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I said you can opt to not be registered if you will be in a repayment situation every quarter but this could be an advantage as can claim input tax.
I didnt say opt. I suggested they register asap so they can claim input tax and help cashflow esp since they are a new company
Question 3 or 4 (cant remember)
Where the brother wanted to take 30k after tax dividend,did anybody treat the bonus as a payment to close participants and apply section 455 tax?
Really bugging me!I didn’t as it didn’t say anything about him paying back the bonus, the S455 tax only applies on loans to participators of close companies.
@gazeboz said:
Both standard and zero rated supplies are taxable supplies!Agreed zero rated need to be included in the 83000 workings so they did need to register.
Also mentioned the 6 month services rule, 4 year asset rule and current stock rules too for benefits. Other benefits were they wouldn’t have to increuse prices and obvs could start reclaiming input VAT. Anything write similar for this?
@jl8222 said:
Question 3 or 4 (cant remember)
Where the brother wanted to take 30k after tax dividend,did anybody treat the bonus as a payment to close participants and apply section 455 tax?
Really bugging me!I remember that this asked got 30000 after tax proceeds. The guy was high rate tax payers so 40% tax and 2% NI. Before tax amount would be 100/58 * 30000 then calculated employer NI on that amount as was cost to company.
The dividend did have any effect on the company with regards to employer NI.
That is what I did too, what did you put for what was better strategy A or B and there was a surplus needed for both years?
@hzfd said:
That is what I did too, what did you put for what was better strategy A or B and there was a surplus needed for both years?I ended up with quite similar answers for both methods lol.
Must have done something wrong somewhere. Aahh well hopefully scrape together some marks.
Also for IHT I said the guy was resident as was previously 17 out of last 20 years.
Other residency based question I wrote that he needed 3 ties but in reality only had 1 in the form of his father being in UK provided he was still alive.
My answers really did appear to be a bit of a mess at times. Hard exam indeed.
I think I mucked up as still had the lose for the opening year in strategy b, I did the same for iht and the ties but completely mucked up the overseas tax just took it off after working out the iht as no double tax treaty instead of doing lower off, also did the ppr which i know was wrong versus the market value on April as the cost which I think that bit is right. Oh well very depressing coming away from it with knowing I guessed at a lot of the calculations.
Anyone out there do the irish version q1 was a nighmare id like to see what people did for it?
Question 1a was awful, I spent so much time trying to work out what the question was asking. It would have been better if it was broken down with a bit more guidance in terms of marking. I went along the same lines as other people have and the rest of the paper was ok but for 20 marks, being so badly worded and like no other past questions, they’ve left it pretty hard to recover from if it’s not been answered as they wanted. September resit for me. Very frustrating as I worked so hard for it
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Awful exam, my last paper and the first one I truly think I’ve failed. Got very lost by what was even being asked in 1a and 1b, ended up doing workings for the 8k capital allowance and the cost of the employees. Like someone else said, I only charged NI on 5p per mile, but have included the whole payment as an allowable trading cost for IT which I know is wrong and is really annoying as I did it right then doubted myself and crossed it out!
Also left q1 till last, and realize I didn’t calculate Pippins own NI or write much about how to treat the loss, dropped easy marks there.
Q2 also seemed a little weird, 18 companies in the 51% group would mean all except one of the companies that we were given a turnover for was over the threshold, had no idea how to limit the payments on installment in that situation…
I chose 3 and 5 as options, 3 at least was decent, ties test, little bit of IHT and a little bit of CGT. Only part that I’m really worried about there is the last part which looked like a PPR relief issue but the question made it sound like there’s a different way of calculating gains for non-residents or something.
Can’t remember what q5 even was, whole thing is a blur…
Hi walshy2009
Finally I found someone who done the Irish paper!! 🙂
I didn’t find Q1 too bad but was totally stumped on Q2.
I also done Q 3 and Q5.
I think the paper overall was ok but I’m not sure if I done enough. I didn’t leave any part unanswered but I’m afraid in case I just waffled on too much and strayed from the question.
What did you think of the rest of the paper?
Hi leanne
Ye question 2 was hard enough for the part a i think i said they could get holding exemption and part c it was about chosing to purchase the shares of the company or just buy the assets if they buy shares they have latent gains etc..
I did Q3 and Q4 i did a fair bit of waffling aswell alrite wasnt sure if it was right but hopefully some of it was.
What did u do for Q3 part a it was about the newspaper part of the company leaving and setting up a new company wasnt sure wat ta write there?I think I had put about it needing to be 75% to be a consortium so the couple selling their shares to a holding company.
Possibly miles off the Mark!!Could be right i cant remember wat i wrote but didnt tink it sounded rite at the time..
Least we dont have ta wait as long for the results now! Just do it again in september if its not good news..
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From what i can remember of the exam, I did my options first (3 & 4) which were not so bad. Then on to Q1..took a while to figure out the connection of the summary of the left to the info on the right page. Spent a lot of time working out the figures because I did them separately.. which i think they meant for us to do both strategy together given that there was no basis period profits to work out because the year end is the same as the tax year really. so the calculation could have been done as how it was set out in the summary given in the question, which would have saved a LOT of time! Ended up only doing part (a) of Q1. Just hoping that I pull through given that I left out 16 mrks in total.
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