Btx q

BeccaLouJ9

Hellooo,

OK I have a 16 month period for an unincorporated business. There were additions and disposals all throughout that period. Then cessation. (01/10/10-31/01/12)

Capital allowances: Book says no AIA or WDA if business ceases trading in final period of account. Is this the whole 16 months or is it the last 4 months?

Does this mean only balancing charges for this whole period? Or do I do AIA/WDA on first 12 months additions/disposals, then just the balancing charges for the last 4 months?

I cannot explain this at all well..

If anyone gets what I am trying to say, any help appreciated!!

B x

Diddy Mau

Hi Becca,

I'm not 100% sure on this one, got me worried as exam tomorrow.

I think the last year is 16 months and any remaining assets do not have WDA but are deemed as sold at market value, but no more than original purchase.

Hope this helps, and someone else could shead light on this

BeccaLouJ9

Hey Diddy,

So the additions in the period are just chucked into the general pool and not given any allowance, just balancing charge at the end after disposal proceeds etc?

Thanks for your help, and good luck tomorrow!

B x

Diddy Mau

Yeah, I think so.....

oh and thanks
only this and Financial Performance 2 weeks after, so long weekend will be spent studying Woop woop

BeccaLouJ9

You know if you don't study then you will be thinking about it anyway!!

So you've done the project? That's all I have left after this! Let me know how the BTX goes tomorrow, what the exam is like!

Good luck again!

B x

Diddy Mau

Just awaiting feedback, but 95% sure its all done.
I will let you know how it went, how was financial performance for you?

BeccaLouJ9

Terrible! The only one I have failed.. Although I was at a funeral for the rest of the day so kind of giving myself that one! I retook quite soon after and passed. It had all the ratios/variances in it and was basically just budgeting plus a bit extra. The Q was on GP I think. You need to know how to explain all the ratios to get the marks I think. That is my bit of advice, learn what they mean not just how to calculate them! I am much more enjoying BTX than that one!

B x

Diddy Mau

Hello Bacca,

thanks for the advice on Financial Performance.
Done BTax, but mine was 2012 exam, so if I fail I have to re-sit but on the new tax year 2011. So have to learn the new amounts.....thanks AAT for changing the tax year half way through the college year.:glare:

Some of the questions were the same as Mock, and some were in a slight different format.

Again for me, it's like PTAX, you need to know the rules to pass this, because they will put in something to confuse and test your knowledge

BeccaLouJ9

Hey Diddy,

So you think it went ok then? Thanks for the advice, will be studying this weekend too so I can hopefully get the exam booked for fri next week or maybe the mon after.

Have a lovely jubilee weekend and remember to take breaks in that study time or you will just burnout!

B x

Diddy Mau

hi Becca,

I woundn't say it went ok, I'm not that confident.
It's a lovely case of wait and see, it felt like the PTax exam, know the rules...

I have a lovely weekend of revising for the dreaded Financial Performance, so this long weekend comes in good for me, by the end I will hopefully understand some of it

Good luck in your exam, let me know how you think it went....and we can wait for these results together:tongue_smilie:

BeccaLouJ9

I have provisionally booked it for friday 8th so yes we can wait with baited breath together for the dreaded results! It'll be fine, I'm sure you've passed with flying colours!

I'd say, if you need any help with the end of finperf give me an email, but I won't be any help.. it's a terrible exam! Have fun with it! :P

B x

BeccaLouJ9

I have provisionally booked it for friday 8th so yes we can wait with baited breath together for the dreaded results! It'll be fine, I'm sure you've passed with flying colours!

I'd say, if you need any help with the end of finperf give me an email, but I won't be any help.. it's a terrible exam! Have fun with it!

B x