PTC silly mistakes :(

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  • renae
    renae Registered Posts: 76 Regular contributor ⭐
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    Ash - yes thats what I done, flat A was furnished and rented for the year, flat B was unfurnished & only rented for 8 months with no expenses...I think
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    Hi

    Agree with most
    1.1 2188
    1.2 45353
    1.3 8290
    1.4 did not extend tax band!

    Section 2 , these look about the same, can you remember any more details?
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    What about the last question on capital gain payment? was it 31 January 2009?

    And the penalties?
  • Jon_1984
    Jon_1984 Registered Posts: 186 Dedicated contributor 🦉
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    Ash1711 wrote: »
    the formula is 10% of [rent -(water rates and council tax)] isnt it?

    Yeah just checked up in text book and it is as you say :ohmy: . Oh well it happens
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    yes i put 31/1/9 and penalties 5% and also interest at HMRC official rate!!
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    Sorry guys I am still in doubt about the wear and tears allowances.

    I did not calculate them. Anyone thought the same?
  • sleepysophie
    sleepysophie Registered Posts: 17 New contributor 🐸
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    andrea1802 wrote: »
    yes i put 31/1/9 and penalties 5% and also interest at HMRC official rate!!

    I said £100 fine and 6.25% interest - where I got that from is anyones guess !
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    my gain for the paiting was high, cannot remember exact figure but was definetly 40k plus, did you index the cleaning of painting?
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
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    hello does anyone remember any of the figures that where given?
    Eg. Emplyoment pay, Pension contributions

    Shares, etc ta
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    I didnt use wear & tear allowance because I understood that this is what you use when new furniture etc is bought by the landlord
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    andrea1802 wrote: »
    my gain for the paiting was high, cannot remember exact figure but was definetly 40k plus, did you index the cleaning of painting?

    Yes I did index it and the cost as well using different indexation
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    karenv wrote: »
    I didnt use wear & tear allowance because I understood that this is what you use when new furniture etc is bought by the landlord

    I didnt because the question did not specified that the landlord paid water and council tax?
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    42000 for 9 moths = 42000 x 9/12 = 31500
    55000 for 3 months = 55000x3/12 = 13750

    pension 4% x 31500 -= 1260
    pension 6% x 13750 = 825

    gives us

    Income 45250
    benefits 2188
    less pension -2085
    Net = 45353
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    thats 2 of us!!
  • sleepysophie
    sleepysophie Registered Posts: 17 New contributor 🐸
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    Fiorellino wrote: »
    Yes I did index it and the cost as well using different indexation

    I think the clue was that we were given two indexation figures and they related to the right dates in the question.
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    andrea1802 wrote: »
    42000 for 9 moths = 42000 x 9/12 = 31500
    55000 for 3 months = 55000x3/12 = 13750

    pension 4% x 31500 -= 1260
    pension 6% x 13750 = 825

    gives us

    Income 45250
    benefits 2188
    less pension -2085
    Net = 45353

    Yes spot on I did that!
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    Hi Fiorellino
    Well that too.
    But whatever the reasons neither of us have used the allowance.
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    sleepysophie wrote: »
    I said £100 fine and 6.25% interest - where I got that from is anyones guess !
    Hiya

    Not sure but think the £100 fine is for not submitting the form,
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    karenv wrote: »
    Hi Fiorellino
    Well that too.
    But whatever the reasons neither of us have used the allowance.

    I hope it is right though!!!
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    Fiorellino wrote: »
    Sorry guys I am still in doubt about the wear and tears allowances.

    I did not calculate them. Anyone thought the same?

    I did but used 20%, just checked in book and the correct formula is

    Wear & Tear Allowance

    10% x {rental income - council tax * & water rates*)
    *where incurred by landlord.
  • sleepysophie
    sleepysophie Registered Posts: 17 New contributor 🐸
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    andrea1802 wrote: »
    Hiya

    Not sure but think the £100 fine is for not submitting the form,

    Bug*er !
  • NBB
    NBB Registered Posts: 125 Dedicated contributor 🦉
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    karenv wrote: »
    I didnt use wear & tear allowance because I understood that this is what you use when new furniture etc is bought by the landlord

    Karen think you are relating to Living Accomodation i.e. benefits in kind.
  • Ash1711
    Ash1711 Registered Posts: 26 Regular contributor ⭐
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    Fiorellino wrote: »
    Yes I did index it and the cost as well using different indexation
    andrea1802 wrote: »
    my gain for the paiting was high, cannot remember exact figure but was definetly 40k plus, did you index the cleaning of painting?

    no youre only meant to index the cost. i think.
  • cs_1988
    cs_1988 Registered Posts: 231 Dedicated contributor 🦉
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    karenv wrote: »
    Hi Fiorellino
    Well that too.
    But whatever the reasons neither of us have used the allowance.
    karenv - In June 2008 PTC exam same question came up. You dont put the PA in the employment income, but in the next question when you had the total income!
  • Fiorellino
    Fiorellino Registered Posts: 82 Regular contributor ⭐
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    NBB wrote: »
    Karen think you are relating to Living Accomodation i.e. benefits in kind.

    I think Karen is right. My book says: Wear and Tear allowance is allowed as a deduction in place of claiming relief for the replacement of furniture
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    NBB wrote: »
    Karen think you are relating to Living Accomodation i.e. benefits in kind.

    No.
    my book defo says that HMRC that giving capital allces is cumbersome so the taxpayer can claim a Wear & Tear allce instead. Just re read it.
  • po1988
    po1988 Registered Posts: 39 Regular contributor ⭐
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    Thanks for that, any one know the figures for shares?
    Just how much they where and what they went for as i member the rest.

    Also for 1.6, Did everyone say he can submit by 31/01/09 and also the living benefit by just saying 1)Annual value 2)COst-75000 * 6.25% and that it gets time apportioned?

    Thanks
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    I think you are quite right.

    andrea
  • karenv
    karenv Registered Posts: 114 Dedicated contributor 🦉
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    Fiorellino wrote: »
    I think Karen is right. My book says: Wear and Tear allowance is allowed as a deduction in place of claiming relief for the replacement of furniture

    Also as you say we werent given the figs for council tax and rates. So I dont hink we were expected to give wear & tear allce
  • andrea1802
    andrea1802 Registered Posts: 43 Regular contributor ⭐
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    po1988 wrote: »
    Thanks for that, any one know the figures for shares?
    Just how much they where and what they went for as i member the rest.

    Also for 1.6, Did everyone say he can submit by 31/01/09 and also the living benefit by just saying 1)Annual value 2)COst-75000 * 6.25% and that it gets time apportioned?

    Thanks
    Hi

    Thats what I put for 1.6

    Andrea

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