anyone back from ptc yet? totally messed up section 2

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:25AM in AAT student discussion
totally messed up my section two i think. does anyone remeber their answers for both the shares?

also the income tax liability was there any sched e income or just schd a and dividends.

what rates were the capital gains tax at?


ARGHHHHHHHHHHHHHH. was doing really well with the practice papers just lost it on the day!! kicking myself now.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    I can't remember my exact answers, but I think they were around £7,000 profit before Taper for the Pool Shares, £19,000 ish for the other shares and £26,000?ish for the land.

    I think I ended up with approx £39,000 subject to CGT equalling £8858 tax due.

    I only had Schedule A and the dividends for the Income Tax - no Schedule E.

    What did everyone get for Section 1? I had something like £1130 tax due? Not sure if I went wrong on the benefits in kind though.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    I think I got 1130 something tax due in section 1. Did we have to assume that petrol was paid for by the employer, as it said the employer paid all running costs?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    i got roughly the same answers as that, i was surprised they only had the car and fuel in the benefits in kind, i was expecting, loans and all sorts of stuff.
    I struggled with the share pool but always do!
    overall not a bad exam paper really even though i walked out at 10.30
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    i cant actually remember any of my answers although i think it was about £9k ish for the tax due. Did you take off the contribution of £2500 made by the employee from the vehicle list price?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    no i didnt i remember my tutor saying that if it is just a one off payment to the company then just ignore it.
    Did you take it off?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    sorry not tax due, assessible benefits... oh cant remember im making it up!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    I didn't take the £2500 off as I didn't think it applied to this tax year, but I did put a note in to explain my loigc. It's probably wrong!

    I also included the petrol benefit as it really wasn't clear what they meant.

    Did anyone else think it was slightly ambiguous?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    I didn't take the £2500 off as I didn't think it applied to this tax year, but I did put a note in to explain my loigc. It's probably wrong!

    I also included the petrol benefit as it really wasn't clear what they meant.

    Did anyone else think it was slightly ambiguous?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    I know what you mean about the benefits - I swotted so much on all the different things that could have cropped up!

    Yes - I added on the fuel charge as the question said all costs paid by the employer.

    I left about 10.45 - was convinced I'd missed something as I finished so quickly!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    I didn't take the £2500 off as I didn't think it applied to this tax year, but I did put a note in to explain my loigc. It's probably wrong!

    I also included the petrol benefit as it really wasn't clear what they meant.

    Did anyone else think it was slightly ambiguous?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    Yes I did. I didn't include the petrol to start with. I realised that I should have done when I got to the tax form. Luckily I had enough time at the end to alter my answers.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    I took the £2500 off the list price, which gave the vehicle list price as something around £16 or £17k, then I multiplied it by 20% and also calculated fuel benefit as a 20% charge of base £14400. the pension contribution i deducted off the gross pay after grossing it up ,and also increased the middle tax band to accomodate this.

    did anyone else do that?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2

    I deducted the £2500 as well. But as for the pension contribution it said that this was a private pension so i therefore grossed it up and increased the basic rate band.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:anyone back from ptc yet? totally messed up section 2
    teganmya wrote:
    I deducted the £2500 as well. But as for the pension contribution it said that this was a private pension so i therefore grossed it up and increased the basic rate band.

    Thats what you should do, I forgot about it (despite getting up at 5am and revising lol).

    I think I did enough to pass, but we'll see. I couldn't remember some of the simple thigs like the difference between liability and payable therefore I don't know for sure if I was answering the right question, but I think I've done enough (hopefully!)

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