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Hey everyone ! Hope your exam was very good.. just a little doubt about a question. To those of u who got poppy as q32 there was something about payroll benefits. Did we have to deduct the benefits as it has gone in payroll deduction?
Thanks guysHi I the question was to calculate the net income, not income tax liability..but I might be wrong
I was of the assumption that the information relating to the payroll deductions were related to the second part of the question which asked about how the the deductions are taken out ( I spoke about PAYE) and mentioned that it would be sent to HMRC via the P11D form.
Question 33 was related to long period of accounts. Anyone can recall how they went about their computation?
Hi the question 33 was not long period of account! It was 1 jan 2016- 31 dec 2016
wat were the answer for VAT mtqs
inwhich we cant claim input tax..? was it 1300..?Correct me if I am wrong but from my text I know the Corp tax year runs from April to March and they also included a short example relating how to work it out apportioning months.
Yeah Melissa but they specified that they needed the corporation tax liability of year ended 31dec 2016 . I may be Wrong but this is what I felt! There was no long account
I do not think it was a long account as well. It was the financial year 01.01.2016 till 31.01.2016.
Melissa, for Corp Tax. the chargeable period is called a CAP, it is not relevant to the tax yr, the tax yr runs from april to mar, the CAP is normally made up of 12 months and can start and end at any time during the year, sometimes the CAP can be short or long depending if the business is commencing or ceasing.
In section B question 16 which asked for the cost used to compute the chargeable gains what y’all got for that?
10 mark question.What did you do with 60 000 pounds being withdrawn foe the personal use?
CBE has 110 marks instead of 100, 10 marks are hidden so you don’t know which questions are not marked, it gets quite difficult to finish the whole paper, the time allowed if 3 hrs 20 minutes though, but still not enough as you are doing your working hand written on paper and then typing the same on computer, so you have a tendency to lose around 10-15 minutes in this. I managed to attempt 95 marks out of 110, thats 85 out of 100. So hoping for the best.
I feel it could be more time giving, sometimes you have to think rather than just jump with the answer. I felt like that.
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