Mistakes I could make in the PTC exam
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Registered Posts: 1,037 Beyond epic contributor 🧙♂️
I've got a feeling I'm going to make a lot of silly mistakes in tomorrow's exam, e.g.
1) forget to use annual exemption allowance on capital gains
2) forget to time apportion a benefit
3) forget the expensive accommodation charge
4) forget that provision of services on accommodation is limited to 10% of other employment income
5) forget the maximum contribution to the cost of a car is £5,000
6) forget that the maximum list price of a car after contribution is £80,000
7) forget that a loss made with a connected person can only be relieved against a gain from that connected person
8) forget that private calls made on mobile phones given to employees is not a benefit
9) forget to deduct PAYE, tax deducted at source on bank interest or dividends, when calculating tax liability
10) forget that sales between connected people are made at market value
11) forget that there is a restriction on chattels bought for less than £6,000 but sold for more
12) forget that improvements on newly bought accommodation is not an allowable expense
13) calculating a new basic rate tax band (because of personal pension or gift aid payments), and then forgetting to use it because I've used the old £37,400
14) forget to use correct %, e.g. 10% on bank interest when taxable income is below £2,440
15) forget the 20% benefit on a company asset
etc, etc, etc...........
Arghhhhhhhhhhhhhhhhhhh; why do I have a bad memory?!?!? I'm going to use all 3 hours in the exam, read the ENTIRE question slowly/carefully and make sure I don't make any of these mistakes. Apologies for the bad language.
Feel free to add to the list.............
1) forget to use annual exemption allowance on capital gains
2) forget to time apportion a benefit
3) forget the expensive accommodation charge
4) forget that provision of services on accommodation is limited to 10% of other employment income
5) forget the maximum contribution to the cost of a car is £5,000
6) forget that the maximum list price of a car after contribution is £80,000
7) forget that a loss made with a connected person can only be relieved against a gain from that connected person
8) forget that private calls made on mobile phones given to employees is not a benefit
9) forget to deduct PAYE, tax deducted at source on bank interest or dividends, when calculating tax liability
10) forget that sales between connected people are made at market value
11) forget that there is a restriction on chattels bought for less than £6,000 but sold for more
12) forget that improvements on newly bought accommodation is not an allowable expense
13) calculating a new basic rate tax band (because of personal pension or gift aid payments), and then forgetting to use it because I've used the old £37,400
14) forget to use correct %, e.g. 10% on bank interest when taxable income is below £2,440
15) forget the 20% benefit on a company asset
etc, etc, etc...........
Arghhhhhhhhhhhhhhhhhhh; why do I have a bad memory?!?!? I'm going to use all 3 hours in the exam, read the ENTIRE question slowly/carefully and make sure I don't make any of these mistakes. Apologies for the bad language.
Feel free to add to the list.............
0
Comments
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16) forget that the maximum total contribution to pension schemes is higher of £3,600 and 100% of relevant earnings0
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17) forget that P60s should be given to employees by 31/05/20XX and P11Ds should be given to employees by 06/07/XX
18) forget the benefit allowance/exemption for relocation expenses is £80000 -
19) forget there's no accommodation benefit when accommodation is required for the job0
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could be worse you could forget to even turn up0
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Good point, I think this thread is actually quite disrespectful given that some people can't attend their exams because of the weather
I don't mean to sound ungrateful
Apologises0 -
Also doing PTC but on CBA tomorrow, really panicking now, making really stupid mistakes, I managed to take the personal allowance of £6475 off about three times on the same computation tonight. I really want this out of the way, the mistakes you have listed are similar to the ones I am making.
Good luck for tomorrow, hope you get a nice written paper
Emma0 -
i wasnt having a pop (well maybe a little) but you need to relax whats the worst that can happen 0
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What a list!
I think you'll be fine - listing all of that means it's all at the forefront of your brain. You understand it all - you're just panicking.
I do know how you feel though - I've got mine on Monday (CBE). Every time I think I've got it sorted I misread a question or leave out something silly. My big bug bear at the moment is the PPR relief. I get the principle but seem to have a complete inability to add up months correctly!! And I even use my fingers!
Not looking forward to this. Can't really know what to expect due to the lack of samples for the new format. Am worried I'll fill in the spreadsheet style ones (for shares etc) wrong, would prefer to have a blank sheet in front of me like the paper based.
