Sample Assessment 2 help needed please

darren100darren100 Posts: 17AAT Student, AATQB
Task 3 the answer under staff parties says 100 under foday's total employment income but i though staff parties is a non taxable benefit up to £150 a head so surely the answer should be 0 if the party cost the employer £120 per employee

also task 6 james total income tax liabilities it says his income from employment is 14,500 but looking at the answers it says it is now 14,000 not 14,500 not sure why this would be

and finally if anyone knows how you work out task 9 (b) Celia brought 20 acres of land for £45,900 in the 2016/17 tax year,she sold five acres for £50,000 and the remaining acres were valued at £400,000
calculate the gain on the sale of the land the answer is 44,900 not sure again how you get to this answer

Any help on any of these questions would be appreciated

Comments

  • darren100darren100 Posts: 17AAT Student, AATQB
    Task 3 someone has helped me solve as i missed there were 2 staff parties in a year so 1 party is chargeable but the rest of the questions i still need to find answers for
  • PeteFPeteF Posts: 16Registered
    Yeah I'm a bit confused with task 6 too!

    Can't see why 'income from employment' has changed from £14,500 to £14,000 unless we're both missing something!
  • darren100darren100 Posts: 17AAT Student, AATQB
    I have since written to the AAT as the head of accounting at my college seems to think they have made an error on both task 6 sample assessment 2 and also task 11 on sample assessment 1 that i have found as ive worked out all other answers i was stuck on they wrote back to me today and said it could take another 10 working days to look into at which time i would have done the exam
  • PeteFPeteF Posts: 16Registered
    Yeah my exam is tomorrow - but if the guy at your college says so then let's go with that!
  • BertieBertie West Midlands Posts: 376Registered
    I can only answer the question that I can read - question 9.

    Part disposal.

    Proceeds £50,000
    Less costs (£45900 X £50,000 / (£50,000 + £400,000)) (£5100)
    Gain £44,900
  • darren100darren100 Posts: 17AAT Student, AATQB
    Thanks ive sorted out all other answers now
  • PeteFPeteF Posts: 16Registered
    I've emailed my tutor Darren, and she agrees with us about task 6 too
  • PeteFPeteF Posts: 16Registered
    Which answers did you and your college get for sample assessment task 11? I just tried that and had same as the AAT answers. But now I'm worried that they might be wrong!
  • darren100darren100 Posts: 17AAT Student, AATQB
    Everything works apart from Donna i think i was getting 340 not 480
  • PeteFPeteF Posts: 16Registered
    I took market value £22,000 as the selling price because it was sold to Donna's brother and cost as £7,500.

    That gives a chargeable gain of £14,500. Then deducting the annual exempt amount of £11,100 it leaves £3,400 that is subject to capital gains tax.

    Because Donna has £30,000 of other taxable income she has £2,000 left in the basic rate band.
    So the first £2,000 of the £3,400 is at 10% basic rate capital gains tax = £200
    But the last £1,400 of the £3,400 is in the higher rate band so is charged at 20% = £280

    So the total is £200 + £280 = £480

    That's my take on it anyway.
  • BertieBertie West Midlands Posts: 376Registered
    Do you have Q6 in its entirety?
  • darren100darren100 Posts: 17AAT Student, AATQB
    Sorry i was doing a Bpp mock Pete that makes sense to me bit of strange question as the split the basic and higher and none of the others Bertie its a bit of a long question to type on here it is a mock exam on the AAT website will try and type it here if i get a chance as im off to college shortly
  • PeteFPeteF Posts: 16Registered
    Good luck in your exam Darren. I've got mine tomorrow - hoping it's not too bad!
  • darren100darren100 Posts: 17AAT Student, AATQB
    Thanks mate good luck to you hope it goes well i've got a little longer than you 2 weeks till my exam i've done 9 different mocks between aat kaplan and bpp still have a few more different ones to practice there is some much to remember for this exam
  • PeteFPeteF Posts: 16Registered
    There sure is a lot to learn!
  • PeteFPeteF Posts: 16Registered
    Hope your exam goes well Darren. Mine was tough but nothing too unexpected. I recommend giving the Osborne practice assessments a go. They were the closer to the exam than the BPP ones. I haven't seen the Kaplan ones though.
  • darren100darren100 Posts: 17AAT Student, AATQB
    Thank you i only have bbp kaplan and AAT ones i dont have any access to the osbourne ones
  • PeteFPeteF Posts: 16Registered
    Good luck, sounds like you've had plenty of practice anyway. And you've still got a couple of weeks - I'll be interested to hear what the AAT say about the answers to task 6 in sample assessment 2
  • BertieBertie West Midlands Posts: 376Registered
    edited April 28
    If you had been bothered to have posted the question to this magical task 6 question I'd have told you.



  • PeteFPeteF Posts: 16Registered
    Sorry Bertie. Didn't mean to upset you!

    I think you've misunderstood. The question/answers to task 6 are incorrect. Darren's college believes so and so does my tutor. I was just interested to hear what AAT had to say about it.
  • BertieBertie West Midlands Posts: 376Registered
    You've not upset me.

    Why not post the question? I guarantee you'd get a faster response from someone who actually deals with tax, day in, day out.

    This is why I've mentioned previously - post the actual question. If you don't post the question you're narrowing it down to who CAN answer due to the fact that only students can see the question you mention.

    If you're happy with that cool. But folk like me, folk who have been there and 'done that' have the experience to answer the question.

    Up to you guys as students. But take the most of what you can from your audience.
  • PeteFPeteF Posts: 16Registered
    I tried posting links up to the sample assessment and answers last night but it came up as awaiting moderation - probably because it's got a web link link in it.

    I've also sent a private message to you Bertie with the links in.

    I tested them and they work without being logged into the AAT site.
  • darren100darren100 Posts: 17AAT Student, AATQB
    Follow up AAT have got back to me today regarding task 6 and admitted it was a error and have now amended the answer
  • PeteFPeteF Posts: 16Registered
    Good stuff. How was your exam in the end Darren?
  • darren100darren100 Posts: 17AAT Student, AATQB
    I think i have passed it as it felt like i knew a lot of the stuff that came up but still have 4 weeks to wait to find out if i did
    We have just started credit management a few weeks ago which seems a lot worse than personal tax to remember
  • PeteFPeteF Posts: 16Registered
    Yeah I felt the same about my exam. The results should be in next week so fingers crossed - and good luck with yours too.
    I'm studying Business Tax now - it's pretty tough but having studied Personal Tax has definitely given me a head start I think.
  • darren100darren100 Posts: 17AAT Student, AATQB
    Good luck i would have preferred to do business tax but we did not get to pick our optional units with our college
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