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Many thanks John!
I don’t understand why LSBF didn’t mention that on their lectures!!!What did you do with respect of the pension contributions??? The amount was above the limit and I added the excess to the Income computation, did anybody do that?
@zohaib03 said:
what was the correct treatment for the pension income?Well, I am not too sure but I believe pension income, is still taxable for Income tax, but there aren’t any NICS deducted from that Income
Being 100% business use, I deducted it as an expense when calculating the Income tax as a sole trader, but I am not too sure now if that’s what I had to do! lol
For the chargeable gains there was:
The nil cost/nil gain spouse transfer of the house.
The shares on gift relief limited by the fraction business assets/chargeable assets.
The vase, 5/3 chattel rule.
The disposal of the land, with the fraction (a/a+b)* original cost, to calculate the cost of the part soldThere are 2 x 15 marks questions.
One was Patience Income tax computation, and the one was the Ltd company, and the calculation of the corporation tax for three fiscal years.Failed with 49% 🙁
I studied like I never had studied before for this exam so it was disappointing, I will re-sit in March and I will try to improve my exam technique.
I really like this subject although I find it really hard because of the huge amount of information, rules and exception to apply
Many thanks for the reply,
Yes, I have watched the lectures and everything is clear now (much clearer than with the private tuition provider I’m using!)
Many thanks for your reply,
In that case I am really confused about the Dividend rates that appear on the TAX RATES AND ALLOWANCES provided in the exam.
There are different Dividend rates depending on the Income band, when are we supposed to use the different percentages?
Many thanks for your reply!
The example I saw was on KAPLAN’s Textbook page 129 example 2
The employee was provided with the house on the first of July 2013. The cost in 2010 was £200,000 and the annual value £3,000. Official rate of interest is 3.25%.
The basic charge is £3,000
The additional charge (according to the textbook) is (200,000 – 75,000) x 3.25% , but I thought it should be (200,000 – 75,000) x 3.25% x 9/12 = £3,047 (rounded up)
Good afternoon,
I have a question regarding the FYA and WDA.
If a company buys a low emission second hand car, I know they won’t be entitled to the FYA since the car has to be new, but could they claim the 18% WDA on that accounting period? I would think they can, but I would prefer to double check it with you :).
Many thanks!
Many thanks Jon, I will do.
BA II is basically a financial calculator, since it can calculate PV, NPV etc I am not sure it could be accepted although it isn’t specifically stated in the exam conditions.