PTC June 2010... how did you do?
goodyuk
Registered Posts: 50 Regular contributor ⭐
OMG - this was supposed to be the easier of the 2 papers I sat this June... this one is normally "quite straightforward" In my opinion NOT SO! This paper was SOOOOOOOO hard.... there is usually the odd swirve ball that makes you think.... hmmmm how do I deal with that.... but almost EVERY question had a swirve ball!!!! And the 2 memo's were killers!! I know we can't discuss the detail yet... but OH MY GOD this was SOOOOO hard..... lots of things not tested before... lots of anomilies and the memos were so specifically detailed..... I think I have failed this paper for sure
0
Comments
-
i am not so sure how i feel, i know there was stuff there i knew, but was worded differently than i was expecting. so that threw me a bit. i finished after 2 hours and was a bit concerned i had missed something. i filled the full amount on the first memeo but the 2nd memo, i ran out of things to write.
i am hoping i have done enough but who knows0 -
OMG - this was supposed to be the easier of the 2 papers I sat this June... this one is normally "quite straightforward" In my opinion NOT SO! This paper was SOOOOOOOO hard.... there is usually the odd swirve ball that makes you think.... hmmmm how do I deal with that.... but almost EVERY question had a swirve ball!!!! And the 2 memo's were killers!! I know we can't discuss the detail yet... but OH MY GOD this was SOOOOO hard..... lots of things not tested before... lots of anomilies and the memos were so specifically detailed..... I think I have failed this paper for sure
complete agree with you! i didn't expect this at all!
what time can we discuss the paper?0 -
Thank jo!0
-
I thought it was so hard. I was so happy after yesterday's DFS Exam but am now feeling totally peed off as I didnt find any of it easy at all. I was pretty confident that I would be ok on this too as I found the past exam papers easy.
Not sure if I will pass this! :sad:0 -
I'm not sure about this paper. At first glance it seemed reasonably ok but then there seemed to be little things in there to trip you up!
I left the exam feeling happier then I did on Tuesday after BTC but not sure at all if I have done enough to pass! Roll on 16th August!0 -
stuck
what did everyone do with the bonues in part one?
also how did the tax people get that figure in part 2 for her payment in Jan 2010?0 -
badgeman_brown@hotmail.co wrote: »what did everyone do with the bonues in part one?
also how did the tax people get that figure in part 2 for her payment in Jan 2010?
You'll have to wait until 3pm for the actual answers as we can't discuss them until that time.0 -
badgeman_brown@hotmail.co wrote: »what did everyone do with the bonues in part one?
also how did the tax people get that figure in part 2 for her payment in Jan 2010?
I just added the first bonus onto the basic, think it was 2,500- I nearly left it out completely as forgot about it! the second one was received after the tax yr so didnt count0 -
I'm so pleased I'm not the only only who thought the paper was awful!! I'm definitely going to be re-sitting in December
0 -
PTC Exam
I have just sat PTC and thought it went ok. I agree it was harder than BTC earlier this week which was not expected. The only thing that I didn't do was I did do part-disposal for the one vase that we sold and instead limited the cost to £6000. Oh well rest went ok. Liked the last email about payments dates. Very straightforward.0 -
-
I have to say, I came out feeling very confident, you did have to think about this exam but it wasnt too bad - may change my mind when all the answers fly up at 3!!0
-
I thought it was ok
thing is I was expecting a bunch of stuff you know like losses carried forward and part years and really complicated tax calculations. I kept looking at it coz wasnt sure.
hope i got all the curved balls finished quite quickly so kept going over it, think i have missed stuff. Vase may have been a "set" but not sure.
anyway roll on 3 o'clock0 -
Think its now after 3
so here my take
I wasnt sure if the vase was a part of a set but anyway got £6000 for the gain
the 5/3 didnt apply I thought
for the necklace I am sure I took the market value at the cost at the time her mother gave it to her plus the 3%
For the share I thought there was a matching rule but not sure now. Got 2900 as the gain.
For the total income on the flats I got something like £8900 the actual income after expenses was something like £395. I kept calculating it as I wasnt sure.
My income tax for Sophie was around £7914 she was worried it was going to be high so think I may have calculated something wrong coz it wasnt that much higher than the year before.
For section 1
I did his income tax as 18000 less his contribution to his pension which was something like 3% cant remember now + bonus of 2500
Car was taxed at 20% less his contribution, did it as 147 -135 = 10/2 = extra 2% Plus 15% plus 3% for diesel. Cant remember the value of the car now
Petrol I did at 20% of 16900 so 3380
Loan was 4.75% of whatever the loan was cant remember now.
