PTC June 2010... how did you do?
Comments
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draindoctor@ntlworld.com wrote: »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
onwards
I didnt allow the 5000 as I thought that repairs carried out before you had had any tennats was not allowable.... only if you had tennants?0 -
rachelrunshaw wrote: »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 laugh
I thought the car benefits were time aportioned too werent they? Or perhaps Im getting confused again! LOL0 -
5K repairs on property
I included the 5000 repairs in my allowable expenses, but now checking my book, I don't think I should have.
There's a note in the book saying 'Repairs relating to conditions present when the building is purchased are not generally allowable'.
I did write a note on why I had allowed them, but I guess it won't any difference. 'sigh'0 -
With the car benefit can anyone remember if it was a contribution to the cost of the car or contrbution to private use of the car.......This is my last question i promise as England awaits!!!!0
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NO BUSINESS CASE wrote: »With the car benefit can anyone remember if it was a contribution to the cost of the car or contrbution to private use of the car.......This is my last question i promise as England awaits!!!!
It was a contribution towards the cost of the car therefore you deducted that off before calculating benefit! Think I got that right at least.0 -
rachelrunshaw wrote: »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 laughNO BUSINESS CASE wrote: »With the car benefit can anyone remember if it was a contribution to the cost of the car or contrbution to private use of the car.......This is my last question i promise as England awaits!!!!
It was a capital contribution towards the car therefore it was deducted from the price of the car before applying the percentage..... I HOPE!0 -
Yes it was as i remember to so i deducted off before calculating the benefit as well, which its states in my osbourne book too.
Just realised in the memo question about the salary rise i completely forgot to comment on the higher tax band and the benefit of the new car, i reread the paper 3 times! what is wrong with me this week i do not know. Think it's lack of sleep. one day my baby will sleep through....one day lol
Looking forward to not studying tonight, just tv night!!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!!!
mine is very similar to yours!0 -
for some stupid reason, I had put the 2,500 bonus in with the benefits
even though i knew this was wrong i couldnt be bothered changing it (tired of exams - 3rd exam in a week - groan) espec as it would anyway just come in again on the next question added to salary
hope it won't cost me too much0 -
I included the 5000 repairs in my allowable expenses, but now checking my book, I don't think I should have.
There's a note in the book saying 'Repairs relating to conditions present when the building is purchased are not generally allowable'.
I did write a note on why I had allowed them, but I guess it won't any difference. 'sigh'
I allowed the £5000 repairs, I actually noted that it was not a capital expense in my workings at the bottom.
I am sure this was in the property that had been rented since some time in 2008 then it was vacated so she did essential repairs and then rented it out again in Jan 2010.
or was that a different property.0 -
Yes it was as i remember to so i deducted off before calculating the benefit as well, which its states in my osbourne book too.
Just realised in the memo question about the salary rise i completely forgot to comment on the higher tax band and the benefit of the new car, i reread the paper 3 times! what is wrong with me this week i do not know. Think it's lack of sleep. one day my baby will sleep through....one day lol
Looking forward to not studying tonight, just tv night!!
Damn another mistake
I took his contribution of the benefit didnt even see the capital bit just assumd he made a contribution and took it off. ahhhhhhhhhhhhh0 -
I wouldn't get too stressed, trouble is after the exams we all look for what we got wrong and concentrate on that rather then what we got right. We are our own enemies!
And i think as long as we show our workings we will get marks for our methods and understanding of what we are doing and not just our figures.
Numbers can be any numbers but its the workings and format of things that are always consistent, so i'm looking at it that way, i know what to do just i use some figures wrong to do it with!! lol
Plus in the real world we can use books and contacts to double check things, not just our memory.
So stay postive and we may get suprises when results come........like maybe i'll pass BTC LOL well i done the first question right and then wrong on that maybe i'll get double marks for doing the correct workings twice lol although my figures were wrong!! got to laugh better then to cry!0 -
Well said Purple19m.
We are our own worst critics, I KNOW I made mistakes the last two days, but I HOPE they weren't enough to detract from the workings and assumptions I made. Some exams (especially the financial accounting ones) make many people have matching answers as they are very linear in their working outs. PTC seems to be a little more subjective, it all comes down to little rules and exceptions which you have to decide go in or not, its not as simple as deciding whether its a debit or credit. I like PLB, FRA, DFS for the most part because for the actual statement side of it, its usually pretty cut and dry, you can balance it and if it doesn't balance you can try to work out why. With a paper like PTC and the costing papers as well you just have absolutely no idea while you are working it out whether its right or not and its much more complicated to try to amend it.
