PTAX AQ2016 - HELP...

LouboutinLou1

Hi Guys,

Can anyone help with the following?

Sample assessment 1 aat website
Task 8 (b) - the car percentage @ 7%. the answer is 224 but shouldn't it be 1309?

Sample assessment 2 aat website
Task 9 (a) - antique table - how is the answer 500? I keep getting 550??
Task 9 (a) - land - answer is 2500 but i got 2790??
Task 11 (c) - capital gains & losses - complete nightmare, is there an easy way to work these questions out?

I am also studying with Osborne Books.

Any help with the above would be much appreciated.

Many thanks,

hal978

SA 1 Task 8(b):
£18,700 is the list price (2431 / 0.13) x the 6% difference x 20% basic rate = £224

SA 2 Task 9(a):
Table: 5/3 x (£6,300 - £6,000) = £500 (as this is a Chattel and sold for more than £6,000. The purchase price is irrelevant)
Land: £17,500 - £15,000 = £2,500 (market value used instead of sale proceeds as it was sold to his father).

LouboutinLou1

Many thanks, the help is much appreciated.

Any tips for Task 11 (c) - capital gains & losses - complete nightmare, is there an easy way to work these questions out?

My exam is early next week, and those questions always come up

Thanks

LouboutinLou1

How did you find external auditing? I may do that rather than Business Tax..

hal978

LouboutinLou1 said:

Many thanks, the help is much appreciated.

Any tips for Task 11 (c) - capital gains & losses - complete nightmare, is there an easy way to work these questions out?

My exam is early next week, and those questions always come up

Thanks

What is the question? It would be useful for others if you posted it here, even though it could be obtained by starting the Sample Assessment.

hal978

LouboutinLou1 said:

How did you find external auditing? I may do that rather than Business Tax..

It was OK. It would help you prepare for the Synoptic Assessment, as the syllabus also covers Internal Controls. It is mainly MCQ with some writing tasks.

LouboutinLou1

Thomas has the following capital gains and losses in the last few years. He wishes to relieve his losses at the earliest opportunity.
Year Capital Gain Capital Loss
2014/2015 26,500 15,700
2015/2016 31,800 46,500
2016/2017 46,300 27,500
The amount that Thomas will have to pay capital gains tax on in 2016/2017 is ?

The amount of losses (if any) Thomas can carry forward to the 2017/2018 tax year is ?

The answer is 0 for Thomas and the carried forward total is £7,000?

Thanks

hal978

In 2014/15 he made a net capial gain, so no losses carried forward.
In 2015/16 he made a net capital loss of £14,700, which is carried forward.

In 2016/17, he made a net capital gain of £18,800. His AEA is £11,100 leaving a taxable gain of £7,700. But he has £14,700 losses brought forward, so the CGT liability wil be zero and losses carried forward is £7,000.

hal978

Easiest way to calculate this would be to prepare on a piece of paper the following:

Tax year Net gain/(loss) AEA Taxable gain Loss B/f Loss C/f
2014/15 10,800
2015/16 (14,500) 14,500
2016/17 18,800 (11,100) 7,700 7,700 7,000

LouboutinLou1

That makes perfect sense.

Thank you