Have wound myself up quite a lot so am trying to take my own advice and not panic!!!
Good luck tomorrow. I'll keep my fingers crossed.
:thumbup:0 -
Also doing PTC but on CBA tomorrow, really panicking now, making really stupid mistakes, I managed to take the personal allowance of £6475 off about three times on the same computation tonight. I really want this out of the way, the mistakes you have listed are similar to the ones I am making.
Good luck for tomorrow, hope you get a nice written paper
Emma
Hey Emma,
Glad someone else is doing it by CBE - I'll be really interested to see how you found it. Feel like a bit of a guinea pig with this.
Good luck!0 -
I never thought the day would come when I'm actually jealous of someone taking an exam I can't take!
Your list is awesome, I'm printing it out and sticking it to the wall.
I don't know if sticking it to the wall will help me actually remember any of these things but I'm willing to risk it :-)
Best of luck tomorrow!0 -
Hey Emma,
Glad someone else is doing it by CBE - I'll be really interested to see how you found it. Feel like a bit of a guinea pig with this.
Good luck!
Thanks Jenny, I will let you know. Hopefully it won't be too bad because it's only about two hours or something. Good luck for Monday!0 -
I've got a feeling I'm going to make a lot of silly mistakes in tomorrow's exam, e.g.
1) forget to use annual exemption allowance on capital gains
2) forget to time apportion a benefit
3) forget the expensive accommodation charge
4) forget that provision of services on accommodation is limited to 10% of other employment income
5) forget the maximum contribution to the cost of a car is £5,000
6) forget that the maximum list price of a car after contribution is £80,000
7) forget that a loss made with a connected person can only be relieved against a gain from that connected person
8) forget that private calls made on mobile phones given to employees is not a benefit
9) forget to deduct PAYE, tax deducted at source on bank interest or dividends, when calculating tax liability
10) forget that sales between connected people are made at market value
11) forget that there is a restriction on chattels bought for less than £6,000 but sold for more
12) forget that improvements on newly bought accommodation is not an allowable expense
13) calculating a new basic rate tax band (because of personal pension or gift aid payments), and then forgetting to use it because I've used the old £37,400
14) forget to use correct %, e.g. 10% on bank interest when taxable income is below £2,440
15) forget the 20% benefit on a company asset
etc, etc, etc...........
Arghhhhhhhhhhhhhhhhhhh; why do I have a bad memory?!?!? I'm going to use all 3 hours in the exam, read the ENTIRE question slowly/carefully and make sure I don't make any of these mistakes. Apologies for the bad language.
Feel free to add to the list.............
I thought I was ok till I saw your list, can someone explain these to me?
4)
7)
also if someone rents a whole floor in someone's home, can the owner/occupier still claim rent a room allowance? (or is it only for a room) sorry if i sound thick, panic is now setting in.0 -
Also doing PTC but on CBA tomorrow, really panicking now, making really stupid mistakes, I managed to take the personal allowance of £6475 off about three times on the same computation tonight. I really want this out of the way, the mistakes you have listed are similar to the ones I am making.
Good luck for tomorrow, hope you get a nice written paper
Emma
Hi Emma
Still no local transport running and road still closed, BUT I am going to get there somehow!!! May take me a few hours as I'm going across country, but seems to have stopped snowing here, so good luck and I'll see you tomorrow.0 -
SusieQtips wrote: »Hi Emma
Still no local transport running and road still closed, BUT I am going to get there somehow!!! May take me a few hours as I'm going across country, but seems to have stopped snowing here, so good luck and I'll see you tomorrow.
Hi Sue,
Glad to hear that you will be able to get there somehow, I'm sure it will be worth it even if it does take a while, I bet you'll be just glad to get it done.
See you there.0 -
Nothing is making sense now lol, I need to go over tax forms and share pools but the more I'm looking at stuff the more confused I am getting, I was fine with it until tonight. I'm at work tomorrow morning and I am really wishing that I had booked it off, it's really busy at work so won't get a chance to look over notes tomorrow.0
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Nothing is making sense now lol, I need to go over tax forms and share pools but the more I'm looking at stuff the more confused I am getting, I was fine with it until tonight. I'm at work tomorrow morning and I am really wishing that I had booked it off, it's really busy at work so won't get a chance to look over notes tomorrow.
