PTC !!!!

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:08AM in AAT student discussion
Hi I am really struggling with the above subject and panicking now as I am also re sitting the FRA paper there just seems so much to remember and I have hit a brick wall with regards to capital gains does any one have any tips or answers to any past papers which might help.<BR><BR>Any help would be much appreciated.<BR><BR>Rgds,<BR>Gillian<BR><BR>(gillybabymcd@netscape.net)

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC !!!!

    <BR><BR>Learn the proforma - a very simple one - off by heart, and then you just insert the figures accordingly.<BR><BR>For capital gains, from memory, this would be (1) proceeds - original cost = unindexed gain<BR>(2) indexation allowance x original cost = less (Indexation Allowance)<BR>(3) indexation allowance x enhancment cost = less (Indexation Allowance)<BR>NB deduct cost at source if any eg, legal/auctioner's fees and include as part of cost when calculating IA<BR><BR>The total ypu are left with is the Indexed Gain. Next you deduct any losses (this year's in full c/f ones up to the annual exemption rate) then Taper Relief, and then the Annual Exemption. You need to do it item by item as they might each have different taper relief. Offset losses against items attracting least relief first.<BR><BR>With FRA it is just a question of knowing the method for the ETB because it never varies. Practice incomplete records until it is second nature. Ditto the P&L proforma and Balance Sheet proforma.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC !!!!

    Thanks...<BR><BR>poohbear
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC !!!!

    hi there,<BR><BR>would you have the answers for the last 2 papers you can mail me???<BR><BR>please

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