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Sir, is my calculation right?
Use of asset:20% of £3600=£720
Gifts of asset: higher of £1000 or £2000-20%of £3600 multiplies 17/12(£980)
Therefore, the total amount of taxable benefits would be £1720Hi, tutor, does that mean every car should be exempt when it comes to calcutating the capital gains?
Here are what I think..
1. For 15/16, losses of £20000 should be carried forward against £25000 at full. (£25000-£31865) is saved from the higher rate tax.
2. Concerning the relief of trading losses against capital gains, here is what the lecture book says:’ the relief is an extension to current year and carry back relief against total income…’ Pay attention to ‘and’. In normal claim,we deduct trading losses against current and/or previous year. As for this relief for capital gains, the condition that it’s only relieved from capital gains after the relief is set against current and previous year. As in tax year15/16, total income is less than personal allowance, therefore, the beneficial way would be leave the income to PA instead of using trading losses from 14/15
Hope this will help…Here is the rule: the capital losses at first should be relieved from the current year’s capital gains at full level(no partial relief) , which means current year’s annual exemption would be lost. After deducting losses against current year, any remaining should be carried forward against next year’s capital gains, but only to the level of 11,000(maximum), to allow AE to be deducted.
If pension contributions should be restricted to the higher of RE or 3600 of gross contributions, and only this one will attract tax relief. Any excess will not attract tax relief.
About receivable.
Loan interest receivable £32800. Accrued @1April 2014 £10600, accrued @31March 2015 £11300. This two figures are ignored. Why’s?I think it’s because the loan is for trading process, then the interest paid accrued at1April 2010 should be deducted from trading profit instead of interest income…
Are you sure you have copied the question correctly?
If the last number 21 (lived with sis) is changed into 3 and the top one 16 is 34, then they will charge 10 of working overseas(second peoriod). If it’s the number you showed here, I think it’s 12 months they need to charge.
Because no actual occupation follows it.Hi,this is about the lease rentals on cars with CO2 emission exceeding 130g/km(140g/km.),therefore,the disallowed amount is 15%of the lease charge p.a. So, it’s 15% multiplies £3200 (£480)that’s disallowed. The allowable,therefore, is £3200-£480
Oh, I’ve been silly…..
$1.55m is revaluation surplus,
But the answer added $1m instead of $1.55m.
I assume that there is no depreciation charge according to the question and the answer…….
?
It did happen in BPP revision kit…
Probably the answer is more beautiful if $1m is used.
?
Hope the exam won’t make me crazy like that..sir, can I write this down in my answer paper?
PUP:
5,000/5(1,000)
_______4,000
or I need to calculate it in details?
So in 3yrs, the total figure be added in NCL in sofp is
yr1 1680+101(1680*6%)yr2 1781+107 (1781*6%)
yr3 1888+113(1887.86*6%)
am I right?
so, scrap value should be deducted from both 60 and 65.
and
when I do the CSofFP, I can just calculate pup in this way:
5,000/5(1,000)
_______4,000
right? ‘cuz it’s what you are suggesting in the lecture.:)
Sir, Can I really really write down the same abbreviations as in your lecture?like ret ears/pup/rev/pat..etc, because I am only using opentuition.com and BPP revision kit to help with my exam, I need to be 100% sure:) Thank you!!!
The question actually is :W required 80%of C on 1Jan20X8. At the date of acquisition C had a building which had a fair value $22m and a carrying amount of $20m. The remaining useful life was 20yrs. At the year end date of 30 Jun 20X8 the fair value of the building was $23m..
C’s profit for the year to 30June 20X8 was $1.6m which accrued evenly throughout the year.
W measures non-controlling interest at fair value. At June 20X8 it estimated that goodwill in C was impaired by $500,000.workings in the answer page include $1m, which it says to be revaluation gain. This $1m must be ($2.1m-$1.1m) ,right?
><shouldn’t depreciation be half of $1100000?
(btw, did I calculate comprehensive income correctly?)
say the profit in post-acquisition is $1.6m, then the total comprehensive income should be $1.6m-($22m-$20m)/20yrs+$2.1m-$1.1m
am I right?and
your working:$20,900,000 ($22,000,000 less half a year depreciation of $1,100,000)
why the depreciation of $1,100,000 occurred?
Is it because we are going to sell the building at the end of this year? (remaining life of 19yrs is not considered.)
