Charge on income?

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi<BR>Can anyone who's done BTC Dec 2004 tell me what the £3500 charge on income is, in 2.3? Not sure what that's about. <BR>Our tax teacher has missed so many things out, I'm gonna take a prayer mat as well as a calculator, etc!<BR><BR>Good luck!!!!!!!!!!<BR><BR>Glenn

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    you wil have to let me know how you get on.<BR><BR>all the best<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    Okay, so maybe I was flapping a bit (just a little bit).<BR><BR>College can only confuse the issue further - you're better off at home with the family.<BR><BR>Good luck & speak to you after exam ; )
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    you are panicking. you DO know your stuff you just dont think you do :-) :-) <BR><BR> i agree, if i think i done ok i dont rush on to see how the others did. anyway not long left now and i am going home. next time i back here i will ahve done for this time round. <BR><BR>fingers, toes, legs, arms etc crossed for tomorrow. <BR>at least you got tonight at college to refresh parts other parts didnt reach!!!<BR>you will be ok, dont worry.<BR>bye<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    I'm not panicing, I just don't like to hope a question doesn't come up 'cos I don't know it. I'm sure it'll be fine. Gonna relax soon anyway.<BR><BR>Sounds like they struggled today, but you always hear from the ones who found it hard first. If you think you've passed you don't tend to rush on the forum as much, or is that just me?<BR><BR>Enjoy your night<BR><BR>Glenn
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    yeh alcohol sounds good, i am getting completely mindless on bottles of martini asti i think saturday night and a nice lie in on sunday! (aprt from the kids will ahave me up!)<BR>not touching dfs till tomorrow afto as i dont want to overload.<BR><BR>simply add back gift aid on adjustment and then deduct in pctct part. easy! <BR><BR>you watch it will come up tomorrow and i will go blank :-) sounds like they had a hard time of it in todays exam. <BR>ooooh getting all fidgety now, my poor family tonight!!!! not long too go.<BR>put your books away now and just relax, im going to or i think you do overload and panic as you have.<BR><BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    Yeah, that makes sense now (or as much sense as this stuff can)<BR><BR>Thanks
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    It makes more sense than the 40% FYA (couldn't see why a first year allowance would come into it). <BR><BR>I'll check at college tonight - but thanks again.<BR><BR>I'm going to do some DFS now (a change is as good as a rest - but alcohol would be better!)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    book says<BR>companies are entitled to make gifts to charities under the gift aid scheme and obtain tax relief on thier payments. operates by simply allowing the company to deduct the amount of payment from the total profits in the coprporation tax computation. this is carried out at the final stage in the calculation of pctct. <BR><BR>the company can not use a gift aid as an allowable deduction ( so add back ) in the calculation of sced d case i profits since this would from a duplication of tax relief. <BR><BR>if there are insufficient total profits to set a gift aid payment against in teh final calc of pctct then the tax relief on the balance of the payment is lost since it can not be carried forward. where trading losses are set against octct this is carried out in priority to gift aid payments so again possibility of losing tax releif on gift aid payment.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    i think the 3500 was gift aid. it is deducted from your total before working out your tax, ( its a tax reief) you have added it back on in the adjustment for sched d as you can not deduct it twice and it is not part of the sched d total.<BR><BR>does that help?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    Sorry to be boring & go back to the top of this page, but is the £3500 definately the gift aid amount? We've already taken that off to reach the adjusted Schedule D figure. It can't come off twice in the same working can it? I've just been told it's the £8,750 capital allowances x 40% F.Y.A. That comes to £3,500 too. But if that's the case why isn't thee a reduction in the £2,600 figure in the next working (part b)?<BR><BR>Oh, I wish I hadn't looked at this question!<BR><BR>Glenn
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    Gift Aid donation (on page 15 of exam paper near the bottom).<BR>Hope this helps.<BR>Claudia<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    PTC is Friday 9.30am. You've done well if you've found time to sleep! I managed to grab a sandwich in mid-May sometime. I have got a bottle of Jack Daniels ready for Friday night though. I'm so sick of studying too. I want to read a book, go for a walk - or EVEN go out! What a thought.<BR><BR>I feel more pressure with it being the end too. Not in a really worrying way, I just can't stand the thought of losing October & November revising for a re-sit.<BR><BR>Good luck
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    i took ptc in december<BR>taking btc tomorow and then dfs. i seriously can NOT wait till wed afto to get a life again!! last few weeks has been eat drink sleep aat. got to point where really need a break from it. have two weeks accounts to do and year end to do and get off to accountant, oh and the housework and my family might like me to reappear.<BR>as it last two exams feel under more pressure somehow?<BR>they already back from the one today so maybe this time on weds i will be done. what days is ptc on?<BR>good luck anyway
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    Yeah, I think I've sussed Class 2 & class 4 NI. Fingers crossed eh? I've got BTC, DFS & PTC this week. My project is about finished. Just need to do a bit of health & safety and Bob's your Uncle!!! (I only need 1 of the 2 tax exams + DFS)<BR><BR>(only!)<BR><BR>Glenn
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    are you ok with ni?<BR>has he covered the penalties for not paying tax? if not ask tonight.<BR><BR>i am reading some passcards inbetween doing work but have read the same sentence ten times and brain dead?! got exam weds but trying not to think about that till after tomorrow morning and then can look deeply into that in the afternoon as going home so no customers and no kids for a couple hours.<BR><BR>i KNOW that what i dont know now i aint really going to learn but the exam panic mode wont leave me alone.<BR>just think of all those this morning sitting doing one now, at least thats not us :-)<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    I'm getting some done at work today (when the phone doesn't ring. I'm at college tonight for 2 hrs for a bit of last minute BTC (and a chance to bollock our teacher for not covering NI!)<BR>It's the overlap periods I struggle with - so I'm hoping they take it easy on that stuff.<BR><BR>Thanks again <BR>Glenn<BR>(I'll be on the computer til 11pm tonight, so you might see another question pop up later)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    i am sat at work, had no free time to study mch as customers coming and going, i want to read the book today but am so so scared that i will set of in panic mode and just overload with what i already know. i alreaady feel really ill and sick so goodness knows what i will be like tomorow?????????
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    No probs - getting fed up of doing old exam papers and cant seem to read the book any more....<BR><BR>Oh well, this time tomorrow all will be as clear as mud!<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Charge on income?

    Yeah, that's great. Thanks Claudia.<BR><BR>Glenn

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