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Btc

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Comments

  • TashyTashy New Member Registered Posts: 7
    Tashy wrote: »
    for some reason i disposed of the air conditioning units in the p&m computation.
    Will i fail for this? I also didn't apportion the iba.... Advise needed help

    help me: What does anyone think???
  • 2cool2cool Feels At Home Registered Posts: 53
    Tashy wrote: »
    help me: What does anyone think???

    imo i dont think you will fail from one or two mistakes if you have shown a gd level of competence in both sections you should be fine - its not about marks - its just "competency"
    I got 2 little things wrong but am not going let it beat me up cause in every exam you do you cant expect get 100% of the paper correct.
    Dont worry n enjoy the build up to christmas:thumbup1:
  • TashyTashy New Member Registered Posts: 7
    cheers for that. Hope u av a fab xmas.
  • KairiKairi Feels At Home Registered Posts: 25
    kjg-kj wrote: »
    Can't remember my exact figures for the gain but I know I had indexation of £91, and there was no taper relief because owned less that 1 year.

    Companies don't get taper relief anyway
  • umerali2003umerali2003 Trusted Regular Registered Posts: 400
    agreed with person above me i saw this post nd was in doubt literally i got my book out of the bag again and rechecked it again ...... i think the person who posted that probably mixed up the indviduals and companies big time
  • kjg-kjkjg-kj Feels At Home Registered Posts: 68
    Yeah I do know that...just got caught up in the moment. I hope the examiner just ignores my little note to say no taper relief lol!
  • umerali2003umerali2003 Trusted Regular Registered Posts: 400
    u will be o rite dunt worry certain types of errors are considerd minor ... but i dont if its minor or not but u will be o rite ... one question does not make any big difference in your over all competence
  • umerali2003umerali2003 Trusted Regular Registered Posts: 400
    for which task u have calculated taper relief ????
  • CathGCathG Well-Known Registered Posts: 145
    i think it was 5 years not 6 years .........

    For some reason with document retention for the sole trader I put 5 years 10 months - does this mean anything to anyone? I've looked in my book and don't know where the figure came from. My brain's had it today!

    I thought I would feel great relief to get the two exams over this week (PEV and BT) but I don't particularly, I feel that I haven't done that well. I'll just have to wait for the results.:001_unsure:
  • angela27angela27 Feels At Home Registered Posts: 40
    I forgot to put the corporation tax date payable in just completley forgot plus in section 1 i have put that the records need to be kept for 5 years but i have said from the end of the accounting period which isnt correct and i have indexed the shares twice although i did get £91 and a couple of other people have got this. Aside from the above obvious errors i dont know if i went wrong anywhere else but am so glad its over! I had never seen a net loss before either and the salaries and units he took home were not areas i had practiced really. Hey ho.
  • umerali2003umerali2003 Trusted Regular Registered Posts: 400
    angela27 wrote: »
    I forgot to put the corporation tax date payable in just completley forgot plus in section 1 i have put that the records need to be kept for 5 years but i have said from the end of the accounting period which isnt correct and i have indexed the shares twice although i did get £91 and a couple of other people have got this. Aside from the above obvious errors i dont know if i went wrong anywhere else but am so glad its over! I had never seen a net loss before either and the salaries and units he took home were not areas i had practiced really. Hey ho.
    HI Angela 27
    if u have said that the record should have been kept safe for 5 years from the end of the accounting year its still ok i dont consider it wrong because its perfectly making a sense i dont think so u will loose a mark on this
    the payment of corporation tax is after nine month and 1 day of the concerned accounting period if u forget to answer that its just a 1 mark mistake
    u have indexed twice for the share and that resulted in 91 which is wrong if u got all other procedure right and calculated the corporation tax right ?? then i dont think so it will be of that much concern .. u will be o rite these are minor mistakes which are always on board no body can deliver 100 percent

    i made 2 mistakes yesterday in btc paper firstly i considerd cost of land as a disallowable expenditure and deducted it from the industrail building allowance and then apportioned it by 10/12 but the cost of perparing the land was disallowable expenditure instead of cost of land i hope so it will be a 1 mark mistake
    2ndly i was bit struggled with the tax return eventually ended up filling those figures some how which i have calculated in task 1.1 and 1.2 but if u look the question care fully it says As Far as possible fill in the tax return so i did it as far as i could lolzzzz
    Edit/Delete Message
  • richards0l0richards0l0 New Member Registered Posts: 13
    I made a few mistakes, a bit worried now! My mistakes were i didn't give the s/l asset a fya only wda! Forgot to put the payment date for the PCTCT, easy question dam! For the iba deducted land prep when apparantley your not meant to! How many mistakes are you allowed before they fail you do you think, you should get away with a few i'm sure!!
  • 2cool2cool Feels At Home Registered Posts: 53
    My only concern is tht i screwed up with IBA i subtracted both cost and preparation. and goods for own use threw me a little but apart from all tht i think i have shown alot of competence in my answers so fingers crossed. I have said before everyone isn't expected to get 100% correct (even tho if u did it wud b great :001_tongue:)
  • cs_1988cs_1988 Well-Known Registered Posts: 231
    Yeah i am confident in section one. But section two i have made some stupid mistakes.

    Used 0.17 instead of 0.017 as the indexation - Stupid
    Completely ignored it when they asked to give a payment date - Stupid

    Deducted land prep costs,

    Hopefully thats a pass though. I got the same CAPS as everyone, i would think a lot of the marks came from there. I am fairly sure i did the PCTCT and worked out the corp tax correctly.