I am not overly confident today but the general results of AAT depend on showing competence, not showing you are right and there is always and only one right answer, but showing you at least have the presence of mind to take some figures, work them how you think they are requested and then show conclusions. At the end of the day as long as you can show why you thought what you did, where you got them from, and why you thought it would be that way then I think that its a good sign.
I'm staying confident until the results prove otherwise x0 -
it was to the car not the fuel0
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PtcOMG - 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
I completely agree, I found DFS a lot easier. There were so many questions that threw in a complication designed to trip us up. The last question in Section 2 was an absolute nightmare - I can't even remember covering previous year payments in the class or revision session. Did anyone else have a problem with this question or any of the others?0 -
I think that was the only bit I got right!
Did anyone else leave the loan out in section 1? I thought because he hadn't actually started paying for it yet as his basic salary hadn't reached £18,000 that he didn't get a benefit on it, now I'm thinking that under the accruals concept is wouldn't matter so perhaps I should have calculated it ahhhhhh! This woke me up this morning running around my head and spoiled my first lie for weeks!!!0 -
There is an assessable benefit on the loan. The only time there isn't is when the loan is less then £5000. If the loan is over £5000 you work out the difference between the interest they pay and the 4.75% given. In this case, there was no interest charged so the assessable benefit is 4.75% of the £7600.0
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hell's belle wrote: »I think that was the only bit I got right!
Did anyone else leave the loan out in section 1? I thought because he hadn't actually started paying for it yet as his basic salary hadn't reached £18,000 that he didn't get a benefit on it, now I'm thinking that under the accruals concept is wouldn't matter so perhaps I should have calculated it ahhhhhh! This woke me up this morning running around my head and spoiled my first lie for weeks!!!
Definately a resit this time for me. I only got the two written questions right I reckon. Every question seemed to need reading and re-reading and as I read into everything too much I came up with some very wierd and wonderful answers.0 -
I know what you mean! I had the same.
Lou1234:- I would have normally done just that it was only because it said about him not paying back the loan until his basic reached £18,000 that I panicked! Bloody fire alarm going off after only 1/2 hour really ruffled my feathers. Evacuating etc made me lose my train of thought, then after that I just kept making silly mistakes. I made so many that I needed a new booklet, thought if I started again i could compose myself a bit but they wouldn't give me one or any extra paper! GRRRRR0 -
What's the 'day' thing that some people have been saying about the shares?0
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I think you may be referring to the matching rule. If the shares are sold on the same day as purchased then you match the price against those, if they were sold but purchased 30 days AFTER then you match with them, the balance goes into the pool of shares.What's the 'day' thing that some people have been saying about the shares?0 -
Ok, I just did the average price thing like on the past papers.. was I wrong?0
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I may have done it wrong myself but as the date of one of the shares sold was just before 30 days before buying some more, I believe you needed to match those 100 to the 200 sold. Therefore, only 100 from the balance sold would go into the pool and be part of the calculation. To be honest I found the matching concept hard to grasp and I studied it the night before the exam just in case, it was never in any of the practise papers i did but it was in the book.0
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Ok, I just did the average price thing like on the past papers.. was I wrong?
Me too but knew at the time it was wrong but couldnt for the life of me remember what to do if they were purchased within 30 days but knew it was something different. So I just went with the pool the same as all past papers. I thought that wouldave been one of the easier questions for me too as I had learnt how to do the pool workings fine and didnt really concentrate on the 30 days thing as I never saw it in any of the past papers I did.
I was quite confident about PTC but not not so not sure if I will have done enough to pass. As I have said on here before I dont think it is fair how some papers are harder than others. Some of the past papers I did I got most questions right towards exam time and finished in about an hour but every single question in this paper took me all my time as there was extra bits added in that totally confused me.0 -
What was the correct answer to the disposal between mother and daughter that was subsequently sold - section 2?
I think I took the actual proceeds (£26,000) and deducted the sellers cost as allowable and then deducted the cost the mother incurred when purchasing the item (£8,500). Is this correct?0 -
What was the correct answer to the disposal between mother and daughter that was subsequently sold - section 2?
I think I took the actual proceeds (£26,000) and deducted the sellers cost as allowable and then deducted the cost the mother incurred when purchasing the item (£8,500). Is this correct?
To be honest Matt I dont think anybody knows the correct answers for anything as everybody seems to have different answers to everything! If I wasn't so worried about failing this exam I would think it was comical all the different combinations of answers there is on here!0 -
What was the correct answer to the disposal between mother and daughter that was subsequently sold - section 2?
I think I took the actual proceeds (£26,000) and deducted the sellers cost as allowable and then deducted the cost the mother incurred when purchasing the item (£8,500). Is this correct?
That's what I did.. and came out of the exam feeling positive, but now feel like I could have failed!!
However, they do say if more people fail it brings the pass mark down so fingers crossed eh!0
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