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# PTAX AQ2016 - HELP...

Just JoinedRegistered Posts: 21
Hi Guys,

Can anyone help with the following?

Sample assessment 1 aat website
Task 8 (b) - the car percentage @ 7%. the answer is 224 but shouldn't it be 1309?

Sample assessment 2 aat website
Task 9 (a) - antique table - how is the answer 500? I keep getting 550??
Task 9 (a) - land - answer is 2500 but i got 2790??
Task 11 (c) - capital gains & losses - complete nightmare, is there an easy way to work these questions out?

I am also studying with Osborne Books.

Any help with the above would be much appreciated.

Many thanks,

• LondonMAAT, AAT Licensed Accountant Posts: 191
£18,700 is the list price (2431 / 0.13) x the 6% difference x 20% basic rate = £224

Table: 5/3 x (£6,300 - £6,000) = £500 (as this is a Chattel and sold for more than £6,000. The purchase price is irrelevant)
Land: £17,500 - £15,000 = £2,500 (market value used instead of sale proceeds as it was sold to his father).
• Just Joined Registered Posts: 21
Many thanks, the help is much appreciated.

Any tips for Task 11 (c) - capital gains & losses - complete nightmare, is there an easy way to work these questions out?

My exam is early next week, and those questions always come up

Thanks
• Just Joined Registered Posts: 21
How did you find external auditing? I may do that rather than Business Tax..
• LondonMAAT, AAT Licensed Accountant Posts: 191

Many thanks, the help is much appreciated.

Any tips for Task 11 (c) - capital gains & losses - complete nightmare, is there an easy way to work these questions out?

My exam is early next week, and those questions always come up

Thanks

What is the question? It would be useful for others if you posted it here, even though it could be obtained by starting the Sample Assessment.
• LondonMAAT, AAT Licensed Accountant Posts: 191

How did you find external auditing? I may do that rather than Business Tax..

It was OK. It would help you prepare for the Synoptic Assessment, as the syllabus also covers Internal Controls. It is mainly MCQ with some writing tasks.
• Just Joined Registered Posts: 21
Thomas has the following capital gains and losses in the last few years. He wishes to relieve his losses at the earliest opportunity.
Year Capital Gain Capital Loss
2014/2015 26,500 15,700
2015/2016 31,800 46,500
2016/2017 46,300 27,500
The amount that Thomas will have to pay capital gains tax on in 2016/2017 is ?

The amount of losses (if any) Thomas can carry forward to the 2017/2018 tax year is ?

The answer is 0 for Thomas and the carried forward total is £7,000?

Thanks
• LondonMAAT, AAT Licensed Accountant Posts: 191
In 2014/15 he made a net capial gain, so no losses carried forward.
In 2015/16 he made a net capital loss of £14,700, which is carried forward.

In 2016/17, he made a net capital gain of £18,800. His AEA is £11,100 leaving a taxable gain of £7,700. But he has £14,700 losses brought forward, so the CGT liability wil be zero and losses carried forward is £7,000.
• LondonMAAT, AAT Licensed Accountant Posts: 191
Easiest way to calculate this would be to prepare on a piece of paper the following:

Tax year Net gain/(loss) AEA Taxable gain Loss B/f Loss C/f
2014/15 10,800
2015/16 (14,500) 14,500
2016/17 18,800 (11,100) 7,700 7,700 7,000
• Just Joined Registered Posts: 21
That makes perfect sense.

Thank you