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Did anyone do entrpenuers relief for the first of the two share proceeds?
For the IHT PET i had a transfer value of aprox £500k. And no taper relief. Thats the only queation i feel positive about.
Question 2 part a i had no overlap profits using the y/e 05.04.14
Vat question was poo.
Question 5 i added back chauffer, car exp. Deducted subscription ignored club membership.
VAT was very straight forward for me.those contents VAT invoice were all possible, transactions in Europe would result in a neutral effect ,annual accounting scheme was the only part which was difficult(payments ) but overalls the question was ok
Question one .it needed you to calculate the tax saving if the trader used cash basis instead of accruals . This means you would need to calculate both. I forgot personal allowance .
I carried it back in full to the profit in the previous year . That is before even calculating corporation tax liability .i got the computation of upper and lower limits wrong .used 19 instead of 20 connected companies .either way there is a definite mark for marginal relief
They won’t allow you to take it out .if you take it out ,your paper won’t be marked
When are the answers published? This is just getting worse and worse for me. And i studied so hard 🙁
the IHT of multiple choice question.. was it 1500 after deducting all annual exemption?
I used 19 but I was 20 .i got it wrong . Because 19 associated companies + the movement LTD
The IHT MCQ was £10000 wedding gift to a friend. I thought 3k annual exemption for current and prior year then 1k wedding gift exemption leaving the gct £3,000. Anyone else get this answer?
Oh yes.. I got 3000 too sorry the 1500 I confused it with the CGT answer (6900-6000)*5/3..
I got 6 months and 100% for the penalty question. I hated the corporation tax POA question! Technically the correct answer was 4 x equal payments relating to the 2nd year liability but they wouldn’t have known what the liability would be at the time the 1st instalment was paid.
I added the chauffeur cost to employment income and ignored the 12 x 250 charity payment because it would have been deducted before the gross salary figure but I wasn’t sure on this.
I ran out of time on q6 and only had time to compute the capital allowances for both periods and property assessment too, hoping I pick up some marks for this.
Did anyone else notice that the IHT charge payable by Marcus’ daughter was higher than the value of the shares she received? Crazy!
The mcq about what incomes mean someone has to do income tax assessment confused me. I picked trading and property income. But did not feel confident in my choice
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