PTC Schedule A question

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
On the Schedule A question, can anyone remember if the income was £1000 per property or £1000 per month in total. If its per month I've done it wrong - I did £1000 x 3 properties x 3 months and then deducted off the 10% agents fees. Some one else on the forum put they got £3600! Did I miss something as I got 9000-900=8100. I've just had a thought, had he owned the properties since 1st December - if so I should have done it for a 4 month period. Anyone else remember their answer

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Schedule A question

    Hello I seem to recall reading it as 1000 for each of the 3 properties per month for 4 months total of 12000.then 10% of that . no saying i am right problem with being on here is you end up chewing things over and doubt about everything sets in. goodluck with it anyway.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Schedule A question

    I did the same, 3 properties at £1000 per month x 4 months less 10% fees giving a Schedule A total of £10,800. From that i took 40% tax.<BR><BR>I've always been told that as long as the theory behind what you do is correct the figure isn't too important - so i'm hoping that regardless of whether it is 1,000 per month for all three or 1,000 per month each as long as you have deducted the agent's fees and then found the tax liability it will be ok. That's what i'm hoping anyway!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Schedule A question

    Thanks for that. I thought the properties had been bought on 31st December so I did them for 3 months (Jan, Feb & March) oh well, hopefully I will only drop part of the mark.<BR><BR>Good luck with your results
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Schedule A question

    Yeah, the person in the wrong was me. I don't at all recall any mention of three flats, I only ever read one... Gutted.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    PTC Schedule A question

    Oh Well, at least they don't carry the mistakes forward, sometimes knowing what others have put starts you thinking or worrying or both.<BR><BR>Never mind - roll on August the suspense is killing me already!

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