[cat2436]

@daniellefletcher said:
For the r&d question the prices were exclusive of VAT and it asked for the VAT implications, were any of the items qualifying for the capital goods scheme and we needed to do a first year adjustment

Damn i didnt even think of that, i dont remember there being any land and buildings or computer equipment though?!

[cat2436]

I think it told you in the question they were small, so thats how i did my r&d. I said the specialist equip was capital so wouldnt get additional 130%

[cat2436]

@thelastfinalist said:
I don’t remember a restricted personal allowance? The earliest two years was £80k and £90k with no dividends so I’d assume there would be not restriction under £100k?

Must have missed something

There were also 16k dividends in year with 90k, so total 106k

[cat2436]

@jennie1984 said:
Second year totalled 106000 I thought so was a restricted to 8850 PA. I used the aia against the special rate. Then wda on remainder. Then wda in year 2 on both

I did the same for both of these 🙂

[cat2436]

Yea i think you are right using 2.60, i used 2.34 because i thought they were allowed up to 10% discount, but looked through my book and it doesnt say that so not sure where i made that up from!

I said the 10k paid to the lady before she started work was just extra taxable employment income. I used 9/12 of the annual charge but think i should have used the total of rent paid to work out class 1a and i did 20% of the laptop.

[cat2436]

@thelastfinalist said:
I assumed the losses took into account the salary although thinking back probably should have read it carefully. I also carried the loss back 3 years to the higher rate earning salaries of 80k and 90k but I’m not sure if this is correct at all.

I couldnt decide whether the salaries were already in the loss or not so just guessed and took them out again. Yes then i used the loss against the oldest of 3 years first and mentioned the part of his personal allowance lost in the second to last year could be reinstated.

Part a of that question i only had a very small tax liability against the emi shares maybe 2000 ish so after tax proceeds were in the £70-80k region

[cat2436]

@thelastfinalist said:
Group relief without wasting dtr i did £55000-5158= 49842 relief for parent company

Trick with that question was to bring the uk tax down to the same value as the foreign tax which was 7000×14% =980

£5158 x19% =980

I did the same as you. I had no tax for either company for first two years and still quite a big loss carried forward.

Can anyone remember any other answers? For q4 i deducted the 40k salaries from the 47k loss to make the loss 87k before spliting it 3 ways, no clue if tht was right. I then put 4 months into 18/19 and 8 months into 19/20?!

[cat2436]

I quite liked the cashflow question, the only bit with numbers! Think i got 339 as my answer. Q2 and 3 were hard, i wasnt sure whether to talk about level 2 and 3 valuations of whether it should b future cashflows as leased for full uel. The tax part of q4 was awful, for all those marks, i genuinely thort they had put an advanced tax q in our paper by mistake.

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