PCT Today

24

Comments

  • bpopsicle
    bpopsicle Registered Posts: 12 Regular contributor ⭐ ? ⭐
    I got the same as accounts boy ....??? Strange we got two different answers
  • Esme
    Esme Registered Posts: 711
    bpopsicle wrote: »
    I got the same as accounts boy ....??? Strange we got two different answers

    Which answer?
  • noodles
    noodles Registered Posts: 308
    Dont you have to wait until 3pm!
  • jewels.p
    jewels.p Registered Posts: 1,774
    Yes I havent put any figures so I cant get my wrists slapped for it!
  • jewels.p
    jewels.p Registered Posts: 1,774
    Esme wrote: »
    Yeah, mine was quite high.. did u lot put the advertising as an expense? I left it off but wasn't sure?

    I will tell you in half an hour!
  • bpopsicle
    bpopsicle Registered Posts: 12 Regular contributor ⭐ ? ⭐
    for the vase :(
  • accounts boy
    accounts boy Registered Posts: 12 Regular contributor ⭐ ? ⭐
    Good Afternoon Every body!
    How did you manage PTC paper? I think it was easy and straight forward.
    Accessible Benefits: 6541,Employment Income:23631 & Income tax Liabilty 3431.20
    Gain from necklace 9700
    vase:8181.82
    Shares: 2900
    Rental Income:695
    I am just guessing and can't remember more
    Can anybody remember please?

    I am bit wonder how do you work out part disposal?
    Cost of two vasels £4000
    cost of part disposal= Original cost (4000) proceeds
    (remainder+proceeds)


    some thing like that??????????????????

    and also can you claim 5000 for the repair as an allowable expense?
    can't remember the rule now?
  • cat23
    cat23 Registered Posts: 7 Regular contributor ⭐ ? ⭐
    I got 6667 for the vase

    5/3 (10,000 -6000) - 6667

    I got 2900 for shares gain

    I got 6125 for my rental income

    Section 1 - i paniced and put the 15,000 bonus! Whoops! Hoping to get method marks for the rest!
  • jewels.p
    jewels.p Registered Posts: 1,774
    Esme wrote: »
    Yeah, mine was quite high.. did u lot put the advertising as an expense? I left it off but wasn't sure?

    Advertising is an expense so I deducted it off. I didnt deduct off the £5000 as this was a capital expense (I think)
  • noodles
    noodles Registered Posts: 308
    I did not deduct the capital expense either and did deduct advertising as that is allowable.
    the part disp is cost * proceeds
    proceeds and market value left

    i did not do 5/3 as it was not antique!!

    I do remember having a capital gains figure of £10100 after the annual exemption. Thought it was odd that the amount was the same.
  • jewels.p
    jewels.p Registered Posts: 1,774
    I think I did the vase as a part disposal ie cost x proceeds/proceeds+ market value of other vase.

    I never used any of the 5/3 or deemed proceeds of £6000 for anything. I cant quite remember but either the necklace or the vase was bought for over £6000 and sold for over £6000 so none of those rules applied (probably wrong though)

    I didnt have enough paper and could have done with more so paper looked a bit of a mess by the end.

    On the email when you had to calculate the new basic tax rate did anybody calculate the tax payable I didnt?
  • spursfan323
    spursfan323 Registered Posts: 28 ? ? ?
    Not sure why but I assumed the vases were part disposal. Can anyone confirm if that was correct or not.
  • cat23
    cat23 Registered Posts: 7 Regular contributor ⭐ ? ⭐
    jewels.p wrote: »
    I think I did the vase as a part disposal ie cost x proceeds/proceeds+ market value of other vase.

    I never used any of the 5/3 or deemed proceeds of £6000 for anything. I cant quite remember but either the necklace or the vase was bought for over £6000 and sold for over £6000 so none of those rules applied (probably wrong though)

    I didnt have enough paper and could have done with more so paper looked a bit of a mess by the end.

    On the email when you had to calculate the new basic tax rate did anybody calculate the tax payable I didnt?

    Yes it was the 2008/2009 figure divided by 2 (6668/2)
    Then i added on the difference in 2008/09 - 6668 and 2007/08 -4864 figure which was 1804.

    To get the £5138 figure
  • cat23
    cat23 Registered Posts: 7 Regular contributor ⭐ ? ⭐
    Not sure why but I assumed the vases were part disposal. Can anyone confirm if that was correct or not.

    I thought so otherwise why give u the market value!
  • spursfan323
    spursfan323 Registered Posts: 28 ? ? ?
    Also i got net rental income of 6920. I applied wear and tear for only 11 months as bought it in may 09 - that came to 275..anyone else?
  • noodles
    noodles Registered Posts: 308
    Also i got net rental income of 6920. I applied wear and tear for only 11 months as bought it in may 09 - that came to 275..anyone else?
    Wear and tear is 10% of the income so it does not need to be proportioned any other way
  • AATmunkee
    AATmunkee Registered Posts: 123 ? ? ?
    wow.. what an exam.. definately tested my knowledge!!
    I think i did a part disposal on the vase and also restricted it!!! got £6667 however so hoping thats right.. messed up on the shares as i put in both purchases and then took off the disposal which i know now was wrong.. also got 5396 for rental income.. as i didnt include the 5000 repair..
    struggling to remember figures... ummm got about 9000 for tax payable at the end so im hoping thats right.. in the 1.2 did anyone take off the pension contribution of 3 or 4% from employment income... think i was left with 24541... ish :)
  • AATmunkee
    AATmunkee Registered Posts: 123 ? ? ?
    nscuffell wrote: »
    Wear and tear is 10% of the income so it does not need to be proportioned any other way

