BTC How did everyone get on?

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  • LondinaLondina Experienced Mentor Posts: 814MAAT, AAT Licensed Accountant
    Jointy wrote: »
    i halfed the limits twice most people seem to have used marginal relief just wondering were i went wrong

    however my marginal relief were very little amounts...wondering if I did something wrong.

    The upper limit is £1500000/3 companies = 500000 so in the marginal relief formula I use

    fraction x (500000-P) x I/P

    correct?
  • hanapospishanapospis Well-Known Posts: 111Registered
    to lala2009

    Great!!! so we might be right.... :thumbup1::thumbup1::thumbup1:
  • hanapospishanapospis Well-Known Posts: 111Registered
    Londina

    you need to time apportion the band 500.000 (1500000/3) for 3 and 9 months

    125.000 for 3 months
    and 375.000 for 9 months
  • lala2009lala2009 Feels At Home Posts: 95Registered
    I sure hope so hanapospis!! Sleepy, I think the year end was 31 Dec.........
  • hanapospishanapospis Well-Known Posts: 111Registered
    the year end was definitely 31.12.2008
  • Amy1234Amy1234 New Member Posts: 10Registered
    does anybody no if they operate a negative marking system in these exams?
  • LondinaLondina Experienced Mentor Posts: 814MAAT, AAT Licensed Accountant
    hanapospis wrote: »
    Londyna

    you need to time apportion the band 500.000 (1500000/3) for 3 and 9 months

    125.000 for 3 months
    and 375.000 for 9 months


    aarrggh with all these apportions....didn't know I have to do it for the band too! I did put however the /12x3 at the result of the formula!

    hope I will only lose few marks....if I have to fail the whole exams for this, I will be so disappointed!!!:crying:
  • JointyJointy Feels At Home Posts: 78Registered
    Im kicking myself for that CT calc all the past questions have only had 1 associate i think so you half the limits to 750k and 150k but because this had 2 associates i halved the limits again instead of dividing by three. I think ive done ok on the rest of the exam would i still pass with getting this wrong?
  • ^Joe^Joe Feels At Home Posts: 35Registered
    The land disposal had to be done on cost/value, NOT on acreage.

    The final question was indeed split 3, and 9 months, and then divided by 3 as there were 2 associated companies (3 in total).

    I think I messed the dates up a little, but not too worried.

    Best not to read about what other people got as you just worry. best of luck all.
  • miss_cazwellmiss_cazwell Just Joined Posts: 2Registered
    Hey! I did the exam today! Took me ages on the CT due task.. Left it for 5 mins then went back and remembered i had to also time apportion the bands as well as divide them by three!! Hope everyone else did this?! It ended up looking a slight mess! x
  • JointyJointy Feels At Home Posts: 78Registered
    Amy1234 wrote: »
    does anybody no if they operate a negative marking system in these exams?

    I read somewere that if you write just the correct answer you will get more marks than someone who writes the correct answer but puts some unnecessary stuff in the answer. Think i read that duno if its true
  • sleepymesleepyme New Member Posts: 8Registered
    Totally gutted never time apportioned and messed up on the penalties in the email. Did everything in second section right tho. do ya think this is enough to show incompetence??????
  • miss_cazwellmiss_cazwell Just Joined Posts: 2Registered
    you need to show competence in both sections and think the pass rate is like 60% for each section! x
  • carla030698carla030698 Well-Known Posts: 112Registered
    Oh god, didnt think id done too bad but now i think i failed!!

    I Didnt do anything with Emilys salary!
    I forgot deduct indexation and forgot to deduct the loss!
    I didnt do anything with the leased car as I couldnt remember the formula!
    I didnt apportion the tax over the 2 years!

    Ok, so best not throw that book away just yet :crying:
  • Flying ScarletFlying Scarlet Feels At Home Posts: 42Registered
    Dont worry- Im in the same boat, my mind went blank when I opened the paper!! :crying:
  • sleepymesleepyme New Member Posts: 8Registered
    sleepyme wrote: »
    Totally gutted never time apportioned and messed up on the penalties in the email. Did everything in second section right tho. do ya think this is enough to show incompetence??????????

    Ment everything else in the section oh man cant believe I missed it!!!
    Suppose it does show you know what ya doin, just not that you can read the question right aaarrrgggghhh
  • carla030698carla030698 Well-Known Posts: 112Registered
    Lets hope so!

    this and PTC are my last exams il be gutted if it drags it on for another 6 months!!!! :mad2:
  • AndreaMAndreaM Just Joined Posts: 2Registered
    I felt I did alright until I read this! I divided my upper & lower limits on my marginal by 2 and not 3! What a plonker. I'm so used to the past papers having 2 associated companies I most likely didn't read the question correctly!