Don't panic, It's always like that the night before. I've panicked over every exam and skills test i've taken and I've never felt ready. I was quite confident on Tuesday but not looked at it since cus i thought there was no chance of getting there tomorrow (and have spent most days trying to dig a path out to my front door).
I can't get to grips with tax interest and penalties, they just won't sink in at all, but like my tutor says ' we only need to get 70%' that's 7 out of every 10 marks. Doesn't make me feel any better either. LOL
Good luck and I'll see you tomorrow, keep your grey coat on so I will be able to recognise you. lol 0 -
SusieQtips wrote: »Don't panic, It's always like that the night before. I've panicked over every exam and skills test i've taken and I've never felt ready. I was quite confident on Tuesday but not looked at it since cus i thought there was no chance of getting there tomorrow (and have spent most days trying to dig a path out to my front door).
I can't get to grips with tax interest and penalties, they just won't sink in at all, but like my tutor says ' we only need to get 70%' that's 7 out of every 10 marks. Doesn't make me feel any better either. LOL
Good luck and I'll see you tomorrow, keep your grey coat on so I will be able to recognise you. lol
Yeah, we can get 30% wrong lol, if we get something similar to the practice CBA then it shouldn't be too bad. I think its probably time for me to give up on revising for tonight, if I don't know it now I never will. Hope your journey to the exam isn't too bad.0 -
I was actually looking forward to this exam but my college is closed so cant do it now.
I was to PBA, does anyone know if i can change and do CBA instead of waiting until June to do my exam? I am on the new QCF route.0 -
SusieQtips wrote: »I thought I was ok till I saw your list, can someone explain these to me?
4)
7)
also if someone rents a whole floor in someone's home, can the owner/occupier still claim rent a room allowance? (or is it only for a room) sorry if i sound thick, panic is now setting in.
Hey Susie,
4) Provision of services on a flat/house provided by the employer are a chargeable benefit BUT, if the accommodation is job related then the charge cannot exceed 10% of the employee's income. This is to make things fairer for those who have no choice but to have accommodation provided (like the clergy).
7) If you sell/give an asset to a connected person (ie brother, grandfather, child etc) and a loss is made - it can't be offset against your other gains as normal - it can only be offset against a gain made to the same person. This is intended to stop people transferring assets to family members to deliberately lower their CGT bill.
For the rent a room allowance - it doesn't need to mean just one room. Someone can rent a whole floor from you and the allowance can still apply (as long as it's furnished).
Hope that helps.0 -
Hey Susie,
4) Provision of services on a flat/house provided by the employer are a chargeable benefit BUT, if the accommodation is job related then the charge cannot exceed 10% of the employee's income. This is to make things fairer for those who have no choice but to have accommodation provided (like the clergy).
7) If you sell/give an asset to a connected person (ie brother, grandfather, child etc) and a loss is made - it can't be offset against your other gains as normal - it can only be offset against a gain made to the same person. This is intended to stop people transferring assets to family members to deliberately lower their CGT bill.
For the rent a room allowance - it doesn't need to mean just one room. Someone can rent a whole floor from you and the allowance can still apply (as long as it's furnished).
Hope that helps.
Hi Jenny
I didn't see your post before I left for the exam, luckily looking through the list that was quoted above i had checked in my text book the night before about the 10% on expenses for provided accommodation (i hadn't known that before) and hey ho it was a question on my paper.
I didn't know about the loss on a connected person not being offset against the gain but as luck would have it that didn't appear and neither did the renting a floor. (I do have a guardian angel) LOL. but thank you for your reply, it may come in useful if there is a resit.0 -
SusieQtips wrote: »Hi Jenny
I didn't see your post before I left for the exam, luckily looking through the list that was quoted above i had checked in my text book the night before about the 10% on expenses for provided accommodation (i hadn't known that before) and hey ho it was a question on my paper.
I didn't know about the loss on a connected person not being offset against the gain but as luck would have it that didn't appear and neither did the renting a floor. (I do have a guardian angel) LOL. but thank you for your reply, it may come in useful if there is a resit.
No problem!
Wish any of that had been any use at all in the CBE!!! Knowing the stuff is no help at all!0
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