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I took the amount for salary with a zero less..assume the amount is 100000 and i wrote 10000 by mistake due to which my income tax came nil..all other workings according to the amount i took are correct, so how many mark will i lose? will this mistake be carry forward?
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ques 4 part A…was difficult.anybody did that easily ???..
question 2, corporation tax,,just wondering now did the question ask for the corporation tax liabilty to be calcuted at all? i didnt do it but now im thking if didnt read the question properly?
IT salary was £15,100 over eight months as far as I can remember. So £10,667 was salary – which gave me a vastly overpaid PAYE? So tax was refundable? Anyone else get this?
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@cjw1 said:
IT salary was £15,100 over eight months as far as I can remember. So £10,667 was salary – which gave me a vastly overpaid PAYE? So tax was refundable? Anyone else get this?have i misread the question i put it as £15,100 * 8 months as i thought she was paid the 15k per month :S
i ended up with something like 26k payable after PAYE, Savings and Dividend credits
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it was if sophia went to a ltd company and effect on tax and nic savings if she i) took the 80k trading profit as directors remuneration and ii) if she took £64k(net of corp tax) as dividends.
I massivly struggled on this that i vaguely remember what i wrote
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@cjw1 said:
IT salary was £15,100 over eight months as far as I can remember. So £10,667 was salary – which gave me a vastly overpaid PAYE? So tax was refundable? Anyone else get this?i was getting an overpaid PAYE but by mistake i took the amount of 15100*8=120800 as 12080 🙂 i don’t remember whether it was 15100 for 8 months or per month.
what about capital losses? how can a limited company get relief? what did u lot answer?
Q-4 was very difficult i can’t answer any body tell me ,, how it can be solve ..
@metva said:
From deductions including cessation losses and furnished holiday letting, there was about 150k income. Dividends was the only income taxed at 50% effective rate (ie. 42.5%)I thought FHL losses could only be used against FHL gains and nothing else.
Yeah 4 wasn’t great. Answered the bottom two parts though. Worked out that if they took cash and shares the cash of 50k could be offset against losses and annual exemption leaving exactly 0.
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@jassi said:
what did people get in q4? was it better to take dividends or directors remuneration?also in question 1a, salary was 15100 per month. – i think i ended with about 45k ITL in the end.
trading profit what did people get – closing year rules? capital allowances?
also in q1b – poa, you cant pay poa on cessation can you?
q2 was a little strange deducting the allowable expenditure – never seen a question like this before.
q3 chargeable gains – the way losses can be treated current year. cy carry back. cy cforward?
what was the chargebale gain for the company?
q4 – i think you had to work out income tax and nic if salary paid got about 26k.
dividends were cheaper – what was the corporation tax liability?q5- pensions can only carry back 3 years of allowances?
iht what was the iht payable?
I think i put it was better to take dividends
i also got salary as 15100 per month for 8 months, and an extra payment needed for the year.
poa – has cessation got anything to do with it? i thought it was more to do with your liability vs what is deducted at source so generally not needed for employed people
chargeable losses, could be wrong but i put you had to net off with current year chargeable gains then carry forward to set off against future chargeable gains
pensions i also calculated using 3 years unused allowance
I have a question on the first part of Q5.
When they didn’t pay into the pension do they lose there allowance for that year or can it be carried forward?
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