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I deducted £2k off the mcq for nic to get aprox £3k. But a lot of mcqs i guessed.
@mynameisearl said:
I deducted £2k off the mcq for nic to get aprox £3k. But a lot of mcqs i guessed.Yeah that is correct, as the 2000 deduction is the employer allowance so would have left 3600 for class 1 secondary nic
@yentam said:
you’re right about all the above but I think you have to reduce the PA too. I think the answer I got was a saving of £2,880.Yeah that is what I got, it was 7200 tax liability less * 40% = 2880 tax saving
@slibrahim50 said:
i think the paper was fair because it was split into different parts for easy scoring.
1.i did not use indexed cost as u can not use it to increase capital loss.
2.for capital allowance in question 5, it is a balancing charge so it has to be used to reduce the loss,
i also split 9600 between the couple 4800 each but i reduced their tax liabilities by 960 each i.e 20% *4800.best of luck
would have only have to reduce their tax payable by removing 20% off 4800. tax liability is basically tax for that year.
Anyone here who remembers all the mcqs because acca wont post mcqs on website !
MCQ’s £2200 for the resricted gain, What requires a self assessment return?
£3000 odd for the NIC, 3000 for the marriage, 12 months for the loss.
Seemed to get C&D for Q8 onwards.
D for Q1, about the shares. Same day, then 30 after as individual.Fair paper I thought!
Q1: Was the toughest for me, quarter up method need to be used for Gain 2. I didn’t know but did calculate the savings through for method marks
Q2: Got for the April year ends the profits in the question, overlap on (2) of the first tax year. Cash basis and accruals basis and stated the difference. Cash was a tax saving
Q3: IHT, was okay I thought. Did 90% of it, got a big tax payment for the shares, 200k+
Q4: VAT was okay, few easy marks in there.
Q5: Saving of £2880 for Part B. Didn’t extend the BRB for £250, but did the 3k one. Chaffuer I included. Thought was generally straight forward bar a few bits. Adjusted PA, included loan into reliefs, dropped salary of Partnership then apportion etc.
Q6: Took a while but okay I thought, did the 12 and then 4 months. Capital allowances were a credit for the 2nd year increased loss. Indexation cant create a further loss.
Fair paper.. I just hope I clear it as next year all tax rates gona change..
can any one please tell me if any tax liability calculations is given marks for if it was after arriving with wrong previous computations..hey guys no one said about multi-pal choice questions,
1. C
2.D
3. A
4.A
5.C
6. D
7.B
8.A
9.C
10.A
11.C
12.C
13.B
14.D
15.C
ANY IDEAIt’s 6 months and 100% in my opinion. NIC was 3802 (after taking 2k employer allowance). Sources of taxable income mow I put trading and property income. Hardest McQ for me was Corp tax payments. I answered 4 X 2015 liability as large co and therefore payments on account. For vat question, 8000 X 20% would have given vat due of 1600 X 30% careless = 480.
Hay abdur, if I could remember all McQ questions I would respond! Only 3 Spring to mind as above. Just remembered
Another on – 31st may for p60 and 6th July for p11d (or 9th July – whichever one they provided in answer!).I am sorry to say but this paper was a monster. If anyone didn’t see that probably you will never. question 6 was the most stupid corporation tax question I have dealt with.Capital allowances were tricky for me. there was one complete year from july 2013 to june 2014 where an individual computation would be needed.i could not put the last car purchased towards ceasation because it was in a different financial year. those two cars one with FYA and the other main pool would help to calculate trading profit before considering losses: trading profit -600(charitable donation) -capital allowance.what blew my brain is that, the last car didn’t qualify for any capital allowances since the company had ceased trading in the last 4 months.which means its cost being 11,600 and disposal being 11300 this would result in balancing charge. be it, the size of the mainpool would offset the balancing charge of 300 to come up with a balancing allowance.
I think a co becomes ‘large’ for CT on ac payments when 2 consecutive large accounts are posted (I.e over 2.3m) which they were. Just a punt on that one though. I thought the gain on non wasting chattel was 2k as 5/3 X 7200 – 6000 was 2k rather than 2200 which was higher on net proceeds (I.e you take the lower)
there were 19 associated companies there and surely any profit above 15,000 and below 78 000 would result in marginal relief in my opinion. that is for part (b)
On q6 I time apportioned the
Group relief loss and claimed (from memory) circa 14k of the 21k available. I also carried back the terminal loss relief for the 4months to oct 14 too. I made a note to examiner that I assumed they were claiming their own terminal loss relief. I recall that all CT payable was at 21% owing to 19 associated companies. From memory circa 134k X 21%. Agree with circa 8k balance charges which decreased the loss etc.Inheritance tax the gift of shares to the daughter would be calculated using diminution in value. did anyone realise that? so nasty. so the fall in value from 100% to 70% would be the value of the gift
– capital gains…I spinned on Aplo ltd(not sure) I calculated the quoted prices well..2.12+1/4(2.24-2.12)=2.15. then what??I has no time so I just multiplied by 40,000.there was no rollover or hold over relief
-seriously these guys are evil. did they just include cash basis in there to compare against the accruals. I got a tax saving of around 3,015 if I remember well.
only VAT was okThe tax return question in Mcq..submiting in 4 installments at 157500 .. was dat the answer?
@tinaboy said:
Inheritance tax the gift of shares to the daughter would be calculated using diminution in value. did anyone realise that? so nasty. so the fall in value from 100% to 70% would be the value of the gift– capital gains…I spinned on Aplo ltd(not sure) I calculated the quoted prices well..2.12+1/4(2.24-2.12)=2.15. then what??I has no time so I just multiplied by 40,000.there was no rollover or hold over relief
-seriously these guys are evil. did they just include cash basis in there to compare against the accruals. I got a tax saving of around 3,015 if I remember well.
only VAT was okI got that it was gift relief for fathers disposal. You would times 2.15 by 40000 by 0.5 as 50p shares if iirc, and this would give you the proceeds. The cost would be 40000 by 0.5
Cash basis – i didnt deduct capital allowances. And the motor exp i didnt make any account for private use. I dont know if that was right or wrong.
Im getting very worried. I did nothing in q6 for the terminal loss. I must have read the question wrong.
What is the verdict on the chauffer?
There was no time given about the chauffeur so I ignored . As for the motoring expenses it had to be 85% I.e business mileage only .
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