PTAX AQ2016 - HELP...
LouboutinLou1
Registered Posts: 27 Regular contributor ⭐
in Personal Tax
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,
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,
0
Comments
-
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).0 -
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
Thanks0 -
How did you find external auditing? I may do that rather than Business Tax..0
-
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.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
Thanks0 -
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 said:How did you find external auditing? I may do that rather than Business Tax..
0 -
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?
Thanks0 -
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 £7,000.0 -
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 7,0000 -
That makes perfect sense.
Thank you0
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