Official BTC exam thread
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Registered Posts: 1,037 Beyond epic contributor 🧙♂️
When can we discuss the exam?
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If the exam was this morning then you can discuss the details after 3pm0
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can't wait to discuss the exam to see where i went totally blank :>(0
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In section 2 did anyone transfer the short life asset over to the general pool?0
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Yes I transfered it to the general pool. Didn't know what to do with it as I had never seen a question like that before. Deducted 20% WDA first then transferred all over to general pool.
Does anyone know what the correct treatment is?0 -
I transferred it back to the general pool because it had not been sold within the four year limit.
In section 2 were the expenses for share capital disallowable?0 -
I transferred it back and then I deducted 20% WDA0
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In section 2 had the boss calculated capital gains incorrectly; i.e. had be forgot to take into account the indexation allowance of 0.366 which was given to us0
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Yeh your right, the Indexed gain had not been considered so the CGT figure for assessment was about £118000 or thereabouts (can't remember exactly)
Also Short Life Pool can't recall any detailed reference to this in course books, I just claimed the whole lot as a Balancing Allowance, which I am sure now is incorrect.
The date for amendment of Tax return was this 31/1 of the appropriate year (think it was 2012)?
and finally was the figure for question 1.2 the adjusted profit 90,0000 -
i completely forgot about the short life asset ! think i got the dates correct. does anyone know the % for a pass0
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In section 1 I remember getting £90,00 as the adjusted profit for the partnership as a whole. And then I remember getting £43,XXX as the adjusted profit for one of the partners (I think Richard). I nearly got this question wrong because I nearly forgot to time apportion Richard's(?) annual salary (his salary was only for 3 months).0
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omg i completely forgot about his salary, i was totally blank when i opened the paper oh well looks like a resit for me0
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In section 1 I remember getting £90,00 as the adjusted profit for the partnership as a whole. And then I remember getting £43,XXX as the adjusted profit for one of the partners (I think Richard). I nearly got this question wrong because I nearly forgot to time apportion Richard's(?) annual salary (his salary was only for 3 months).
whoops. i remembered to aportion profit. i was pleased with that. esp as i sopped myself doing it 10 months and 20 -
Yeh the same as me, Richard was about 43750 and John was 46250or something like that, but I forgot to time apportion the salary at first as well, and put down the full 15000 until I noticed and changed it, not the neatest page of an exam paper i have completed..........0
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Did you get about 8250 for the overlap profits?? 1/1/08 -5/4/080
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I got £8250 per partner as well0
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well section 1 was proper mess up then0
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can't say i blame you i have already sat this once dreading the results !!!!!!!!!0
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In setion 2 I remember adding back legal expense related to share capital, but I don't think I added back legal expense related to employee embezzlement or renewing a lease0
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I sent the short life asset into the general pool before deducting 20%.
But i think i calculated the guy from the partnership salary as 2 months - doh!
the dates went completely out of my head.
there was no tax form to fill in!!!
was the 40% FYA relevant for both questions?
I used the index allowance in both questions but now wondering as the first one where they guy got the gains didnt have a date.
Did the 3,000 limit apply for the expensive car? and did it have to be reduced by the 25% or whatever it was?
So many questions!!!0 -
i never added back expenses relating to shares but i did the other 2 , really feel like i'v messed this one !!!!!!!!!10
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forgot about the limit but i did remember the 25%0
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i would much rather spend my wages on having a good time not paying for resits !!!!!!!!!!0
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I noticed the expensive car point as well; it was for the car worth £15,800 purchased before 01/04/09.
I took 25% of £3000 as disallowable0 -
by disallowable, I mean to say disallowable for capital allowance. This was in section 1.0
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