[supersonicsaint]

I also clocked the 5p per mile BIK

However hate to tell you but the VAT supplies were 100% zero rated. If you’re not making taxable supplies, there’s no obligation to register. Only a couple of marks though, I’m noticing where I’ve dropped loads reading people’s comments

@david1988 said:
Very tough exam.

Q1 I calculated extra employer NI and class 1A on the extra 5p per mile as only 45p allowed. Anything similar?

Then went on to take the 8000 machinery off as covered by AIA. Then calculated the taxable profits for each year. Then went on to calculate the tax and NI for Pippin. Dividend income was covered by the first 5000 rule so no tax. Then provided a summary at the end as sure there would be marks for doing this even if figures were wrong. Anyone follow similar process?

Some parts of the questions were tough. I said that for the shares she could use the capital method so this was the best approach. Sure she covered all the criteria. If benefits trade, sells certain % etc. Again may be wrong.

EIS relief effectively became void.

Vat 83000 limit criteria was in there. 35k a month revenue would have breached.

Anyone relate to any of this? Ha

[supersonicsaint]

For the 1b inheritance I think what the question was suggesting is that quick succession relief would apply if it came from the grandad’s estate because otherwise the 75k would be taxed twice within 5 years

However I had to read it about 5 times and still couldn’t work out how we were meant to know what estate it was from so I just said if he doesn’t know then tough, he won’t get QSR but he’ll pay 40% death tax – 4-5 year taper relief for his auntie’s death

[Author]

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