    I was struggling with this before the exam and am still struggling now! I'm not looking at my revision notes coz it'll make me feel worse! Hopefully they'll see that I kind of know what I am doing.

    To answer an earlier question, I believe that it is positive marking, after going through the marks of a past paper with our tutor Karen (the chief examiner) seems fair.

    Hope everyone gets a pass xxx
  • sleepymesleepyme New Member Posts: 8Registered
    Dont worry too much I think if you have done the correct treatment of what you were doin even if you did miss a couple of things as long its right it shows your competent in doin the calculations just not reading the question. Plus looks like quite a few have missed it too so sure they will take that into account. xx
  • GreycowGreycow Feels At Home Posts: 83Registered
    I didn't think it was a bad as it could have been, the lease car and part disposal of land threw me, certain i got these figures wrong but i am farily certain i processed them correctly only time will tell.:001_unsure:

    Now have to revise for PTC on Friday then wait until August, but will start studying for DFS in December then only skills tests to complete and project.
  • LondinaLondina Experienced Mentor Posts: 814MAAT, AAT Licensed Accountant
    I wish in my book there was an example about marginal relief with associated & different financial year together, so I could know what to do.

    Example you apportioned the band, what about the P and I?

    In my book they leave the entire formula as it is and then they add the x 3/12 at the end:

    1/40 x (1500000-331000)x 295000/331000 x 3/12

    (please note that those above are not the exams figure!)
  • sleepymesleepyme New Member Posts: 8Registered
    whats the lease car thing I cant see it in the osbourne book?
    Thought you were allowed leased things as long as you disclose them, like hp interest? Or am I wrong?
    Thats another thing Ive got wrong then im supposed to be starting ACA in Sep :crying:
  • hanapospishanapospis Well-Known Posts: 111Registered
    I would also like to know what the lease thing is. There is nothing about it in Osborn book.

    I have added it up to Net profit as I thought that lease instalments are of capital nature so therefore disallowable...
  • sleepymesleepyme New Member Posts: 8Registered
    I honestly havent the foggiest this is the first ive heard of it, I wouldnt worry it shouldnt carry much weight at least you noticed that two straddle years xx
  • hanapospishanapospis Well-Known Posts: 111Registered
    Londina wrote: »
    I wish in my book there was an example about marginal relief with associated & different financial year together, so I could know what to do.

    Example you apportioned the band, what about the P and I?

    In my book they leave the entire formula as it is and then they add the x 3/12 at the end:

    1/40 x (1500000-331000)x 295000/331000 x 3/12

    (please note that those above are not the exams figure!)

    In my book (Osborne) there is also no example of business tax calculation with marginal relief, associated companies and different tax years.
    but they always time apportioned if there are two different tax years or the year is shorter then 12 months.
    They time apportioned PTCTC, Income and tax bands as well.
  • LondinaLondina Experienced Mentor Posts: 814MAAT, AAT Licensed Accountant
    hanapospis wrote: »
    In my book (Osborne) there is also no example of business tax calculation with marginal relief, associated companies and different tax years.
    but they always time apportioned if there are two different tax years or the year is shorter then 12 months.
    They time apportioned PTCTC, Income and tax bands as well.

    In mine not! therefore I thought it was enough put the x 3/12 at the end, I think you should get the same result? tomorrow I will try different methods, now revising for DFS :001_unsure:
  • hanapospishanapospis Well-Known Posts: 111Registered
    I suppose you should get the same answers.. does not matter if you time apportioned every single figure separately and then calculated the marginal relief or calculated the marginal relief and then time apportioned...

    I have noticed different approach in Osborne and BPP book.. from which book are you studying? Kaplan?

    Good luck for tomorrow...
  • LondinaLondina Experienced Mentor Posts: 814MAAT, AAT Licensed Accountant
    hanapospis wrote: »
    I have noticed different approach in Osborne and BPP book.. from which book are you studying? Kaplan?

    yep Kaplan....
    hanapospis wrote: »
    Good luck for tomorrow...

    thanks! can't wait it's over, sitting 3 exams this week, my head is exploding!
  • hanapospishanapospis Well-Known Posts: 111Registered
    I am sure you'll be fine. I have only PTC to go on Friday.. and MAC and DFS in December...

    Good luck
  • x-lauren-xx-lauren-x Settling In Nicely Posts: 22Registered
    hanapospis wrote: »
    I had PCTCT as 452.516
    and Profits as 458 516

    For the 3 months period I had
    113.129 x 30% - 256 = 33 683

    For the 9 months period I had
    339 387 x 28% - 537 = 94 491

    Tax 33 683 + 94 491 = 128 174

    I got the same profit and PCTCT as you and also the tax liability looks familiar!!! Well I used the same calculations, maybe just rounding differences!! Fingers crossed
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