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How it come 20%?same rate to gp for wda nd u mixing two question,21700 base cost for fuel surcharge nd FYA is capital allowance
@sherrydada123 said:
Well 22100 x 20% not 18% lol
and even if it is USED CAR the FYA will still be charged and taken to Capital Allowances.I don’t think whether the car is new or second hand matters for FYA … wonder if it should be time proportioned though as the write down in 100%
The computer probably qualify as AIA but I don’t think I used it.
I allowed all of the moving expenses and medical expenses … think there was a past question with similar figures so don’t think either were over the limit if they both employment related.
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FYA is never time apportioned.
Are you sure car doesn’t need to be new for FYA?
I didn’t time apportion it either … No mention in the criteria of it needing to be new so i’d say it qualifies.
@gavin23 exactly i allowed and added medical and running cost oh i mean moving expenses
Fya is only available on new unused cars it is not applicable to second hand cars even though it is low emissions I have checked the Kaplan book to confirm this.
To qualify for FYA two conditions apply 1 car must b new 2 limit of co2
@suf23 said:
FYA is never time apportioned.Are you sure car doesn’t need to be new for FYA?
Capital allowance wasn’t required to calculate for a car because was sold. I think car was not computer. I don’t remember question now. I hooe I’ll pass. Good luck everyone!
@rishavagrawal, how the hell did you remember all your answers for the multiple choice questions?
Overall I found the exam to be difficult to say the least. I was expecting a lot more working out (calculation) type questions but instead got mainly essay type questions.
At this point I’m just hoping that I pass.
Sale proceed always comes after allowance calculation?not sure of it
@anniee85 said:
Capital allowance wasn’t required to calculate for a car because was sold. I think car was not computer. I don’t remember question now. I hooe I’ll pass. Good luck everyone!- Topics: 29
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yes, that is what i thought. thanks for pointing that out.
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see ya guys 16th Jan !
“March on. Do not tarry. To go forward is to move toward perfection. March on, and fear not the thorns, or the sharp stones on life’s path. ” – Khalil Gibran
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Sounds pretty much correct to me, although I doubted myself a lot. I put the Medical exp., then took it out, cause I knew its exempt up to $500, but in the end I put it back again.
Ugghh…@ritaalbu said:
Section C, Q31, amount of max additional contribution 94K, as max is relevant net earnings, and 62K c/f in 2016-17? and max limit for ISAs 15,240 (didnt time apportion it as the limit is annual, therefore he could invest max in 30 days, but nothing afterwards?)I think the ISA answer was £30480 (15240*2) They told us to assume the day was 15th of March and he wanted to know how much to contribute in the next 30 days. He could contribute the first £15240 for the 15th March to 5th of April for the 2015/2016 tax year (since he hadn’t already done so before) and the second £15240 for 6th April to the end of the 30 days for the 2016/2017 tax year.
As for the maximum contribution answer, I totally forgot about the relevant earnings limit. I wrote that there wouldn’t be any annual allowance for him to carry forward to the 2016/2017 tax year. That’s 5 marks lost. Oh dear.
@gavin23 said:
I don’t think whether the car is new or second hand matters for FYA … wonder if it should be time proportioned though as the write down in 100%The computer probably qualify as AIA but I don’t think I used it.
I allowed all of the moving expenses and medical expenses … think there was a past question with similar figures so don’t think either were over the limit if they both employment related.
I read in my BPP study pack that it DOES matter if the car was new or second hand.
Yes, FYA was wrong call. Also got the moving and medical exps wrong (capped at 8000 and 500 respectively).
Can’t remember but were they one or two mobile phones in the question?
@gavin23 one mobile phone
Was the advertising expenditure supposed to be subtracted to increase the operating loss of the company? I felt it shouldn’t since it wasn’t incurred in that period. And did anyone time apportion the lease paid by the company?
Expense related to business with in 7 year period of starting business is allowed expense,premium was 15 year year,final figure divided by 15 for year 15/16
@chiks said:
Was the advertising expenditure supposed to be subtracted to increase the operating loss of the company? I felt it shouldn’t since it wasn’t incurred in that period. And did anyone time apportion the lease paid by the company?Premium I did divided by 15 times 8/12, time apportioned to the no of months, as it should not be the annual amount . Advertising expenditure deducted yes.
Property loss did not include interest on property loan as it should go to interest receivable, not property income, you guys did the same?
ThanksPremium is not pro rated, pays annually,not sure about interest
@ritaalbu said:
Premium I did divided by 15 times 8/12, time apportioned to the no of months, as it should not be the annual amount . Advertising expenditure deducted yes.
Property loss did not include interest on property loan as it should go to interest receivable, not property income, you guys did the same?
ThanksWell, I pro rated it because the period wasn’t up to a year and the premium is paid for each year. I thought it was a 10 year lease, though. That’s what I saw.
I totally forgot about the ‘expenses incurred 7-years before the business starts are deductible’ rule.
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