    Did anyone remember what the adjusted profits in 2 were calculated as. Nine hundred and something thousand?
  • MrPoleaMrPolea Settling In Nicely Registered Posts: 16
    Ash1711 wrote: »
    wasnt section 2 taxed at 30% less marginal relief?
    I used 30% aswell I thought it was right at the time...? but i did deduct marginal releif 1st which i now know was wrong!!
  • richards0l0richards0l0 New Member Registered Posts: 13
    How did everyone caluclate the NI contributions, i think i did this wrong aswell!! aahh i was so bloody confident in the exam and im am now finding i messed up big time!
  • garry_coombsgarry_coombs Well-Known Registered Posts: 108
    How did everyone caluclate the NI contributions, i think i did this wrong aswell!! aahh i was so bloody confident in the exam and im am now finding i messed up big time!

    I did it as the tax tables at the front said

    so 2.20 per week = 114.40

    and

    then 8% on earnings from £5225 to £34840 and 1% on earnings above £34840
  • richards0l0richards0l0 New Member Registered Posts: 13
    Thats what i did, maybe i was right then!
  • umerali2003umerali2003 Trusted Regular Registered Posts: 400
    you can either calculate per week or per month it wont make any difference on class 2 contribution

    and then 8% nd 1% depending upon the rate bands earnings fall into

    i hope so this is right as well
  • becs129becs129 Settling In Nicely Registered Posts: 17
    I think they're the exact figures I got, except for the NI. I changed my NI answer about 3 times though because I kept spotting mistakes which adjusted my profits!
  • becs129becs129 Settling In Nicely Registered Posts: 17
    No it weren't his first year of trading, it was a standard 12 month period.

    Section 2 was a first year of trading. It was a 10 month period 01.04.07 - 31.12.07 I think
  • GoldenRetreiverGoldenRetreiver Feels At Home Registered Posts: 64
    Hi For the last question about the shares that were worth some money - did anyone mention indexation up to 98 then taper?
  • becs129becs129 Settling In Nicely Registered Posts: 17
    Hi For the last question about the shares that were worth some money - did anyone mention indexation up to 98 then taper?
    Yes that's exactly what I said for the shares.

    I basically put that as they were business assets he would be eligible for all possible allowances.

    I said that indexation allowance would be used to April '98 which would account for any rise in the shares value due to inflation.

    I then went on to say that taper relief would then be calculated on the firgure after indexation which would equate to 25% of the gain as he had owned the shares for more than 2 years after 1998.

    I summarised by saying that after all allowances the taxable gain would actually be much less than it first would have appeared to be.

    This sounding familiar/correct to anyone?
  • garry_coombsgarry_coombs Well-Known Registered Posts: 108
    How did everyone caluclate the NI contributions, i think i did this wrong aswell!! aahh i was so bloody confident in the exam and im am now finding i messed up big time!
    becs129 wrote: »
    Yes that's exactly what I said for the shares.

    I basically put that as they were business assets he would be eligible for all possible allowances.

    I said that indexation allowance would be used to April '98 which would account for any rise in the shares value due to inflation.

    I then went on to say that taper relief would then be calculated on the firgure after indexation which would equate to 25% of the gain as he had owned the shares for more than 2 years after 1998.

    I summarised by saying that after all allowances the taxable gain would actually be much less than it first would have appeared to be.

    This sounding familiar/correct to anyone?

    That is exactly what I put, but I also put that he would have a £9200 personal allowance.
  • GoldenRetreiverGoldenRetreiver Feels At Home Registered Posts: 64
    thanks at least thats one thing I did right!
  • skyeskye Just Joined Registered Posts: 1
    Does anyone know the percentage pass rate for BTC?
  • becs129becs129 Settling In Nicely Registered Posts: 17
    skye wrote: »
    Does anyone know the percentage pass rate for BTC?
    There's never an official pass rate. It goes on the majority pass percentage if that makes any sense?

    Basically if 80% of students got 75% of the paper correct, then the pass rate is 75%. If 80% get 35% correct, 35% would be the pass rate. I think they do it that way so that if there's any really badly worded or confusing questions, then there isn't an uproar form lots of failed students!

    NB. The 80% is an example, I don't know the actual percentage used by the aat.

    I think the past 3 years or so the pass rate was set at around the 75% mark so it's not too bad!
  • garry_coombsgarry_coombs Well-Known Registered Posts: 108
    from this picture
    examsuccess-dec07.jpg
    Last years pass rate was aprrox 70%

    (picture taken from BPPs Website)
  • DebzDebz Settling In Nicely Registered Posts: 17
    Goods for own use

    Hi Fiorellino

    With goods for own use you treat this as though the proprietor had made a sale to himself at selling price :- Dr Drawings Cr Sales.
    The proprietor had already paid the business £200 for these goods therefore the net adjustment was £400 x 2 = £800 selling price Less £200 already adjusted Net adjustment = £800 - 200 = £600.
    Hope this makes sense.
  • FiorellinoFiorellino Feels At Home Registered Posts: 82
    Debz wrote: »
    Hi Fiorellino

    With goods for own use you treat this as though the proprietor had made a sale to himself at selling price :- Dr Drawings Cr Sales.
    The proprietor had already paid the business £200 for these goods therefore the net adjustment was £400 x 2 = £800 selling price Less £200 already adjusted Net adjustment = £800 - 200 = £600.
    Hope this makes sense.

    Yes it does! I put a wrong figure!!! never mind! Thanks
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