Official BTC exam thread

jewels.p

I sat the other BTC Exam yesterday and didnt like the report part in Section 2. It was a 25 minute question on Chattels and I hate them as I always get muddled up with the above and below £6000. Waffled a lot on that me thinks.

Was driving into work this morning and all of a sudden a thought popped into my head I forgot to deduct the £5715 from profits for Class 4 NI before calculating the liability. Damn it! :mad:

Oh well never mind. Just glad I got to sit my exams before Christmas.

reddwarf

Blimey Jewels, 25 minutes on chattels, were there lots of little questions?

Sounds as though you did okay to me. Weird how stuff pops in to your head the moment you are in the car park after the exam! Some sort of delayed synapse car park exam syndrome!

Have a nice Christmas holiday now!

vnoo

Hi
i sat the other BTC exam yesterday to, got home and realised i didnt do gift relief !
i waffled on for the whole page for chattels and got confused on section 1 for the income tax for the partner i done if for 11 months - 9mths for the may09 to jan10 and 2 months for feb and march on anyone do the same ? 2009/10 was only for 11 months
or should i of made it up to the 12 months? but i took it as business started may09 so may09 to march10 for the year 09/10 is 11 months the basis period?
am i waffling again?

jewels.p

vnoo wrote: »

Hi
i sat the other BTC exam yesterday to, got home and realised i didnt do gift relief !
i waffled on for the whole page for chattels and got confused on section 1 for the income tax for the partner i done if for 11 months - 9mths for the may09 to jan10 and 2 months for feb and march on anyone do the same ? 2009/10 was only for 11 months
or should i of made it up to the 12 months? but i took it as business started may09 so may09 to march10 for the year 09/10 is 11 months the basis period?
am i waffling again?

I didnt use Gift Relief either. I used Entrepreneurs Reliefs but dont think that was right. I remembered that Shares qualify but dont know if the shares she sold qualified. I just deducted the Cost that her Dad paid from the Proceeds but think now something was meant to be done with the Market Value as it was mentioned.
In Section 1 I cant rightly remember but I think the Profits given were for May 09 to Jan 10 so I used the Partners share plus Two months of her share of the next years profits as this brings her to the end of the tax year. I put this as Overlap Profits.

This exam was full of a lot of writing.

jewels.p

reddwarf wrote: »

Blimey Jewels, 25 minutes on chattels, were there lots of little questions?

Sounds as though you did okay to me. Weird how stuff pops in to your head the moment you are in the car park after the exam! Some sort of delayed synapse car park exam syndrome!

Have a nice Christmas holiday now!

Hi reddwarf,

Most of the paper was writing and not calculations. There was also a 15 minute question on Trading Losses in Section 2. So those two questions alone are worth 40 minutes of the marks in Section 2.

Hope you have a good holiday too!

vnoo

i agree most of the paper was written questions. Sounds like you done same as me jewels on section 1 which has made me feel better. but i didnt do the overlap profits.
i read up on gift relief when i got home bit late but now i know ! i done the same as you proceeds less cost which dad paid.
i am so glad got exam out of way and before xmas !

jewels.p

Ni vnoo,

Yeah me too.

I dont know if it bothered you but I didnt like the fact that the paper was just stapled together and not perforated in a booklet like normal. I had to ask the inviligator if it was ok to take the whole thing apart so that I had the rates etc in front of me and had to keep turning pages over and looking back. The rates and information were on the front of the page which Task 1 was on. I missed two questions in Section 1 and it is a good job I realised.

Dont ever want to go through the stress these set of exams have caused again!

Happy Christmas!

vnoo

Hi Jewels
i just ripped the first page of, then the inviligator asked me why i had done this ! i had to show her the note at the top explaining page can be removed so she just restapled it after i had finished. I done the PTC thurs morning same inviligater who then told us to take page out if we need to. I only have DFS to do now in June (unless i have to resit either of the tax exams). I am glad i have not had to go over to the computer based exam they look awful ! i tried one on tues when revising and i got really confused with the way the questions are worded.
Happy Christmas to you to !