Anyone has notes to remember on PTC!

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Does anyone of you (Whoever preparing) for PTC has notes or small tips to remember the benefit in kinds. It will highly appreciated.<BR><BR>Thanks,<BR>A H Sadak

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Anyone has notes to remember on PTC!

    Anything that is a Benefit in Kind is taxable, unless sepcifically exempt. Best memorise the list of exempt items.. <BR><BR>Popular BIK's that seem to crop up in the exam are: Computer Use at home and accommodation as part of a job (this came up in December, so probably won't again in June).<BR><BR>If an item is mentioned in the question that is exempt: <BR><BR>don't forget to clearly state that it is exempt, <BR><BR>because you will get a mark for it, which you won't if you just ignore it.<BR><BR>Make sure you know the car & fuel rules, taper relief, capital gains & income tax (always comes up) and know how to calculate shares. <BR><BR>Also, know the dates for filing returns and the penalties for late returns.<BR><BR>If they ask for a memo, don't forget to answer in memo format.<BR><BR>Crystal Ball Tips:<BR><BR>Basis periods are due for an appearance (or si that BTC only?). Because the Principle Private Residence question was answered so badly last June, it is sure to make an appearance again very soon (it wasn't there in Dec so you June exam goers might be the lucky recipients <img src="i/expressions/face-icon-small-wink.gif" border="0">)<BR>

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