He owed about £400 in tax but not sure that is right.
thats all I can remember
any takers0 -
how did you work out the vase, did you use the part disposal formuladraindoctor@ntlworld.com wrote: »Think its now after 3
so here my take
I wasnt sure if the vase was a part of a set but anyway got £6000 for the gain
the 5/3 didnt apply I thought
for the necklace I am sure I took the market value at the cost at the time her mother gave it to her plus the 3%
For the share I thought there was a matching rule but not sure now. Got 2900 as the gain.
For the total income on the flats I got something like £8900 the actual income after expenses was something like £395. I kept calculating it as I wasnt sure.
My income tax for Sophie was around £7914 she was worried it was going to be high so think I may have calculated something wrong coz it wasnt that much higher than the year before.
For section 1
I did his income tax as 18000 less his contribution to his pension which was something like 3% cant remember now + bonus of 2500
Car was taxed at 20% less his contribution, did it as 147 -135 = 10/2 = extra 2% Plus 15% plus 3% for diesel. Cant remember the value of the car now
Petrol I did at 20% of 16900 so 3380
Loan was 4.75% of whatever the loan was cant remember now.
He owed about £400 in tax but not sure that is right.
thats all I can remember
any takers0 -
Property I put in the £5000 repairs on house since it needed stuff doing to it
wasnt sure if this was capital as it was like repairs and stuff but allowed it
think it was not allowed.
This would mean the tax would have gone into the 40% bracket which i what I would have expected.
Oh well c'est la vie
not sure either if the insurance for the property bought in may 2009 was to be pro-rata since it was only bought for 11 out the 12 months
onwards0 -
-
Already forgotten most of the exam but things I do remember
Vase £6000 as was lesser amount than 5/3 of £6667. Shares I did the 100/200 on both occasions and matched the first part agains the p/c and the 2nd part against the share pool...havent a clue what my answer was and now dont really care!! ha ha
With the property one was massively undecided to include the £5k repairs as wasnt really sure if this was repairs for improvement or not which if I remember rightly are non deductible so didnt include it after minutes of agonising!! I could also be speaking complete baloney so there you go!!
The last question I reckon was straightforward but being the last question and all the nerves of exam week I just spoke a load of rubbish I reckon and divided something in 2 and added a balance somewhere!!
Glad it is all done and roll on August!0 -
draindoctor@ntlworld.com wrote: »Vase
I did it as 10000-4000 = 6000
just wasnt sure if it was part of a set since the vases were bought together but since the gain wasnt reduced by the 5/3 rules dont think it matters anyway
K
Presumed it was part disposal as it gave us the market value of the other vase0 -
Vase wasnt a part disposal as they were 2 seperate chattels! A sneaky trip up question along with the first one about the necklace and her mum giving it to her before she then sold it on!0
-
NO BUSINESS CASE wrote: »Vase wasnt a part disposal as they were 2 seperate chattels! A sneaky trip up question along with the first one about the necklace and her mum giving it to her before she then sold it on!
So in the necklace is it the proceeds let the market value at the time her mum gave it to her
thanks0 -
I didn't allow the £5000 as remembered the book saying the price of the property would have been lower if there was work needed.0
-
I too got 20% for the car and fuel benefit, think loan was 381 that i calculated.
The staff training i ignored completely and i only used the first bonus too.
I used the part disposal calculation for the vases. Can't remember the gain on that i know i had one with 6667 too though.
On the shares i used the cost from the february ones brought. i kept forgetting if which way the 9 and 30 day rule was couldn't remember which one was before and after!
I disallowed the 5000 repairs as it was done before tenants moved in so assumed it was capital for that reason on the property.
I got a loss of 445 for the last property and the income was higher from the second tenants did anyone do the same? i divided the 2200 by the 6 months they were in there which make 367 a month for the second tenants.
overall i found a few tricky bits but i found it much easier then the BTC one on tue, i made so many really stupid mistakes on the btc which is still going round in my head. Hoping to pass ptc but not counting on BTC. Such a shame cos i've exhuasted myself with study for these!! Not looking forward to the 3 i have left plus the BTC resit oh well!!!0 -
I seem to have the same numbers as you purple and agree re the business tax, I studied my socks off and it went terrible on the day, feel so dispondent about it but hopefully I will get ptc and dfs this time.I too got 20% for the car and fuel benefit, think loan was 381 that i calculated.
