Personal Tax AAT Practice help please

Clarekaye

I am working through the AAT 2013 questions and I am stuck on 1.12, his salary is 142450, but the answers start at 132450, I cant get £100000 difference anywhere?!

Clarekaye

Saying that....the questions have changed on a couple so I wonder if its changed?
Also stuck on 2.9, Basic tax payer has 6500 basic rate unused, capital gains before exemption are 27300, what will her CGT liability be for 13/14? does anyone have any ideas cos I am getting all kinds of figures that are not right

CeeJaySix

Clare, I'm clearly being a bit slow, which questions are you looking at?

Clarekaye

Hiya, Personal Tax, 2010 qualification, 2013 test and the questions above 1.12 & 2.9. My god this website& forum is so slow now its infuriating!

Lucy_M

Hi,

I had a look at question 1.12 and it starts at the right amount of 142450... if you'd still like me to go through it please say.

For the second question, 2.9, the earnings are 27300,deduct the allowance of 10900 = 16400 subject to CGT
There is 6500 of the basic (18%) rate left = 1170
The balance of 9900 is taxed at the higher rate of 28% = 2772

1170 + 2772 = 3942.

Hope that helps?!

Best wishes
Lucy

CeeJaySix

Clare,

Makes more sense, I was looking at the 2013 standards test which isn't split into two parts!

You might be right about the questions changing, when I look at the answers for 1.12 it does start at 142,450, and I think the answer is fairly self-explanatory - try re-downloading the answer file and have another look? If there's anything in there you're unsure on just shout.

For 2.09:
Cap gains of 27,300
Less annual exemption 10,900
= 16,400 chargeable.

6,500 left @ standard rate 18% = 1,170
Remaining 9,900 at higher rate 28% = 2,772
= 3,942

Clarekaye

*grumble* how can they change the questions & answers?!

Thanks for the explanation of 2.9 it makes sense when you read it properly lol! Exam tomorrow eeek done all I can and I know that so fingers crossed.

CeeJaySix

We seem to post in sync a little too often Lucy!

Lucy_M