PTC Benefits in Kind

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Did anyone deduct the capital contribution for the cost of the car from the list price before applying the % for car benefit, which was 20%

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Benefits in Kind

    Hi,
    Yea I did! So did the other people I was doing the Exam with, 20% is what I got as the percentage too. So if you did that and so did me and my mates then we must be correct or we aren't being taught correctly!!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Benefits in Kind

    I deducted it aswell but not sure if this was the right thing to do though!! I hope so!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Benefits in Kind

    I deducted it too.

    What did everyone do with the entertainment amount in Section 1 which was reimbursed by the employer.

    Also, In Section 2 what did you all do with the car in the final part, as I thought it was exempt.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Benefits in Kind

    I deducted capital contribution from list price for car.

    Expenses, put in then took out as it had to show twice on the tax return.

    Car was exempt
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Benefits in Kind

    Did you add it into the benefits on the Sch E
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Benefits in Kind
    mia wrote:
    Also, In Section 2 what did you all do with the car in the final part, as I thought it was exempt.

    Yes, the vintage car was an exempt disposal.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Benefits in Kind

    I did
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Benefits in Kind

    I did
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Benefits in Kind

    I also put the expenses in then took it back out again. Also I deducted the contribution for the car before applying the percentage. As for the vintage car it is exempt from CGT.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:PTC Benefits in Kind

    Yes i did because the expenditure were inccured at the time of purchses and it was capital nature so rule is if there is any capital expenditure deduct from list price of car

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