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@yentam said:
11) Question on loss relief – carry back around 62kAgreed, the trading loss in the previous year was over 50k so the entire amount could be relieved from that and then apply the remainder to total income
Was the VAT question about an omission to include £8000 in the previous VAT return? Was the question asking what penalty can be applied?
@flapper84 said:
Was the VAT question about an omission to include £8000 in the previous VAT return? Was the question asking what penalty can be applied?As far as I remember we had to calculate the penalty amount
@flapper84 said:
Was the VAT question about an omission to include £8000 in the previous VAT return? Was the question asking what penalty can be applied?Yes..
And there was a Q about which are the pet transfers?
Government bond to son or something like that I can’t remember ..@sryb said:
Yes, I get 570kGood good, it was strange because the amount of tax payable on death was more than the value of the shares received! Can you imagine if this happened in real life?
@gawcram said:
And there was a Q about which are the pet transfers?
Government bond to son or something like that I can’t remember ..Yeah it had an option govt gilt something
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I remember one of the mcq’s being ‘what is classed as a pet, motor car to niece, gilts to son, shares to a trust and cash to husband – choose car and gilts
@snell123 said:
I remember one of the mcq’s being ‘what is classed as a pet, motor car to niece, gilts to son, shares to a trust and cash to husband – choose car and giltsGood call, the gift to wife is exempt and trust would be CLT. So that’s another one to include.
UPDATED
Ok folks let me summarize MCQs and there correct answers (which we all agree)1) Why Govt wants to encourage tax or something?
Answer: Retirement & Donations2) NIC calculation for employer
Answer: 38083) Self-assessment
Answer: Trading Income & Property Income
Divided & Savings income is tax deducted at source4) CT installments for large corporation
Answer: It was 4 installments of 157,500 (4 installments based on 2015 turnover)5) VAT penalty
Answer: 4806) Premium related question
Answer: 9360 (2% x premium amount x (lease period – 1 year)7) Chattle question with 6900 net proceeds
Answer: 20008) Chargability of non-filing of return
Answer: 12 months with a maximum penalty of 100%9) P60 and P11D form dates
Answer: 31 May for P60, 6th July for P11D10) There was a question about group relief
Answer was D, Pie only as other company was not eligible11)Share matching rules question
Answer: 350 shares purchased the same day and 10 shares purchased within 30 days12) what is classed as a pet, motor car to niece, gilts to son, shares to a trust and cash to husband
Answer: car and giltsAnother mcq where it asks which expense is allowable options were christmas party for 500, pen costing 15 each etc
@karnalahmed said:
Another mcq where it asks which expense is allowable options were christmas party for 500, pen costing 50 each etcGood. I remember also.
I had chosen 500 for this question, don’t remember all the options now.
@chris1975z said:
Agreed. Spent a lot of time looking at it in the exam but that’s what I put!Out of the 4 options was that the highest value?
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Yeah it was 350 for t shirts, paying for suppliers party, gifts of 45 but food and something else
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I choose 350
@snell123 said:
I choose 350Yeah whatever the value of those pens were
UPDATED
Ok folks let me summarize MCQs and there correct answers (which we all agree)1) Why Govt wants to encourage tax or something?
Answer: Retirement & Donations2) NIC calculation for employer
Answer: 38083) Self-assessment
Answer: Trading Income & Property Income
Divided & Savings income is tax deducted at source4) CT installments for large corporation
Answer: It was 4 installments of 157,500 (4 installments based on 2015 turnover)5) VAT penalty
Answer: 4806) Premium related question
Answer: 9360 (2% x premium amount x (lease period – 1 year)7) Chattle question with 6900 net proceeds
Answer: 20008) Chargability of non-filing of return
Answer: 6 months with a maximum penalty of 100%9) P60 and P11D form dates
Answer: 31 May for P60, 6th July for P11D10) There was a question about group relief
Answer was D, Pie only as other company was not eligible11)Share matching rules question
Answer: 350 shares purchased the same day and 10 shares purchased within 30 days12) what is classed as a pet, motor car to niece, gilts to son, shares to a trust and cash to husband
Answer: car and gilts13) What is allowable expense there were some options like Christmas party for suppliers, Pens as gift, Food etc
Answer: 350 (Value for pens)14) Carry-back loss relief question
Answer: 62kYentam, I got 13 questions so far. You said 1 question remaining. what is the 14th question?
@flapper84 said:
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?Yes, I got the same.
In the CGT question where there was a gift of 40,000 shares at 2.15 per 50p share; what was the value of those shares?
I assumed 40000 x 2.15 but wondering if it should have been half of that due to them being 50p shares?
@mayadim said:
Yes, I got the same.Yeah me too 😛
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