PTC solutions do you have the same?

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
1.1 Petrol car: 20% £2158, Diesel: 28% £2870, minus own contribution £600 = £4428 total <BR> loan: £300<BR> TV: £800<BR>1.2. taxable income £36878<BR>1.3. income: £32133 Dividend income: £1840<BR>1.4. Net Income Tax payble: £7372.80<BR>1.6 Schedule A income £3600<BR>Question on Payroll giving: is it correct to say that donations given through payroll scheme are fully deductible?<BR>Section 2<BR>2.1: index 85 Pool all the way to April 98, then add Rights Issue, total up and deduct part value for sold shares.<BR> balance after: 400 shares, value: £1382<BR> Gain before T/R: £17729 <BR>2.2 £6500 Gain before T/R<BR>2.3 car exempt<BR>2.4 loss towards Painting 2 (90% T/R) therefore gain on painting 2: £3690<BR> gain on shares: £13297 (T/R 75%)<BR>2.5.a) income total liability: £3113.70<BR> b) CG total liability: £1757.40<BR><BR>Doesn't look like much now looking at it! What do you all think?<BR><BR>Christiane<BR><BR><BR><BR>

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    i didnt do ptc today but how on earth do you remember all those figureS??????????????? i cant even remember half the questions when i come out of an exam!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    Yes, i apportioned the cars, petrol for 7 months and diesel for 5 months.<BR>Worked out that the second painting gain before taper was 6500, then worked the 5/3 rule, but found that was more expensive at 7500, but didn't show any workings - wonder if that matters!!<BR><BR>Feel good bout the two tax exams, PEV fail, along with many others i think, DFS and PCR iffy. Only a long 2 months to wait!!!<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    <BR>Did you all time apportion the the availability of the cars - as one was available for only 7 months, the other 5 months?<BR><BR>There is no way the pass mark is 80-85%, they dont decide until the papers are marked. That would be a new record!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    sorry for bad news... but i'm sure the tutor did say 80-85% :S<BR><BR>what is the worst case if i fail? is there a resit, or do i have to do the whole thing again in december?<BR><BR>well, here's the good news. its 5pm!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    80 -85% thats very high, its usually around 70%. I also got schedule a wrong as well. There was about 12-13 questions, I got bits of 3 wrong,as I didnt get the complete question wrong on Schedule A, Fuel Question and Taper Question I hope that I will get some marks.You will be fine with Gift Aid question.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    I messed up the payroll giving scheme & gift aid<BR><BR>I messed up the painting CGT tax (£6000 rule, 5/3 of whatever....)<BR><BR>I just hope that I don't "discover" another mistake later on this evening.<BR><BR>Do you think I can still pass? According to the tutor, pass mark is around 80-85%?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    i got it wrong then. I just assumed that it was done on Financial years (April to April). Thats 2 mistakes with the fuel. Hope the AAT are not too harsh. Wonder how many mistakes you can make
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    Oh no, don't be silly.<BR><BR>00/01<BR>01/02<BR>02/03<BR>03/04<BR><BR>so 4 years! <img src="i/expressions/face-icon-small-smile.gif" border="0">
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    September 2000 to March 2005, this is done in complete financial years. So the nearest is April 2001 to April 2004. I know someone else who did this as well. TPR is done on complete years I am sure <BR><BR>No, that's 4 years.<BR><BR>Sept 00 - Aug 01<BR>Sept 01 - Aug 02<BR>Sept 03 - Aug 04<BR>Sept 04 - .....<BR><BR>DOH! :'(
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    3 years 2001 to 2004
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    So that would be 4 years not 3 years<BR><BR>I think I got that right then
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    September 2000 to March 2005, this is done in complete financial years. So the nearest is April 2001 to April 2004. I know someone else who did this as well. TPR is done on complete years I am sure
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    Wasn't it 2000 to 2005?<BR><BR>Please don't get me all worried for the weekend!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    Hi I was one of the idiots who put the fuel in, I was really confused. Also I have 95% Taper Relief on Paintaing as it was 3 full years as it finished in March and Not April
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    Yeah, 100 posts eh! Do I get a telegram from the Queen (or a free bottle of Jack Daniels would be more use tonight!)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    i forgot about the 5/3 restriction rule for the painting!<BR><BR>also got stuck on gift aid + payroll giving.<BR><BR>do u think i can still pass?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    yes your right, just looked it up about the diesel, devide by 5 and add an extra 3% .i cant believe i messed that one up. oh well hope theres not too many more mistakes
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    <BR>Thats right you divide by 5 then add that percentage to the 15% you already have and add a further 3% if diesel engine!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    yes Coggy, 28%, I think so, too. Are you going to write something special in you 100th post?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    The deisel car was meant to be 28% wasn't it? 196 (195) minus 145 = 50, devided by 5 = 10. + 15 & 3 = 28%.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    should't you divide by 5? now you worry me! and also add 3% as it is a diesel?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    Oops - I think I forgot to take off the car contribution. Nevermind, the rest of it sounds good. No worries.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    look on the bright side at least you didnt calculate a liability on fuel which a lot of people seem to have done
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    i did the car calculations wrong - because it said he paid all the running costs I thought he made a capital contibution to the car of £50 not just a contribution so I took it off the list price!<BR><BR>Rest seems about right - I had a panic on the shares but I just added the rights issue into the pool without indexing and then calculated the disposal.<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    agree with a lot 20% and 32% i got for the cars diesel car calculated 196-145/3=17+15=32<BR>no benefit on fuel as he paid all running costs himself but contribution towards the car to be deducted.<BR>painting one exempt as under 6000 proceeds painting two 5/3 rule made it more expensive so 1st working for gain 6500 taken as gain figure anyone get 1818 as final tax liability figure<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    write them down as I went along...
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    <BR>I agree with about 70% of that off the top of my head quite a few numbers ring bells!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    Think you have the diesel one all wrong, should be 196-145/5 + 15 + 3 = 28%<BR><BR>Sorry!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    I agree 100% with your answers! Though I have a feeling the Sch A income is wrong by comparing with others. I think it should have been 3 flats not one.<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC solutions do you have the same?

    Have the same on part 2 on everything. Did anyone work out the cars in days since the car changed from petrol to diesel on 1st November? I was'nt sure so worked everything out in days including the revenue contribution. Also was'nt loan only for 9 months from July 1st?<BR><BR>Sorry this is late, discussed at college yesterday and these questions came up.

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