PTC DECEMBER 2003

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Does any one out there have answers for the above paper I've tried but no one seems to have the answers ....<BR><BR>Can you help please I've done some of it I just need to check the answers.<BR><BR>Cheers...<BR>

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC DECEMBER 2003

    I've been after these answers as well with no luck! Shall we compare what we have come up with hopefully be the same then we know we are on the right track!<BR><BR>So far I've got using the 2003/2004 tax bands etc<BR><BR>Task 1.1 - £8094<BR><BR>Task 1.2 - Non-savings £43479 & Dividends £1720 Total £45199<BR><BR>Task 1.3 - Non Savings <BR>1960 @ 10% 196<BR>28540 @ 22% 6,279<BR>12979 @ 40% 5,192<BR> 11,667<BR> <BR>Dividend <BR>1720 @ 32.50 559<BR> <BR>Less tax suffered -172<BR> <BR>Total Assessable 12,054<BR><BR>Just off to do Section 2 will let you know what I come up with!<BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC DECEMBER 2003

    SECTION 2 <BR><BR>I've lost my way on the shares question for the FA Pool got:<BR> <BR>After IA to Apr 98 I'm left with<BR>Shares 3000 <BR>Cost £42300<BR>Index Cost £52,322<BR> <BR>Brain has now vacated head and need help with the rest of this question!<BR><BR>Table Exempt <BR><BR>Land with Tapering relief £39,484<BR><BR>and with out knowing the shares answer can't finish the rest!! So any help<BR>would be very gratefully received!<BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC DECEMBER 2003

    Hi there I don't think I'm off to a very good start as I only get 7794 for 1.1<BR><BR>5088 car<BR>3456 fuel<BR>(900) contribution<BR>150 loan<BR>entertainment cost - nil<BR><BR>What have I missed off...<BR><BR>Also what did you include for Q 1.5 ??
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC DECEMBER 2003

    Hiya<BR><BR>Our loan totals are different I made it<BR><BR>15000 x (5% - 2%) = £450<BR><BR>Q1.5 Included<BR><BR>Letting income is assessed under Sch A and is on an accurals basis<BR><BR>Can claim 10% wear & Tear<BR><BR>Capital and Revenue expediture<BR><BR>Have you had a go at 2.1 ?<BR><BR>:-)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC DECEMBER 2003

    Thanks for that just starting section 2 will check with you once I've been through it.<BR><BR>Thanks again...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC DECEMBER 2003

    answers for ptc dec os<BR>1.1<BR>car 21200* (15%+4%+3%) - (£75 *12) = 3764<BR>fuel 2850<BR>Loan 15000 *(5%-2%) 450<BR>total 7064<BR><BR>1.2<BR>salary 40000<BR>benefits (task 1) 7064<BR>dividends 1720 total 48784<BR>less PA 4615 total 44169<BR><BR>1.3<BR><BR>1920 * 10% 192.00<BR>27980 * 22% 6455.60<BR>12549 * 40% 5019.6<BR>1720 * 32.5% 559.00<BR><BR>less tax deducted at source<BR>dividends 1720*10% 172.00<BR>net tax liability 1754.20<BR><BR>2.1<BR>this hard to write all down, <BR><BR>but end of pool inc may 99 disposal balance is 2200 shares 31020 cost 38370 index cost.<BR>march 03 disposal 1500 shares 21150 cost 26161 index cost<BR><BR>pool to carry forward 700 shares 9870 cost 12209 index cost<BR><BR>proceeds 1500/2000 46170<BR>cost 21150 =25020 IA 26161-21150 =5011<BR>chargeabkle gain 20009<BR><BR><BR>then june 00 purchase proceeds 500/2000 * 61560 =15390<BR>cost 9800<BR>gain 5590<BR><BR>2.2 exempt <BR>2.3<BR>proceeds 101000<BR>cost 50000*101/101+25 = 40079<BR>60921<BR>IA .361= 14469<BR>chargeable gain 46452<BR><BR>2.4<BR><BR>tax gains is 36543<BR><BR>2.5 final answer total incme tax liability 478.50<BR>cap gains tax liab 9594.20<BR><BR><BR>hope some of this helps??<BR>have the answers here but still need to revise and do it myself yet, but got pev and pcr also!!<BR>good luck.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC DECEMBER 2003

    Hi ya<BR><BR>The only difference I have is in Section 1 <BR><BR>Car Benefit I made it 4188<BR><BR>(185-155)x1/5 + 18% = 24%<BR><BR>21200 x 24% = 5088<BR>Less 75x12 (900)<BR><BR>Total 4188<BR><BR>and Fuel<BR><BR>24% x 14400 = 3456<BR><BR>Section 2 is making sense now ! I think I have finally sussed out the shares<BR><BR>THANK YOU<BR><BR>Just think this time next week it will all be over ! :-)<BR> <BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC DECEMBER 2003

    think the tax band should be 165 for the workings (diff tax year?) i keep doing it on 155 and getting 24%!!! so at 165, then 185-165 =20/5 = 4, so 15%+4% plus 3% for diesel = 22%. <BR><BR>the fuel isnt based on the £14400 but if you read the info at beginning it gives you car fuel benefit and for up to 2000cc diesel it is £2850.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC DECEMBER 2003

    <BR><BR>That would explain it I worked them out on 2003/2004 tax tables etc<BR><BR>Daft question but will they be using 2003/2004 tables in Dec 04 exams ?

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