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TX*** F6 June 2013 Exam was... Post your comments ***
For the pensions I wrote 36 plus 36 plus the ten from this year equals 86 so I extended the band by that!!!!! Grrrrrr
And also, I deducted the mileage 717 from thr employment income because he was receiving more than allowable.
Also, the charity to the shop fr free marketing I wrote as nil
I must have lost man marks on thr pensions error!!! Also, I for question five was cinfused becau it was a gift but of house!!! Nt cash??
For the shares one, I wrote 7350 because was it nt 10600 is exempt, so 29400/4 is 7350?? Shares
<cite>@faranjamal said:</cite> On the cover page of the answer booklet, you have to mark the questions you attempted; I forgot to do that! Will that make any difference?</blockquote i did that too yesterday , rang acca and it wont matter - all your questions will be marked .
Charlotte - I had the same workings for you £10,000 unused annual allowance and brought these forward plus the £10,000 for 2012/13. Therefore, additional pension contribution of £40k added to the pension paid in year of £40k so I extended the basic rate band by £80k, not sure if that was right?
Mort112 - I added on £717 to her employment as a benefit of the extra mileage and yes excluded the charity donation as this included advertising.
I didn't have a clue how to calculate the shares bit. I didn't know whether to deduct the pension from the employment income either so I just left it.
Just look at my notes and yes I think you do have to deduct the employer's pension contribution from the salary... oops I didn't do this but hopefully it would have only been a mark.
Thanx!! Now I can sleep easily!
<cite>@ncdd said:</cite>
Completely messed up pension calculation.
13y ago#38<cite>@atab said:</cite> I extended the basic rate band with the amount of personal pension contributionHow much you got for the PPS
<cite>@duffielda52 said:</cite> For the share question did any one get 2650 shares ??i did, but that wil be wrong i imagine. i didn't have any time left so i simply divided the annual exemption of £10,600 by £4 to give 2650. it is wrong, but oh well
13y ago#40what were the topics that was tested
<cite>@oldc02 said:</cite> Charlotte - I had the same workings for you £10,000 unused annual allowance and brought these forward plus the £10,000 for 2012/13. Therefore, additional pension contribution of £40k added to the pension paid in year of £40k so I extended the basic rate band by £80k, not sure if that was right? Mort112 - I added on £717 to her employment as a benefit of the extra mileage and yes excluded the charity donation as this included advertising. I didn't have a clue how to calculate the shares bit. I didn't know whether to deduct the pension from the employment income either so I just left it.I am pretty sure you'd just extend the tax bands by a grossed up £40k and not £80k. This is because you only extend tax bands by personal pension contributions and we already worked out that this was £40k. The current year £40k you mention is made up on the employee and employer contributions into an occupational scheme, rather than a personal one. I can't remember how much my mileage variance was, but I think it was higher than £717. The 60p that was paid per mile for the ordinary commute was entirely taxable because the ordinary daily commute is not business mileage and so does not qualify for the 45p tax free relief per mile. So it was a case of the travel between Surf and clients, and the travel between home and the clients, being the only 2 lots of the 3 lots of mileage that could have any element of tax free allowance.
easy paper, UK Variant
<cite>@mor112 said:</cite> For the pensions I wrote 36 plus 36 plus the ten from this year equals 86 so I extended the band by that!!!!! Grrrrrr And also, I deducted the mileage 717 from thr employment income because he was receiving more than allowable. Also, the charity to the shop fr free marketing I wrote as nil I must have lost man marks on thr pensions error!!! Also, I for question five was cinfused becau it was a gift but of house!!! Nt cash??i got confussed with the pensions. first of all i took his salary (£186k was it?) and then i took away the normal pension he paid via work to give me a new reduced income figure, then did the adjustments. i also said he had to pay back some money for the mileage as he was getting 60p per mile when he should have been getting 45p. also, some of the miles he did were not to be counted i think. as for extending the basic rate, i did extend but didn't have a clue how as i confussed myself. i said he had £50k pension this year and from the previous 3 as well (didn't think to subtract the workplace pension from the £50,000 limit) - and got to £200k - then gross this up and add that onto the basic rate, but that was obviously wrong as his basic rate would have been close to £300k. so i just took £3,500 x 4 then gross that up and added that onto the basic rate. charity shop/free marketing i put zero for that - all the other things i added back in i think, and as i hadn't seen this one before i assumed it should be left as zero
13y ago#44Charlotte he was told the property under letting furnished
so in this case no property profit as utilized against the capital allowance
please help me for this
and also let me know how much to extend the banding 50,000 or not ?
