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Yea but i assumed he carried forward in 2015-16 unused allowances for max 3 years as he was member of the scheme, hence c/f 50000-6000 X 2 (for both 2012/13 and 2013/14) but might have been wrong judgement…
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no worries. most likely only 1 mark.
I did the same for the capital contribution towards the list price.
I didn’t realise that the car was second hand either and gave it FYA!
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In Q #33, when we were told about the used computers bought for the capital allowance computation, did they give information about it’s current market value to throw us off?
Ofcourse! damn, I forgot it was 3 years not just the prev year. Oh well, there’s always resits! Whoops
Q5 I put A, also found this definition to back it up: An Extra-Statutory Concession is a relaxation which gives taxpayers a reduction in tax liability to which they would not be entitled under the strict letter of the law. Most concessions are made to deal with what are, on the whole, minor or transitory anomalies under the legislation and to meet cases of hardship at the margins of the code where a statutory remedy would be difficult to devise or would run to a length out of proportion to the intrinsic importance of the matter.
anyone agrees?:)
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yes, I chose A for mcq #5 as well.
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Yeah, I multiplied the amount they actually paid for the comps by 3.
I ignored the part where we were told about the full price of the comps.
The exam was so difficult! Nothing what I expected!!! Ohh there were so many questions on benefits 🙁
What happened with medical insurance was it taxable!I done same with pension went back 3 years .. 2 x (50K – 6K) and (40K – 6K)
Put car 1 in as FYA too.
Was one of the PC discarded? Think I left one out. Put other two in an SLA column at allowed 18%.Paper in general was fair enough. First time I was never stuck for time at end.
What was the advise in the CLT’s into the trust? … I put that he should gift 325K to it every 7 yrs and would have no iht liability as he was fairly young etc
Home Entertainment .. I put cost * 20%
Was it medical insurance or medical bills .. medical bills to return to work are allowable.
What was the incorporated answer .. I said they weren’t as all control overseas.
Guessed the ISA one but never realised it overlapped the tax ye.
@suf23 said:
A very different style exam.Couldn’t agree more.
Yh computer bought on discounted price 400*3 but he also mention computer sold on discounted rate I’m confuse here,computer qualify for AIA nd create allowance of 1200 but after we deduct 1200 from gp as well??
@suf23 said:
I was slightly confused about that, FYA is for new cars. So i decided the put ‘motor car 1’ in the main pool. not sure if right.18% was the right percentage.
I deducted the employee contribution from list price as well.Thats exactly what I did . Hope for best
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All the best for 16th Jan! 🙂
How was the moving expense for taxable benefit? Up to 8000 is exempt and the excess amount will be taken as taxable benefit… is that correct ?
Correct, the remaining 2600 was taxable. The way i ve done it:
Alice – 18%, list price less 5000 contrib, fuel 22100 * 18%, mileage allowance not taxable benefit
Claude – private telephone exempt, home system cost less 20% * cost (probably not right)
Buma – loan ( 30000 plus 18000 )/2 * 3%, less interest paid; 18000 as repaid 12000 throughout the year
Denise – 2600 only taxable, medical costs exempt up to 500 per annumThen computed * 13.8% for each to get class 1A
Anyone else agrees on the above?
It was an ok exam…..the written parts were cheaper than expected.Unfortunately, I spent too much time on the tricky Objs.
I bet it is better to start with the written questions.@ritaalbu said:
Correct, the remaining 2600 was taxable. The way i ve done it:
Alice – 18%, list price less 5000 contrib, fuel 22100 * 18%, mileage allowance not taxable benefit
Claude – private telephone exempt, home system cost less 20% * cost (probably not right)
Buma – loan ( 30000 plus 18000 )/2 * 3%, less interest paid; 18000 as repaid 12000 throughout the year
Denise – 2600 only taxable, medical costs exempt up to 500 per annumThen computed * 13.8% for each to get class 1A
Anyone else agrees on the above?
Yh did exactly same,home entertainment only 20% cz employer provide employee for normal usage,nor gift nor employee paying back…hope for bestI dont exactly rememeber the % for that i do know that list price was to be subtracted and then the percentage.
Also yea they had mentioned that the cars were second hand right above the “table” for the cars’ CO2 emissionsWell 22100 x 20% not 18% lol
and even if it is USED CAR the FYA will still be charged and taken to Capital Allowances.
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