The staff training i ignored completely and i only used the first bonus too.
I used the part disposal calculation for the vases. Can't remember the gain on that i know i had one with 6667 too though.
On the shares i used the cost from the february ones brought. i kept forgetting if which way the 9 and 30 day rule was couldn't remember which one was before and after!
I disallowed the 5000 repairs as it was done before tenants moved in so assumed it was capital for that reason on the property.
I got a loss of 445 for the last property and the income was higher from the second tenants did anyone do the same? i divided the 2200 by the 6 months they were in there which make 367 a month for the second tenants.
overall i found a few tricky bits but i found it much easier then the BTC one on tue, i made so many really stupid mistakes on the btc which is still going round in my head. Hoping to pass ptc but not counting on BTC. Such a shame cos i've exhuasted myself with study for these!! Not looking forward to the 3 i have left plus the BTC resit oh well!!!0 -
I'm also hoping to pass PTC as think I defo failed BTC this week!
I also got the 20% for the car and fuel.
I got the loss of 445 on the final property as well. I also divided the 2200. Thought the payment was for 6 months but only 3 months was before April?
I treated the vase as a part disposal. Got something like 8182 but limited it and got 6666.67.0 -
I didnt limit the vase as I kept thinking about it and decided that it was not an antique - maybe I should have limited it - not sureI'm also hoping to pass PTC as think I defo failed BTC this week!
I also got the 20% for the car and fuel.
I got the loss of 445 on the final property as well. I also divided the 2200. Thought the payment was for 6 months but only 3 months was before April?
I treated the vase as a part disposal. Got something like 8182 but limited it and got 6666.67.0 -
If they mark BTC on undertstanding the calculations and format of things then i might of had a chance! But i know my figures are wrong right from the first question, i done capital allowances to the april on BTC for some purely idiotic reason! even worse is i done it to 9 months for end of jan then crossed it all out and done it wrong...how gutted am i!!
Thats good someone has similar figures to me too. yeah thats what i done the 3 months and then the 6 month too.
yeah i got the same for the vases too i remember now you've said that.
hope we all pass....forgetting about btc, least when i revise again for that i won't be getting confused with ptc at the same time lol0 -
I found it far more complex than the examples we had been given to practice on and to make matters worse, some little hooligan, who fancied bunking off for the day, decided to "accidentally" fall and elbow a box to set off the fire alarm! If we hadn't needed to evacuate the building I might have been able to work it out but by the time I came back in my mind went blank, so annoyed!0
-
I too got 20% for the car and fuel benefit, think loan was 381 that i calculated.
The staff training i ignored completely and i only used the first bonus too.
I used the part disposal calculation for the vases. Can't remember the gain on that i know i had one with 6667 too though.
On the shares i used the cost from the february ones brought. i kept forgetting if which way the 9 and 30 day rule was couldn't remember which one was before and after!
I disallowed the 5000 repairs as it was done before tenants moved in so assumed it was capital for that reason on the property.
I got a loss of 445 for the last property and the income was higher from the second tenants did anyone do the same? i divided the 2200 by the 6 months they were in there which make 367 a month for the second tenants.
overall i found a few tricky bits but i found it much easier then the BTC one on tue, i made so many really stupid mistakes on the btc which is still going round in my head. Hoping to pass ptc but not counting on BTC. Such a shame cos i've exhuasted myself with study for these!! Not looking forward to the 3 i have left plus the BTC resit oh well!!!
I did my car calculations at 20%. List price £15500 less contribution of 1500 = £2800 benefit. Fuel £3380 and loan of £7600 at 4.75% = £361 total benefits of £6541. His salary I had at £18,000 less occupational pension of 3% x 5/12 -time apportioned, add bonus £2500. I went on to say the employers contribution for the pension and the training were not assessable benefits. I think this was all there was in the table apart from the savings for bank and building society interest which gave me a bit of a wobble as I was fully expecting to see dividends.
I only filled in a few boxes in the tax return, dates quite happy with.
Section 2. I treated the necklace as an arms length transaction gifted so on the original cost. The vase I treated as a part disposal, disallowed the £5000 repairs but allowed the £1500 decorating costs. I allowed the insurance and agents fees but disallowed the advertising which I'm pretty sure was wrong. Got a loss in the last property. Shares - I am pretty sure I messed up but cannot remember how and as for the last question, I think I took half as a 2nd pymt and a balancing figure from the previous year for the amount paid Jan 10.
Perhaps the examiner will take pity on me or have a laugh0
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