Business Tax FA2016 (Osborne book)  help..
LouboutinLou1
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in Business Tax
Hi,
Can anyone help with the following as i seem to get different answers compared with answers in the back of the book;
practice assessment 1 task 2 a) share of profits for Molly £17,710 and Nigel £14,490?
task b) Molly NIC (class 4 contributions @ 2%) £379.64?
practice assessment 1 task 11 b) Is there any easy way to breakdown this question down as i don't appear to get anywhere near the answer?
practice assessment 2 task 1 c) ?
practice assessment 2 task 11 b) Steve's working were straight forward, not sure how to break down Sonia's?
practice assessment 3 task 6 a) How do you work out the £13,850?
practice assessment 3 task 8) ?
Many thanks
Can anyone help with the following as i seem to get different answers compared with answers in the back of the book;
practice assessment 1 task 2 a) share of profits for Molly £17,710 and Nigel £14,490?
task b) Molly NIC (class 4 contributions @ 2%) £379.64?
practice assessment 1 task 11 b) Is there any easy way to breakdown this question down as i don't appear to get anywhere near the answer?
practice assessment 2 task 1 c) ?
practice assessment 2 task 11 b) Steve's working were straight forward, not sure how to break down Sonia's?
practice assessment 3 task 6 a) How do you work out the £13,850?
practice assessment 3 task 8) ?
Many thanks
0
Comments

@LouboutinLou1
Osborne Books Business Tax AQ2016 Workbook
Practice Assessment 1
Task 2 a)
Profits AprOct: £109920 * 7/12 = £64120
Molly's share: £64120 * 3/5 = £38472
Nigel's share: £64120 * 2/5 = £25648
Profits £109920
Less salaries £30000
Less interest on capital £2640
= £77280 * 5/12 NovMar = £32200
Molly's share: £32200 * 55% = £17710
Nigel's share: £32200 * 45% = £14490
Task 2 b)
Class 4 NIC at 2%
5/12 of salary and interest on capital £5800
Plus profit share AprOct £38472
Plus profit share NovMar £17710
= £61982
Minus £43000
= £18982 * 2% = £379.64
Task 11 b)
Work through the question in order and draw a chart to help understand. Do you need the calculations?
Practice Assessment 2
Task 1 c)
Use the AAT reference material "sole traders  change of accounting date"
Task 11 b)
£35000 minus £11100 (annual exempt amount) = £23900 chargeable
Gains chargeable at 10% is the basic rate band £32000 minus taxable income £18500= £13500
£23900 minus £13500= £10400 gains chargeable at 20%
Practice Assessment 3
Task 6 a)
31 Jan 17
Alison had made payments on account for 2015/16 based on the tax due for 2014/15 (£18400)
So £21500  £18400 = £3100 still due on 31Jan17 for 2015/16 return
She also has to make a payment in advance for 2016/17 on 31Jan17 and this is half of £21500 = £10750. The other half is paid on 31Jul17
£3100 + £10750 = £13850
Task 8
The company wishes to claim any loss relief as early as possible
First offset the loss against the TTP of the year of loss (2016) which is £12400
£85000 minus £12400 leaves £72600 to offset against the previous year (2015) TTP
Again, you can use the AAT reference material
Hope that helps0 
A great help, many thanks0

Hey guys can you tell me how to get the answer for assesment 1 11b. For the first question gain/loss on sale of shares on 12 Jan 2017 I get 1400 loss!
1800/5000×15000=5400
54004000=1400
Please help it's really bugging me xx0 
@eva518
Have a look at the share matching rules for individuals in the Tutorial
Carol is an individual who bought and sold shares in Ceeco Limited therefore the share matching rules are:
 First any shares bought on the same day as disposal are matched
 Then any shares bought in the 30 days AFTER disposal are matched
 Any remaining shares are deemed to have come from the 'FA 1985 pool' of shares
So back to the question, carol sold 1800 shares for £4000 on 12 Jan 2017 and bought 6800 shares totalling £21080 on 1 Feb 2017, this is within 30 days of disposal therefore we match it first
(£21080/6800)x1800= £5580 cost
£5580£4000 proceeds = £1580 loss
Hope that helps0