BTC today oh dear
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Section One, was rather horrible, hadn't really covered profits on P&M, nor ceesation of a business in class, and it only seemed an extremely small section in the text book! <BR><BR>Section Two, was ok, however got rather confused by the CT rate, there was no formular listed so assum there was no marginal relief to be had. I thought the way the bands and rates were listed was confusing.<BR><BR>Had been revising for what seems weeks, but had a go anyway.<BR>But although I feel it will be a fail, don't feel too bad about it, there's always June.<BR><BR>
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BTC today oh dear
<br><br><< <i>Well with the dividends I think I deducted them from the Schedule D calculation as they were included in the net profit figure, and then (correctly) I think added them back, together with the FII 100/90, to PCTCT to get overall profits. I calculated margin relief for both accounting periods. But stupidly took it off hte CT Liability calculation. The reason I got the company to be marginal for the 3 months was because I pro-rated the upper/lower limits down. (Though I think I forgot to add shares as a chargeable gain!)<BR><BR>Part 1, Question 1 I messed up because I calculated a WDA, even though I know in the year of disposal there is no WDA!!!!! What an idiot!!!<BR><BR>I think I may of mis-read the tax return question. I interpreted that although they had paid withink the correct time they had calculated the payments incorrectly and would need to investigate further to see if they were incorrect.<BR><BR>All in all I think I've failed because of that :O(</i> >><br><br><BR><BR>I don't think it was marginal for the last 3 months, I think the biggest clue was in the fact you got a lot less space for your answer than the one above! I reduced the limits as well, but that takes the LL to 12.5k and the UL to 75k and with the capital gain it was about 20 odd I think, can't remember, the whole things a blur!0 -
BTC today oh dear
Just read all your replies, feel a bit better now, seems many of you have put similar answers to myself.<BR><BR>I also wrote down the pool before the disposals, and also did not put the overlap profits on the tax form, didn't actually realise there was a box. I just wrote about the overlap profits in the memo with a final payment date of Jan 05.<BR><BR>Regards section 2, I ended up saying that both periods were at 0%, so perhaps at least one of the questions is correct on my paper. As to the memo stated that the payment had been made on the correct date and that the form had been submitted within the correct time scale, I just can't find anything in my text book refering to fines for companies, but there must be such a thing?<BR><BR>Keeping fingers crossed<BR>Good luck everyone<BR><BR>0 -
BTC today oh dear
<br><br><< <i>I seem to have done okay on section 1 but it's section 2 I'm worried about! What did you guys put in the memo about late payment of tax? I've been distance learning for BCT (no college within 20 miles of me does it as part of their Technician level training) and company penalties seem to be hardly mentioned. Don't think I've passed section 2 as I waffled on about getting an automatic £100 fine then interest charged on the overdue tax bit. Now I look in the book, I firstly can't understand the fine levels and secondly know I've got them wrong! I'd be really interested to know what others have been taught on this.<BR><BR>Only PCR to go then I'm Christmas shopping!!!</i> >><br><br><BR><BR>I'm distance learning as well and this was the bit I struggled on most. It seems the correct answer is £200 fine as it exceeds 3 months (I put £100) and 10% penalty on tax outstanding. Then interest on the excess amount from the date it should have been paid i.e. October 1st. The dates questions really get me, a bit like the FRS numbers in Financial Statements!0 -
BTC today oh dear
I seem to have done okay on section 1 but it's section 2 I'm worried about! What did you guys put in the memo about late payment of tax? I've been distance learning for BCT (no college within 20 miles of me does it as part of their Technician level training) and company penalties seem to be hardly mentioned. Don't think I've passed section 2 as I waffled on about getting an automatic £100 fine then interest charged on the overdue tax bit. Now I look in the book, I firstly can't understand the fine levels and secondly know I've got them wrong! I'd be really interested to know what others have been taught on this.<BR><BR>Only PCR to go then I'm Christmas shopping!!!0 -
BTC today oh dear
Have to say this years exams have been an absolute nightmare......I don't feel I have had sufficient tutoring to pass them and every exam has had one section I have never covered before.....cessation wow that was a good one!!!! Yet again something I didn't have a clue about.................totally downhearted got finance tomorrow and dreading it feel I have wasted the past year of my life revising and working for nothing!!!! Thanks exam setter who ever you are for totally freaking me out.0 -
BTC today oh dear
Oh dear! resits here I go (I think). Having looked at the other replies here, I made some silly mistakes. <BR><BR>Section One - I did WDA for the pool and the car so had capital allowances of 305. Then with the adjusted Schedule D I added in the profit from the sale of the pool and deducted the capital allowance and the loss from the car! With regard to the overlap profits I only mentioned that in the last memo to say the the balance of any remaining tax liability would be due in Jan 05 and would be the total tax liability minus her payments on account and overlap profits (I mixed this up with tax which overlaps from the beginning of a business, I think!)<BR><BR>Section Two - I remembered to pro rata the upper and lower limits by 3 and 9 months and taxed at 19% less marginal relief (but was confused at to the absence of any formula - I thought they gave u that?!) for the first period. For the second period I just taxed by 19% and I won't even tell you what I put in my memos!<BR><BR>did anybody else do this or am I the only one who left my brain at home this morning! <BR><BR>Best wishes to everyone - we always seem to be expecting resits but hopefully the markers will lower the pass rate if we've all done quite badly!<BR><BR>Here's to Friday's PCT - things can only get better, eh?0 -
