Business Tax CBT

jamdorj

Did my CBT last Saturday, thought most of the questions were slightly twisted and a bit vague, especially in Section 2 but can't remember the questions though. I guess it's 50/50 for me. Anyone remember any of the questions?

spursfan323

I believe the multiple questions, at least, are chosen from a great big pool of questions, so it may be unlikely to find someone else who had the same questions as you.

Having said that, I thought my Section 2 was quite decent. Surprisingly, there was a Share Pool question for a sole trader not a Company - so no indexation to do. There was a marginal relief question with an associated company and a 9 month period so had to divide the MR by 2 and 9/12. Admin dates were also surprisingly easy - POA's for a sole trader. Cant remember much else.

Section 1 was a little trickier as i found the questions tended to focus on the more obscure parts of the syllabus. So I had no question involving computating basis periods, but i did have a multiple choice asking if 'Overlap profits can create a loss' (which as far as I can see, doesnt seem to be anywhere in my Kaplan textbook.) I guessed Yes. There were also some multiple choices re Badges of trade. But they were basically common sense - i think anyone could have got the answer to 'The increased frequency of a transaction makes it more likely it is used in trade. True or false'

Overall, i expected a far more challenging paper. Took me 1.5 hours and that's with being overcautious and checking every answer twice.

jamdorj

Now that you've mentioned some of your questions it seems to have jogged my memory a bit, my share question was based on a self-employed with a 'bought within 30 days' scenario, so I had to do two computations and a sharepool working which was fine, the questions that did confuse me were something like,
1) Mike sold a shop he owned for £800000, what is his profit before annual exemption??
2)The second question was also similar to that "John sold a flower shop he owned for £300000 in March 2009, he sold another shop for £400000 in June 09 , Calculate his profit for the year 09/10? I just didn't know whether I should be calculating any reliefs or just deduct the annual exemption for the year, that's why I mentioned the questions were a bit vague.

Even the first question on section one where I was expecting "revenue" or "capital" were different. It was lsometing ike "Capital asset can also be defined as an asset not intended for resale, true or false.