BTC exam today

BTC exam today

Oh, dear, I thought I've done very well .... but obviously my dividend answer will get nil point and I messed up the loss question.<BR><BR>I've done lots of practice on CT600 forms and patent royalties, but they didn't bother this year. Doh!! I will be banging my head against a tree like a 'Woodpecker Ltd'. Oh why, oh why, oh why???<BR><BR>Anyway, enough of whinge, it's time to move on. My next exam is PTC. Good luck to everyone!<BR><BR>

BTC exam today

This was to do with small companies that tend to pay most of their profits in dividend to the (usually sole) shareholder as a ploy to reduce tax. What this ruling does to to state that the minimum rate of tax on the profits pad as dividend cannot be less than 19%.<BR>For the purposes of today's paper, the memo just needed to say the above and that it does not affect the company as they are already paying tax at above the 19% rate so this was not going to affect them.<BR>I thought it was a kind paper; IBA was a bit tricky (residue after sale/remaining life = £80,000/16 = £5,000 pa) and the last question on the losses required inspiration!<BR>How did you feel it went?

BTC exam today

coggy<BR>yes i got overlap as the two months, only really struggled with last q. knew roughly what to do with losses but unsure how to fill in proforma, had one year as nil. was careful at reading the q's and remmebering the associate company and the diff cap fya etc.<BR><BR>its skim by the way, and oh as for the vodka thas being left on the side for sat night in front of the telly, doesnt matter if i frazzle my brain then :-)<BR><BR>yep one step closer, just need tomorrow out of the way, am so so nervous, more than today, bit too much really to do the exam and then come home to straight into dfs practices, am at home without kids etc for first time in ages and is so tempting to ''enjoy'' that time but needs must and i have been a good girl and not left my tiny office. got 3/4 hour left p&q then itll be teatime etc, so back to the books<BR>speak soon<BR>

BTC exam today

Hi All<BR><BR>The dividends question was all about Non Corporate Distribution. Its something Gordan Brown introduced last year to claw back tax that was lost for companies making less than £10,000 and therefore paying no tax. It applies to companies whose profits are in the marginal band (between £50 - £10k) and pay divis to non companies. There is a surcharge on the divi paid which is the difference between (divi x 19%) and (divi x effective rate of tax). The divi is taxed at 19% whilst the rest of the profits are taxed at the effective rate. The divi must be matched against profits and if it cant be it is rolled forward to the next year. <BR><BR>With regards to the loss relief, chargeable losses can only be relieved against future chargeable gains. Schedule A is offset against current year profits before income and then carried forward against total profits before charges. Schedule D is offset against current year (S393A1a), then carried back (S393A1b) and then carried forward (S393(1) against other D1. A must be relieved before D. <BR><BR>Other than these last two questions I found the exam was ok but that always makes you think you've missed something!!!!!!!<BR><BR>

BTC exam today

what u mean?

BTC exam today

Isn't the dividend question where you add it to the PCTCT to determine what size the company which decides what rate you pay.<BR>PCTCT X<BR>FII X<BR>=Profit X<BR><BR>Therefore if they offer a dividend and the profit is over the upper limit then you will pay 30% on all the PCTCT?

BTC exam today

hi, the dividends thing, it is for companies with profits under £50000. the part paid as dividends is taxed at 19% the rest is taxed at the underlying rate.<BR><BR>coggy.............. how did it go??<BR><BR>sarah if you are reading this , hope you did fine, am just having a two min break from studying for tomorrow, dreading it worse than today. two mins up .............back to my books

BTC exam today

Hiya Guys<BR><BR>Just to make us all even more depressed. Ive have just read on the net that the dividens thing is a new charge on dividends of companies with a profit of less than £50,000.<BR><BR>Just thought u might like to know <img src="i/expressions/face-icon-small-smile.gif" border="0"><BR><BR>Dont worry i got it wrong too <img src="i/expressions/face-icon-small-smile.gif" border="0">

BTC exam today

For the dividends question i just made up something along the lines of that the 19% was a new allowance brought out against all dividends paid within the accounting period.<BR><BR>What did everyone else put?<BR><BR>On the last question of the paper with the losses did everyone put the third PCTCT figure from the left as '0' or the loss of 14,000 odd?<BR><BR>