BTC today oh dear
<br><br><< <i>If I remember .... first question had a bal chg of 870 and an allowance of 1628 giving an overall capital allowance of 1628.<BR>only 25% of the CGT had to be calculated??? why didnt we have to deduct the 7900 and work out the amount payable???? puzzled me.<BR><BR>The schedule D on the LTD Co was adjusted and time apportioned between the 12 month and 3 month making sure all the relevant income was split between the 2 CAP's. along with other items ie chargeable gains which was about 11500.<BR>The PCTCT for the 12 month had the divys added on to give the profits figure and worked out to be 19% less MR. I unfortunately calculated the 3 months with MR too!!!!<BR>Im glad its over as Ive had sleepless nights worrying about it, but its a very long wait till February to see if we have passed or if we need to learn yet more rules for June !!!!</i> >><br><br><BR><BR>I hate to say it, but thought the time apportioning bit was fairly easy, I had nightmares about that because I couldn't remember all the rules, but it wasn't too bad.0 -
BTC today oh dear
There's always auditing instead........<BR><BR><BR>Unless of course you need to learn tax for work purposes.<BR><BR>If I fail B.T I may do auditing around easter time and then if I feel lucky give B.Tax another bash. <BR><BR>Why do exams stress you causing silly mistakes to be made?0 -
BTC today oh dear
oops bal cg 870 and allowance of 2498 giving overall 16280 -
BTC today oh dear
If I remember .... first question had a bal chg of 870 and an allowance of 1628 giving an overall capital allowance of 1628.<BR>only 25% of the CGT had to be calculated??? why didnt we have to deduct the 7900 and work out the amount payable???? puzzled me.<BR><BR>The schedule D on the LTD Co was adjusted and time apportioned between the 12 month and 3 month making sure all the relevant income was split between the 2 CAP's. along with other items ie chargeable gains which was about 11500.<BR>The PCTCT for the 12 month had the divys added on to give the profits figure and worked out to be 19% less MR. I unfortunately calculated the 3 months with MR too!!!!<BR>Im glad its over as Ive had sleepless nights worrying about it, but its a very long wait till February to see if we have passed or if we need to learn yet more rules for June !!!!0 -
BTC today oh dear
I agree that cessation of a business wasn't covered much in the text books, I calculated all the WDA's as usual and then realised that there weren't any. There was no formula for marginal tax relief, but I still got the 1st calculation as including it, I'm guessing that was why there was so much more space for the answer than for the 2nd one!0 -
BTC today oh dear
I forgot to put the overlapped profits in at first but then thought how would they relieve them otherwise. So I entered the overlapped profits in the last box of the form, before the CT Liability. Think it was other losses box or something/0 -
BTC today oh dear
Well with the dividends I think I deducted them from the Schedule D calculation as they were included in the net profit figure, and then (correctly) I think added them back, together with the FII 100/90, to PCTCT to get overall profits. I calculated margin relief for both accounting periods. But stupidly took it off hte CT Liability calculation. The reason I got the company to be marginal for the 3 months was because I pro-rated the upper/lower limits down. (Though I think I forgot to add shares as a chargeable gain!)<BR><BR>Part 1, Question 1 I messed up because I calculated a WDA, even though I know in the year of disposal there is no WDA!!!!! What an idiot!!!<BR><BR>I think I may of mis-read the tax return question. I interpreted that although they had paid withink the correct time they had calculated the payments incorrectly and would need to investigate further to see if they were incorrect.<BR><BR>All in all I think I've failed because of that :O(0 -
BTC today oh dear
Were you supposed to put overlap profits on the tax return form? Couldn't find anywhere to put it, although to be honest hadn't paid much attention to the form in my revision as I thought it would be fairly easy to figure out. On the 12mth/3th thing, trading profits was time apportioned wasn't it? Just divided by 15 and multiplied by 12/3 for the two different periods.0 -
BTC today oh dear
i though it was time apprtioned for the 3 months and and time apportioned the 15 months PCTCT. so the 3 months ending March 31 was just a 3 month calc, but i think my PCTCT was wrong as I only had about £2800-ish left to tax on the final 3 months ending march therefore it was zero %. God only knows if i am right section 1 was a killer i thought, as i went vague on the cessation, forgot all about mentioning the overlaps will get deducted.......DOH!!!!!0 -
BTC today oh dear
Got the F11 and marginal relief for the 12 months, 3 months profit was at just 19% according to my calculations.0 -
BTC today oh dear
roxy....sounds like your right...F11 and added to give profits...I too got 19% less m.r. but did that too for the 3 months!!! derrr0 -
BTC today oh dear
Thought i had done quite well in the exam, just read your notes on cessation of business and the rules of WDA & FYA. unfortunately i don't remeber ever covering this is lesson either, that is task 1.1 completely messed up. Never Mind there is always June!!<BR><BR>Hope you get the desired results.0 -
BTC today oh dear
what did you do with the dividends then? I read the question as non associated with the company we were working on so added it a F11 ?????!!! god only knows if i am right though??? then i had 19% calc plus marginal relief on I/P etc for the 12 months then the 3 months was zero......0