BTC

2»

Comments

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

    I'm the same as you Uday, i did the cap allowances as 16 months, think we may be worng though!! nightmare!! in section 2, i donation to political is definitely a dissalowable expenditure but donation to trade association i left in as i think its ok.

    i got 30% less MR as after adding the chargeable gain to the aduusted profit and taking away the gift donation and then after getting the PCTCT figure, i grossed up dividends to get the "profit£ figure. this came in the 30% less MR band once you took into account the limits were halved due to having an associated company?

    no point worrying to much now i guess, just have to wait and see!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Sara 123, I did exactly the same with my capital allowances and the profit. now thinking about it I'm sorry to say I don't think this is correct, but it helps to know someone else is in the same boat. Couldn't sleep all night for thinking about it. Oh well, will just have to re-sit in June.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Thinking about the basis periods? 1st one would have been 1/1/05 when he started trading to end of tax year 5/4/06. i worked out the second basis period being that it ended 30th april 2006 so didn;t finish in next tax year 2005-06 being that its 6/4/05 - 5/4/06 so according to book it means that you calculate profits on the tax year (april to april). 3rd year is always to end of accounting date i.e in this case 30th april 2006. anyone agree on my basis periods? i had 11 months overlap, just like petrol monkey.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    that's what I got, had big arguement with someone else in my class though, she said it was jan to dec.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    glad you agree sazzle!! i've checked my notes and the book and im almost certain we are right with them basis periods

    1/1/05 - 5/4/05
    6/4/05 - 5/4/06
    1/5/05 - 30/04/06

    11 months overlap!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Thank god I'm not the only one who found section 1 a right mare! Did the capital allowances wrong so spent time redoing that. Splitting into first 12 months and then following 4 months is correct so at least I changed it.

    I've always had trouble remembering the dates for returns etc so not sure how well I did on that.

    I thought Section 2 was fine, pretty straight forward. Managed to remember to split the bands for CT due to the associated company which I've previously always managed to forget. Just PCR tomorrow-fingers crossed for a good 'un!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC
    Skipper wrote:
    glad you agree sazzle!! i've checked my notes and the book and im almost certain we are right with them basis periods

    1/1/05 - 5/4/05
    6/4/05 - 5/4/06
    1/5/05 - 30/04/06

    11 months overlap!


    u mean 1/1/05 - 5/4/05 and 1/5/05 - 31/12/05 are the overlap periods??...because thats what i got..!! woohhoo... but i still cant get my head around how comes 16 months cap allowance is wrong!! because they would have split question in two (a and b) if they wanted two cap allowances..
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    If it was from jan to dec in second year then you would end up where you were to start ie.
    1/1/05-5/4/05
    1/1/05-31/12/05
    1/1/06-31/4/06

    obviously this could not work, so we MUST be right. (hopefully) :?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    I did this exam and I can't even remember my basis periods but I'm sure mine are wrong nevertheless :lol:

    Sazzlefraggle, the basis periods you've got in your last post is probably what I did. I can see what you mean by ending up where you started. I'm still unsure on it all to be honest, because it seemed the year end changed twice. It was a ridiculous question and with so many people debating on answers it just proves it.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:BTC

    Totally agreed, I read on another thread that the pass rate is around 60-70% per section, depending on the national average so hopefully everone was a bit thick on the first section and the national average is lower side. Also heard that the answers will be out by the 12th so at least it will put me out of my misery how bad I was. :(

Categories

Privacy Policy