    I had wear and tear of 300....
  • accounts boy
    accounts boy Registered Posts: 12 Regular contributor ⭐ ? ⭐
    It was part disposal and not antiques, so part disposal method is correct.
  • jewels.p
    jewels.p Registered Posts: 1,774
    cat23 wrote: »
    Yes it was the 2008/2009 figure divided by 2 (6668/2)
    Then i added on the difference in 2008/09 - 6668 and 2007/08 -4864 figure which was 1804.

    To get the £5138 figure

    No I mean in Section 1.

    But I never put that calculation down missed it out cause I was panicking at this point. I know about Payments on Account too. My email was a mess and completely missed that bit off! Damn!
  • pirate
    pirate Registered Posts: 469
    AATmunkee wrote: »
    wow.. what an exam.. definately tested my knowledge!!
    I think i did a part disposal on the vase and also restricted it!!! got £6667 however so hoping thats right.. messed up on the shares as i put in both purchases and then took off the disposal which i know now was wrong.. also got 5396 for rental income.. as i didnt include the 5000 repair..
    struggling to remember figures... ummm got about 9000 for tax payable at the end so im hoping thats right.. in the 1.2 did anyone take off the pension contribution of 3 or 4% from employment income... think i was left with 24541... ish :)

    I took off the pension contribtions from 18000 and added on the 2500 bonus then the allowances.
    for the life of me cant remember any of those except the fuel as this was 16900 * 20%
    24541 sounds similar to mine
  • AATmunkee
    AATmunkee Registered Posts: 123 ? ? ?
    I took off the pension contribtions from 18000 and added on the 2500 bonus then the allowances.
    for the life of me cant remember any of those except the fuel as this was 16900 * 20%
    24541 sounds similar to mine

    Thats exactly what i did :) oh n missed out the training expense too....
  • Lou1234
    Lou1234 Registered Posts: 210 ? ? ?
    I did put down what his new tax would be in section 1 but I wrote that it didn't include assessable benefits as if he got a better car that could mean a bigger car which could mean higher emissions and higher assessable benefit.

    I also reminded him that he would have to start repaying his loan!
  • spursfan323
    spursfan323 Registered Posts: 28 ? ? ?
    What's antiques got to do with it??
    I got a part disposal gain of 10000-1818=8182 but I think i prob should have restricted it to 5/3 x 6000-1818.
    Oh well.
    Never had a part disposal and a restriction in the same question in a past paper tho!
  • pirate
    pirate Registered Posts: 469
    Can anyone remember the loan no idea how much it was
  • AATmunkee
    AATmunkee Registered Posts: 123 ? ? ?
    Lou1234 wrote: »
    I did put down what his new tax would be in section 1 but I wrote that it didn't include assessable benefits as if he got a better car that could mean a bigger car which could mean higher emissions and higher assessable benefit.

    I also reminded him that he would have to start repaying his loan!

    hahaha!! on the last question i made such a mess up of payments that had to be made and when that i gave up.. ran out of space and merely said "I'll consult my tax books.. and will send a better response in 15 mins.. kind regards!!" I reccon i could get a mark for that??!!!! lol
  • accounts boy
    accounts boy Registered Posts: 12 Regular contributor ⭐ ? ⭐
    Originally Posted by cat23
    Yes it was the 2008/2009 figure divided by 2 (6668/2)
    Then i added on the difference in 2008/09 - 6668 and 2007/08 -4864 figure which was 1804.

    To get the £5138 figure


    yes, I got the same figure as well for the tax liability
  • pirate
    pirate Registered Posts: 469
    AATmunkee wrote: »
    wow.. what an exam.. definately tested my knowledge!!
    I think i did a part disposal on the vase and also restricted it!!! got £6667 however so hoping thats right.. messed up on the shares as i put in both purchases and then took off the disposal which i know now was wrong.. also got 5396 for rental income.. as i didnt include the 5000 repair..
    struggling to remember figures... ummm got about 9000 for tax payable at the end so im hoping thats right.. in the 1.2 did anyone take off the pension contribution of 3 or 4% from employment income... think i was left with 24541... ish :)
    Lou1234 wrote: »
    I did put down what his new tax would be in section 1 but I wrote that it didn't include assessable benefits as if he got a better car that could mean a bigger car which could mean higher emissions and higher assessable benefit.

    I also reminded him that he would have to start repaying his loan!



    wicked never even thought of that, just put it would be higher over 37400
    like to be brief lol
  • NO BUSINESS CASE
    NO BUSINESS CASE Registered Posts: 85 ? ? ?
    £7600 I reckon but I have had a few beers!!!!!!
  • taskey
    taskey Registered Posts: 1,800
    Can anyone remember the loan no idea how much it was

    i left the loan alone as it said he did not have to pay back till his salary was over 20k - oh well

    i cant remember what i did on the rest of it, so i am not getting stressed about it. i think i will just sit the 2 sims am finished, and if i pass, i pass, if i dont then i will still be qualified from the 2 sims
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