added 288 to my profits from the accounts
If its says margin what do you do and where can I find an example
if it says mark up what do you do and where can I find it my book is useless
my head has fallen off0 -
Pretty sure it said margin, I made the selling price £1200 for this I think....draindoctor@ntlworld.com wrote: »anyone know in the first section she took goods for her own use
of 720 which has been deducted
there is a 40% margin
Did it say margin or mark up
I calculated it as 720 * 1.40 = 1008 therefore added 288 to my profits from the accounts
If its says margin what do you do and where can I find an example
if it says mark up what do you do and where can I find it my book is useless
my head has fallen off0 -
draindoctor@ntlworld.com wrote: »anyone know in the first section she took goods for her own use
of 720 which has been deducted
there is a 40% margin
Did it say margin or mark up
I calculated it as 720 * 1.40 = 1008 therefore added 288 to my profits from the accounts
If its says margin what do you do and where can I find an example
if it says mark up what do you do and where can I find it my book is useless
my head has fallen off
you have to add onto profits the value of the goods she took for private use
if the cost was 720, and she operates a 40% margin, then the cost must equate to 60%
720/60 x 100 gives you the selling/market value of 1200
this is what should be added back to profit0 -
Why do we torture ourselves like this??? I thought I'd done OK today, but now I'm really not so sure - I got the lease wrong and possibly the margin bit and the small pool allowance (which I forgot all about). One more exam (PCR tomorrow) and then I'm off to the pub and I'm not coming out till tuesday!0
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I was the same with the legal lease thing. I think because it was a long lease. The rollover relief was annoying because i learnt gift relief and entrepreneur relief really well. I put something along the lines of it wasn't possible because it could possiblly be a different trade. Turns out the key should have been the date (2006) on the paper! I think it should have been that a too big a time period had elapsed.
On the whole I found it pretty tough.0 -
anyone know what they got in the end for section 2 for the PCTCT and the corp tax
I had something like 277000 approx for PCTCT
and Had something like 69356 of corp tax after marginal relief0 -
Just had a flash back that I was meant to put the date that the Corp tax was due but I forgot!! Opps0
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wonderwife2008 wrote: »AAAAAAAAAAAAAAAAAArrgggggggggghhhhhhhhhh
My sentiments EXACTLY lol0 -
On the margin question I only added back the profit, not the full price as it said in the question that this had already been included. Was I right?0
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katie123666 wrote: »Just had a flash back that I was meant to put the date that the Corp tax was due but I forgot!! Opps
Me too !! Had my flashback in the car on the way home from the exam !!0 -
CrazySexyCool wrote: »On the margin question I only added back the profit, not the full price as it said in the question that this had already been included. Was I right?
Think you were, I added on the full price, but I don't think that's correct. Think it's that if the closing inventories had been adjusted it should be the sales price, but if cost of sales adjusted it should be the profit ?0 -
draindoctor@ntlworld.com wrote: »anyone know in the first section she took goods for her own use
of 720 which has been deducted
there is a 40% margin
Did it say margin or mark up
I calculated it as 720 * 1.40 = 1008 therefore added 288 to my profits from the accounts
If its says margin what do you do and where can I find an example
if it says mark up what do you do and where can I find it my book is useless
my head has fallen off
I did this too : )
Re rollover gain, I said you would have £175,000 to reinvest on a purchase of £250,000 meaning a difference of £75,000!
Funny how we have lots of different answers, but hey at least we all answered every question and followed through with our answers. It'll be surprising how many of us will be on here saying we passed come 16th August!0 -
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draindoctor@ntlworld.com wrote: »OMG another thing I forgot didnt even see the date part only saw two pages of the CT600 form page 2 and page 3, cant remember a place for the date
K
I put the one date as the accounting period ended in that accounting year????0 -
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