BTC

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
So, what did everyone think of the BTC exam then? Not too bad, treated dividends paid incorrectlty on CT calculation, only small mistake tho!

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    It is my weakest subject, so was really dreading it.
    Thought section 2 was straight forward, but messed up on the IBA in section 1, so hope it wont carry to many marks.
    I think there is too much to learn on this subject, the osbourne book has alot of pages, and its quite daunting having to learn it all.
    Just hope ive done enough to pass, because the thought of having to resit it is horrible !!
    Anyway 2 down this week and 2 to go !
    Roll on Thursday !
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    i've stuffed up the tax. got my I and P in the fraction the wrong way round. doh!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    I did 19% on dividends paid, aswell as the normal calculation, but coz the t/o was over 50,000 this was wrong! shudn't be too much of a problem!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    OK guys and Gals.

    The paper was not too bad. But I goofed up two or possibly 3 things.
    1) I do not know where I got the £15.oo spend per gift with the name on in section 1. It should have all been allowable. but I allowed only £15 and not the whole amount of £45 per watch. So disallowed £30 X 25 (750). I know this is wrong but will this be considered a major error.

    2. About premise redecoration cost in general expense. I considered it as allowable as do not consider it as capital expense. Is this wrong.

    Section 2: 1) goofed up the tax computation bit. Thought since not all the amount was paid in dividend, we do not do anything with it. Also this was over and above the small rate of 19%.

    Apart from these, do not see any major error.

    Also could not understand what they meant by asking about NIC without giving the rates for nic and the expemtion and upper profit limit.

    Pleaseeeeeee let me know if I have done enough to pass.

    I know people say that others in carrabian are appearing for the paper today, but do they also do UK business tax. Just a general one.

    Thanks and kind regards

    Stella
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    I did exactly the same with the redecorating, I put a note saying it was revenue and therefore allowable and not a capital item!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Hiya all! My head is spinning at the moment cos i've just done the BTC exams and got to revise for the DFS tomorrow! Looks like i wont have any sleep tomorrow!

    I found it quite hard....but how do u know whether u've passed or not without the results right in from of ur face? I'm worried that i've got the answers wrong cos i got wierd figures to carry forward and stuff, but am i wrong in thinking that we get marks for the method even tho we have used the wrong answer that we have calculated? It's just that we dont actually get a percentage at the end of it and only a successful or not successful, so was just wondering.... :)

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    I too left in the redecorating as it was a revenue expenditure. I don't know whether that is right or not as I know many people who said it was allowable and disallowable.

    I didn't know what to do with the dividends paid!!! I know with small companies the dividends paid amount must be taxed at at least 19%. However this was a medium sized company and the PCTCT was taxed at above this rate. How should I have treated dividends paid?

    I thought they were a bit sneeky with the capital allowance in section 1. Did you all take 25% of the brought forward amount stated in the notes?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Yes JaneK

    I did calculate the 25%WDA on WDV and also deducted the WDA and IBA from the profit. But I am afraid my adjusted profit figure was wrong. I agree with you of them not asking us to calculate Capital allowance and then giving a self assessment form to fill with capital allowance and IBA in it.

    Stella
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Hi All,

    Silly though but again my question remains. HAVE I DONE ENOUGH TO PASS as I do not want to see the same tax again. Also plan to take up ACCA in Dec which has tax of its own. Do not want to appear for 2 tax papers.

    Thanks

    Stella
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    impossible to know if you've passed. it all depends on how everyone else has doen doesnt it?
    forget about it and concentrate on tomorrow. nothing we can do about todays now.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Hi Stella.

    Are you sure you'll be able to sit the December ACCA exams? You will need to register and claim your exemptions, but ACCA's deadline is usually after AAT students get their results.

    Scott.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Thanks Scotty,

    I have already done my registration with ACCA and got the exemption based on my previous qualification. So not worried on that front. The only worry is about passing this BTC and then tomorrow is DFS and then PTC. Honestly, Do not want to fail BTC, but as pointed out earlier, impossible to know really. Just so annoyed at myself for deducting £750/= and disallowing it in task 1.

    I am pretty sure that redecs. were allowable but you never know and also Tax computation in section was a goof up.

    Anyway lets wait and see and till then concentrate on the other two. Do not want to be in the same situation.

    Thanks

    Stella
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    I'm sure you'll be fine Stella.

    Put it behind you and concentrate on the next exams.

    At least when you do start ACCA you will have the knowledge from AAT - we didn't do BTX as an option, so was all new to me at ACCA.

    Scott :-)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Thanks Scott

    I'll keep faith. Also have to revise DFS IASsssss here I come. Cannot get my head around these. Not a very theory person. Give me the good old calculations any day.

    Best regards

    Stella
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    If it's any consolation, I got my I and P the right way round, then changed it to the wrong way! :oops:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    I have also just registered with the ACCA and intend to take all the exemptions available. The usual date for exemptions to be in for ACCA is 31st July but they extend it for AAT students to 31st August so you have your results.
    I sat in the BTC exam looking numbly at the CT calculation cos i couldn't remember which way round the figures were - whether P in the formula stood for the profits including the dividend or without the dividend. In the end i worked out on my calculator what the answers were for each way round and then worked out how much tax would have been paid if the dividend didn't exist. I chose the option that paid more tax than if the dividend didn't exist and it was right! Good luck to everyone anyway - Pcr on thursday then roll on August!!

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