PTC - How did it go?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    Thought this exam a lot easier then yesterdays PCR and quite straightforward (no pool and no PPR)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    There was no wear and tear allowance which put me off seeing as all the past papers I had done had wear and tear, you had to try and work out what costs were allowable, ie on property 2 was the cost of the storm damage, decoration etc allowable!!! Nightmare :evil:
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    Thats what I did too! Still no point in worrying now, I cant change anything if it was wrong :(
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    Not a bad paper but having taken BTC on Tuesday there seems to be more wordy questions than past years.

    Seem to remember a few answers

    Benefits around £2.9K

    Mobile phone exempt and computer was exempt after taking off £500 allowance.

    Loan was i think £140 (£7000x5%-2%/12X8)
    Car £13,800x20%=£2,760

    What did everyone take off on property 1 & 2, didnt include the roof, cos I though it was capital expenture and only loft converions was allowable.


  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    I took it off because it was a necessity, but thinking about it after you are right and it is a capital expense. Forgot the £500 allowance for the laptop and didn't aggregate the loan!!! Oh dear!!! The more I read the more I realise what I didnt do!!!!!! AARRGGGHH
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    i took the roof off as well.... cant rent a property without a roof.... not a bad paper, but in a way seemed to easy, so started to doubt myself..
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    I've treated the roof *repairs* as an expense. If you were putting the roof on in the first place it's capital expenditure, but seeing as the roof was already in place and needed a repair due to storm damage then it's expenses isn't it??
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?
    tenbyjan wrote:
    I allowed all the expenses on the properties and 10% wear & tear on the second property. The insurance amount was 9/12 of the total though as it was up until June 06. Don't know if this is correct.

    I did the same, my reasoning is that if you can only take into account the rent up to the end of the tax year, then it's not logical to take into account the insurance payments which run past the end of the tax year. Also rental income is dealt with on an accruals basis rather than a receipts basis.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    There was no benefit for the Laptop or the mobile as the cost of the laptop was less than £2500 if it was more than £2500 then anything above £2500 x 20% = 500 would have been charged as a benefit.

    Capital charges first two shares were 100% chargeable the last share was 80% then 70%
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    I did not think it went too badly. The only one I had problems with was that I did not know if paint was an allowable expense for rent income.
    I did not think they gave us enough room for the emails, or it may just be I write too much.
    Is each payment on account 50% of the previous years net income tax payable? (I hope so)
    Compared to yesterdays PCR it was much nicer.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    I think that it may have been too easy to. You do find yourself doubting it all after, but hey, lets just wait unitl Feb and see. In the mean time the exams are done so lets just party and enjoy Xmas!!!!

    Have a great one and dont worry anymore until then. Good luck one and all!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    Hi I think it was a fair paper too (much better than PEV on Mon). What did you do with payment on account?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    Hi the roof wasn't it a repair, if so it's right to take it off. What did you do with payment on account? Did you take it off this years liability?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC - How did it go?

    I didn't think the PTC paper was nearly as bad as the BTC one on Tuesday.

    Weren't the payments on account for 2006/07 50% of the income tax liability for 2005/06 and didn't the first payment on account in 2006/07 (31.01.07)also include the balacing payment for 2005/06 which was the difference between the £4000 paid on 31.01.06 and 31.07.06 and the income tax liability for 2005/06?

    Maybe i just thought about it far too much.

    I got three matches for the shares.

    My Capital Gains were two at 100%, one at 80% and one at 70%

    Overall i didn't find it too bad but i keep questioning myself about minor things. I suppose we all do that though.

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