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🙂 70% lool didn’t expect that after all people saying how awful exam was , thanks OPENTUITION 😉
Well… hope he is enjoying it 😀 do you know when acca will give answers out ? Or when tutor will be back from holiday ?
Just received from my tutor regarding Q1 !! I did just he said so
Remember for partnerships I calculate the profits (and capital allowances) for the period of account.
Hence they would have calculated the profits for the partnership for the year and also the capital allowances for the year to get the net adjusted profits.
They would then take these profits and split between the partners for the first 9 months (based on the profit sharing agreement and salaries etc) and then do the same for the 3 months after one of the partners left.
Only then, when you have the portion of the total profit for each partner, do you apply basis period rules for each partner.
Hence, to answer your question, you would have calculated the capital allowances with one calculation for the whole year.
Dan the question said that landlord assessment has been calculated correctly… Therefore 51-15/50 was done by company correctly but after that they divided by 12 and not 15.. that’s how I understood…
Some theory…
Penalty for late return VAT
I put 10% since it was first time… 1st time no penalty second 2% third 5% then 10% right ?
Why company will have to pay in quarter in slat mental ? Cause augmented will be above 1.5 million ??? Maximum that can contribute to pension was 68 000 cause he has earnings 78 000 and already contribute 10 000 hm.. ? Tax relief 46000 made of 40 000 for this year and 6 from previous ??? Paper bast return 31/10/ and 31.1. ???Anniebabe I messed up that question 2 so hard but it was only 12 marks… In question 5 …unused NRB 40% … DID U TAKE 40% FROM 325 000 ?
She hold 8 000 out of 100 000 so 8% and has been employed as director since 2007
We should choose the highest net proceeds from 3 alternatives … gain – tax paid …I suppose
In question 4 …that first section a first calculate tax liability for both companies separately using up er limit 750 000 a lower limit 150 000 ant then together as one company with upper limit 1.5 m lower limit 300000 savings were 30000tish ? Anybody else ?
I added back as not allowable for deduction… If the building would be in the state that can be used strait then it would be allowable… hope so… also add rent received on 1/4
Hi guys, how did u calculate that cost of the land ? I calculated cost of that first acres sold and then just deduct this from total cost Haa ??
