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Its better to be pre-prepared 😛
I didn’t do Q3 (didn’t know anything)
Messed up Q4 completely (so 0 marks)
Q6 and Q7, i wrote very less detail
So i think altogether it may barely be a pass 🙁About the last partnership Q.
I think Jo was only liable to the amount of capital injected (She was a limited partner)
The rest of the two would be Jointly and Severally Liable to contribute to the debt.Someone earlier mentioned about PPR for Q5.
I think it was not available as it was never occupied as his main residence and was always rented.<cite> @vipulv said:</cite>
Question 2 UK TAX : Capital allowance bf figures (TWDV) then had sales and cost…….did people use all the sales value? …..
and question also said the cost has previously been included (does this mean we ignore cost correct?) …..One of the sell I put into main pool and other into special.
The purchase:
One had FYA 100% the other was just main pool?
Question 2: I think there was also only two Zeros. Rest were all Disallowed including pens/customer/overseas entertain.
Please confirm someone 🙂
I can sleep better lol.
The vehicles sold had to be reduced at lower of cost and selling price.
Yes, one had FYA and the oher was main pool.
Q2. I dpnt remember exactly, but yes, most were disallowed other than repainting and free advertising in charity.
<cite> @mohamedd786 said:</cite>
Shouldn’t the Personal Age Allowance have been reduced as Net Income was over 25400?The PA is 8105 minimum.
It further reduced if income increases 100,000.Personal Age Allowances (10,500 and 10,660) reduce if income increases 25400.
<cite> @hufckinger said:</cite>
I think that we had to find the liability – this was roughy:Pension 8000
Interest (received GROSS) 21600
Less PA: (10500)
2710 @ 10%
remainder at 20%There should not have been a repayment.
Oh shit, forgot the starting band 🙁
The balancing charge had to de deducted from allowances i think.
About Q1 in wife’s income tax, did we have to find income tax liability or income tax payable / repayable?
(Main Pool + Motor Car 2 – Motor Car 3) * 18%
(Special Pool – Motor Car 4) Balancing Charge
Motor Car 1 * 100% (FYA)Messed up all pensions in Q1.
Lost 2-3 marks in Q2 VAT.
Left Q4 completely.Rest was all good.
<cite> @puritee said:</cite>
Am I wrong in thinking that the replacement asset cost was lower than proceeds of both warehouses, therefore chargeable gain on both occasions?No, you are right.
There was a gain in both situations. The amount of gain differed in both, though.<cite> @dannyw1984 said:</cite>
still confused about the PET and the £300,000 NRB – was it to be taken off or not?As mentioned earlier by others, the nil rate band which was given in the Q was not applicable here. Only the death tax was to be calculated as it was a PET.
<cite> @charlotteo said:</cite>
I thought that only 2 companies were associates: I think they were Are and Can (Greenzone owned 60% and 90% I think?)
The other UK co was only 40% owned.
The other co was not a UK company – I was not sure on this though. I thought overseas branches were fine, but overseas entities were not.There were 4 in the group, because the only rule is >50% shareholding. Residence status is irrelevant.
So that makes 3 associated companies + 1 the parent itself.<cite> @charlotteo said:</cite>
No, the scale charge for the ¼ was inclusive of VAT. Therefore the £50 VAT element was to be added to the output VAT only, I thought?The 300 was the amount? Damn! I thought it was the VAT, shit.
I am losing 1 mark per comment 😛The nil rate band given in the question was irrelevant as it was a PET (Potentially EXEMPT Transfer)
It is only relevanf for CLTs because they are chargeable when gifted.In the VAT Private Fuel, the full 300 was deductible, right? (as it was already scaled for the quarter)
<cite>@faranjamal said:</cite> On the cover page of the answer booklet, you have to mark the questions you attempted; I forgot to do that! Will that make any difference?</blockquote
i did that too yesterday , rang acca and it wont matter – all your questions will be marked .
…That…
<cite> @mor112 said:</cite>
about what??Thanx!! Now I can sleep easily!
<cite> @ncdd said:</cite>
<cite> @bindugorasia said:</cite>
For the UK variant did anyone get Rhonda’s income tax as a repayable?Didn’t the question ask income tax liability and not payable/repayable?
Last 3 years leftover allowance was also available. So that increases the amount of contribution.
On the cover page of the answer booklet, you have to mark the questions you attempted; I forgot to do that! Will that make any difference?
According to my knowledge, if it asks for Sales Mix Profit variance or Sales Mix Contribution variance, then we have to multiply by that, but in this question, it asked for Sales Mix variance. (did not specify Profit / Contribution)
Yes, sorry, there was no yield..but still this kind of question with revised standard and mix both has not been asked before, so I am not sure which price did we have to multiply it with.
In variances, which selling price did we have to use?
I used the revised standard (avg. market price). Operational variances and mix and yield were never asked together before.