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@thelastfinalist said:
I assumed the losses took into account the salary although thinking back probably should have read it carefully. I also carried the loss back 3 years to the higher rate earning salaries of 80k and 90k but I’m not sure if this is correct at all.I wasn’t sure what to do about salaries. I carried back on opening year relief and in doing so this also allowed the reinstatentnt of the restricted personal allowance of the second year
@thelastfinalist said:
The question that really got me was the laptop cash lump sum and rent paid.Didn’t know where I was going in that question
I said the lump was taxable. Then the post tax cost I had the cost of the kump sum, rent and the other benefit. Then deducted the corporation tax saved from the expenses as well as the allowable deduction for the class 1 on the lump and class 1a on the other 2 things. Never seen a question like it
On the corporation tax, question#2 they have asked you for one year capital allowances cause building and plant and equipment purchased on the same year
@jennie1984 said:
I wasn’t sure what to do about salaries. I carried back on opening year relief and in doing so this also allowed the reinstatentnt of the restricted personal allowance of the second yearI don’t remember a restricted personal allowance? The earliest two years was £80k and £90k with no dividends so I’d assume there would be not restriction under £100k?
Must have missed something
@7122517f said:
On the corporation tax, question#2 they have asked you for one year capital allowances cause building and plant and equipment purchased on the same yearI did two years because the aia didn’t cover the full amount so some wda was needed for 2nd year
No we don’t require to calculate capital allowance for two years in question 2 Cause building and plant and machinery purchased on the same year
@7122517f said:
No we don’t require to calculate capital allowance for two years in question 2 Cause building and plant and machinery purchased on the same yearBut you only get AIA for 200k a year acquisitions was 160k plus I think 230k?
Second year totalled 106000 I thought so was a restricted to 8850 PA. I used the aia against the special rate. Then wda on remainder. Then wda in year 2 on both
Yes AIA doesn’t cover but cause it was more than 2 lakh pounds…. U always have to take for two years capital allowance if that purchase occurs in different years or disposal occurs on different year
@jennie1984 said:
Second year totalled 106000 I thought so was a restricted to 8850 PA. I used the aia against the special rate. Then wda on remainder. Then wda in year 2 on bothI must have picked up the wrong figure then ?
Yes I did 230(200) then wda 8% and 160 (0)aia then wda 18%. Then just wda on the TWDV Bf in year 2
@jennie1984 said:
Yes I did 230(200) then wda 8% and 160 (0)aia then wda 18%. Then just wda on the TWDV Bf in year 2I think we should have covered the integral features first sadly I didn’t think about this til after. It’s only 8% wda so better tax savings to use Aia first.
I did 160k off Aia then the rest of building and put integral features in special rate for wda.
I took the aia off the integral features rather than the p&m, applied 8% to balance and 18% to p&m. What did ppl do about research and development in 3?
@jennie1984 said:
Second year totalled 106000 I thought so was a restricted to 8850 PA. I used the aia against the special rate. Then wda on remainder. Then wda in year 2 on bothI did the same for both of these 🙂
@thelastfinalist said:
I don’t remember a restricted personal allowance? The earliest two years was £80k and £90k with no dividends so I’d assume there would be not restriction under £100k?Must have missed something
There were also 16k dividends in year with 90k, so total 106k
@cat2436 said:
There were also 16k dividends in year with 90k, so total 106kWhoops think I missed that
Only a tiny thing, easily missed things like that. I know a few things I’ve not done right
I think it told you in the question they were small, so thats how i did my r&d. I said the specialist equip was capital so wouldnt get additional 130%
I did the same for capital equipment and took it out the extra 130% and said a balancing charge would arise on sale however I think I accounted for it twice at 100% oops. Then I only allowed 65% of subcontractor for the additional relief. Feel like I spent ages learning remittance, eis/seis/vct, cfc, close, purchase of own shares as well as overseas for little to no mention.
For the r&d question the prices were exclusive of VAT and it asked for the VAT implications, were any of the items qualifying for the capital goods scheme and we needed to do a first year adjustment
Ah I thought about the capital goods scheme and even wrote it on my note on question paper but then with not having any break down of what the supplies were I didn’t go back and explore it any further. Probably should have….
@daniellefletcher said:
For the r&d question the prices were exclusive of VAT and it asked for the VAT implications, were any of the items qualifying for the capital goods scheme and we needed to do a first year adjustmentDamn i didnt even think of that, i dont remember there being any land and buildings or computer equipment though?!
As I remember the capital goods scheme is for partially exempt supplies and I do not remember to see anything about having exempt supplies
Vat implications of registering voluntarily- I said avoids penalty interest from registering late, they can disguise size, they can reclaim input, it wojtceffect competitiveness as it said all their customers are vat registered
@jennie1984 said:
Vat implications of registering voluntarily- I said avoids penalty interest from registering late, they can disguise size, they can reclaim input, it wojtceffect competitiveness as it said all their customers are vat registeredWhat question number was this one?
I’m pretty sure I wrote exact same as you
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