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It was fairly ok. I have sat for this paper for more than 3 times I am sure of getting it this time and good mark too even though it was a tough paper!
Hi Dicky
Thanks for responding, on the giltz i miss read the question 🙁 So i think the 2500 is correct. How about the pension contributions was there a calculation needed for an annual charge? (as her employment income is above £210k so cap is at £10k and the pension contribution is £30k….?)
Also the car millage Benefit calculation were those the figures you received? Basically are there any differences in my answers compared to yours..I agree with your figures for mileage.
I don’t think she has exceeded the pension annual allowance because even though the pension allowance is capped at £10K for that year and her employer has contributed £30k taking her £20k over, remember there is £20k unused annual allowance b/f from 2013/14 to use in 2016/17 (you can go back 3 years) so once you utilise that – she hasn’t gone over the limit….
@huzaifa11 said:
For question 31 regarding Petula Employment income :1) Salary 230’000
2) Bonus (18600 + 22400) 41000
3) Car Millage (3000+5350) 8350
4) professional subscription (630)
Golf 05) personal loan (140)
6) Pension Contribution Exempt Benefit 0
7) Property (12000-420-1640) 9940
8) Room (8900-7500) 1400
9) Gilt interest 3000
——————————————————————————Total £292’920
b) Pension allowance is like the PA it is capped between income of £150k to £210k)
any income between that amount gets /2 and taken of the annual amount. income
above £210k then is capped to £10k.@huzaifa11 said:
For question 31 regarding Petula Employment income :1) Salary 230’000
2) Bonus (18600 + 22400) 41000
3) Car Millage (3000+5350) 8350
4) professional subscription (630)
Golf 05) personal loan (140)
6) Pension Contribution Exempt Benefit 0
7) Property (12000-420-1640) 9940
8) Room (8900-7500) 1400
9) Gilt interest 3000
——————————————————————————Total £292’920
b) Pension allowance is like the PA it is capped between income of £150k to £210k)
any income between that amount gets /2 and taken of the annual amount. income
above £210k then is capped to £10k.FOR 2, BONUS, I ADDED ALL THREE BONUSES BECAUSE IT IS SUPPOSED TO THE THE EARLIER OF DATE OF ENTITLEMENT OR DATE PAID, after looking at the dates, all were entitled or paid in that tax year so is dded all three bonuses
In section A does anyone remember the answer about the question of inheritance tax involving a brother and a sister.?
What was the first question of vat in section b?
@huzaifa11 said:
Hey guys can i have your intake on the Employment income (Petula) question and also Zhi Question. Much appreciated 🙂Just see the latest sample cbe exam on accaglobal. It has the same 3 questions with answer key and marking scheme…
You are welcome@dicky123 said:
Only 2 of the 3 bonuses are included in the computation as the first one Petula became entitled to in the 15/16 tax year (01 April 2016). The payment date for this bonus was in the 16/17 tax year but as you take the earlier of these dates, this bonus is excluded, so I agree with huzaifa 11 on this.Accrued income from the gilts I calculated as 4/12 (3% x £250,000) = £2,500 but it’s anybody’s guess what the correct answer actually is!
Yes it’s 2500… 100% sure
Hey
I’ve had a look and seen the questions but no answers. Can you post the link with the marking scheme please.
@huzaifa11 said:
HeyI’ve had a look and seen the questions but no answers. Can you post the link with the marking scheme please.
Click on sample computer based examination ( march/June 2017) there you would find the 3 questions. There would be an option of view solution above each question.
woahh you guys have good knowledge regarding this stuff. made me even more frightened! .how many of you made it to the june attempt? i m sitting in this september for the first time!
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