PTC Very Confusing

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi<BR><BR>I just finished the Personal Tax exam and boy did I find it really confusing in parts, like -<BR><BR>It didn't say if the Schedule A rental was furnished or unfurnished.<BR><BR>Schedule A expenses 1250 for rates and repairs (I took this to be 1250 in total) but how do you then fill in the tax return as there are seperate boxes for rates and repairs? I just put 1250 in the rates, etc box. But thinking now the question could be read as 1250 for rates and 1250 for repairs.<BR><BR>Still on the Tax Return I put the agency fees under Professional Fees (Agents in my mind are providing a professional service) but I seem to recall our tutor saying they are not to be put in the prof fees box?<BR><BR>Was the relocation temporary or permanent? I tried to cover all bases by saying if temp for less than 24 months then everything was exempt, but if permanent and not job related then I explained the rental benefit, 20% for furnature and 100% for everything else limited (I think) to 10% of salary. Just hope that was ok.<BR><BR>Also I found all the references to 'net' confusing. ie does net employment income include the benefits in kind? Does net CGT mean after losses and annual exemption?<BR><BR>Salary it wasn't clear if the pension contribution had been deducted or not. I assumed not and I thought the pension was a company pension and so just deducted 6% from the 28,000 salary - hope this was ok.<BR><BR>I got NILL for Income tax in Section 2 and 100 (I think) for the CGT<BR><BR>The picture was exempt for CGT because it is a chattel and the proceeds were less than 6000.<BR><BR>I thought the spaces given for the answers were insufficient. I made a mess of the FA1985 Pool and had to re do it all on the workings page. On others I was trying to do a nice layout (as we were told) but kept running out of space so had to sometimes squeeze a last line in. <BR><BR>Overall I think a not too bad exam complicated by confusion over bad question setting - hope the confusion is fully taken into account in the marking!!!!<BR><BR>This was my last exam and if passed I will get my AAT - just hope I passed<BR><BR>Good luck to everyone.<BR><BR><BR><BR> <BR><BR><BR><BR><BR>

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Very Confusing

    I found it really confusing aswell. The questions were very vague and the expected layout was not standard. I too hope they take this into consideration as if not I expect that I've failed!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Very Confusing

    Phew I thought I was going to confused on my own! <BR><BR>I too got nil tax for income - 6000 less the 1250 rates thing, and the 600 fees, and then I took off the personal allowance and actually got a negative figure.<BR><BR>I'm sure I meesed up the CG bit too. The pooling bit confused me and I got 2 gains and a loss for the share disposal. Endiing up with a chargable gain of a little over £1000 in total?? So only used the lower rate tax?<BR><BR>So glad they r over!<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Very Confusing

    I got the same, I didn't use the higher rate throughout the paper inc section 1. Its strange as our tutor told us they like to test you on the higher rates???
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Very Confusing

    as renatl wasnt furnished just didnt put wear and tear down.<BR>rates and repairs.......... i put it in rates and put a note at side that it was ONE total in data??? didnt think of it being the same for both? aat must take note of that confusion??<BR><BR>said about the property not being job related as he a marketing manager so not job related.<BR>thought the 10% of salary was only if job related acomodation?<BR><BR>think got most of what the others did so maybe not as bad as a i thought.<BR>well done kjed, hope you have finally become an AAT?!! <BR>i still have dfs and business to go
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Very Confusing

    I got basicaly the same, jusr said that flat value of cost-£75000x5% would be chargeable on flat plus rateable value. That these would be added as BIK to salary and tax deducted as usual. Did not know about salary related thing.<BR>Indexed once and added to cost then indexed again on second period on the shares. Didnt know about that either. Not in my book.<BR>Same loss, CGT and part 1 as everyone else. Glad its over!

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