Can anyone tell me on Question 2 for VAT was it already Exclusive or we had to do x20% ?? It did not say apart from one of the questions it said inclusive i think scale charge. And irrevocable amount was 5 months and 6 months not pass so not recoverable??
Also the capital allowance said (cost was already included previously was this included in the TWDV? ) so how did people do there capital allowance for question 2?? I just took the sale figures proceeds and ignored the cost.?
Please help :)
<cite>@dozen909 said:</cite> Charlotte he was told the property under letting furnished so in this case no property profit as utilized against the capital allowance please help me for this and also let me know how much to extend the banding 50,000 or not ?Yes, if you extended John's tax bands by £50k (£40k personal pension contributions only x 100/80) I think this is correct. And we were told that John's property did not qualify as a business under the furnished holiday lettings rules. Thus, the income became property income, or so I thought. Unless you're referring to the last question, where Phil received the house and let it out...?
<cite>@faranjamal said:</cite> Thanx!! Now I can sleep easily!about what??
<cite>@charlotteo said:</cite> I am pretty sure you'd just extend the tax bands by a grossed up £40k and not £80k. This is because you only extend tax bands by personal pension contributions and we already worked out that this was £40k. The current year £40k you mention is made up on the employee and employer contributions into an occupational scheme, rather than a personal one. I can't remember how much my mileage variance was, but I think it was higher than £717. The 60p that was paid per mile for the ordinary commute was entirely taxable because the ordinary daily commute is not business mileage and so does not qualify for the 45p tax free relief per mile. So it was a case of the travel between Surf and clients, and the travel between home and the clients, being the only 2 lots of the 3 lots of mileage that could have any element of tax free allowance.yep, i did the same with the mileage. he had claimed something like 5,200 miles at 60p per mile - something like £3,120 however, only 2 of the 3 listed things were allowed to be claimed, so it was actually something like 3,400 miles at 45p - £1,530. he had been paid too much in relation to his miles (the expense he claimed) - so i put the extra that he was paid through as income. also, i only realised right at the last minute that the car benefit was only for 5 months (i think, might have been 7?) and not the full year
made so many silly mistakes - just want to pass.
<cite>@faranjamal said:</cite> On the cover page of the answer booklet, you have to mark the questions you attempted; I forgot to do that! Will that make any difference?</blockquote
i did that too yesterday , rang acca and it wont matter – all your questions will be marked .
...That...
<cite>@mor112 said:</cite> about what??
Can anyone tell me on Question 2 for VAT was it already Exclusive or we had to do x20% ?? It did not say apart from one of the questions it said inclusive i think scale charge. And irrevocable amount was 5 months and 6 months not pass so not recoverable??
Also the capital allowance said (cost was already included previously was this included in the TWDV? ) so how did people do there capital allowance for question 2?? I just took the sale figures proceeds and ignored the cost.?
Please help :)
Hope its not stupid question :)
How many marks were the pension stuff anyway?
i always think i have done "ok" until i read the comments on here lol
<cite>@atab said:</cite> I calculated it as 10000 x 2.4 = 24,000 cost annual exemption = 10,600 24,000 + 10,600 = 34,600 34,600 / 4 = 8,650 shares (in order to avoid incurring a gain)That's exactly what I got. Hope it right!!
vipulv - no not a stupid question at all - the amount of output vat was states and yes I included £50 of output vat for the fuel scale charge (£300/6) and also excluded the sale to be w/off as 6 months hadn't passed. Not sure if I'm right or not.
Yes you're right to include the sales proceeds on disposal but for motor car 3 i used the cost as the disposal proceeds rather than the sale proceeds as the sales proceeds were more than the cost. Again not sure if that's right.
Re: Q1 I also added back the mileage to and from work @ 60p as this is disallowable, I think I got £708
Did anyone use the NRB given in question 5? I didn't as I was a PET and not a CLT.
<cite>@duffielda52 said:</cite> Can any one let me know what the roll over relief questions answer was.... Question 3 part B I think?! Was kicking myself when that came up!!!The fist warehouse did not get a rollover relief because the reinvestment proceeds were way lower than the s.p. and the second one got a full rollover relief so the tax was nil.
<cite>@mahoysam said:</cite> The fist warehouse did not get a rollover relief because the reinvestment proceeds were way lower than the s.p. and the second one got a full rollover relief so the tax was nil.Yes of course you are supposed to use it on PETs...!
Confused - no I didn't use it as it was a PET. I did at first and then realised it was wrong.
<cite>@atab said:</cite> I calculated it as 10000 x 2.4 = 24,000 cost annual exemption = 10,600 24,000 + 10,600 = 34,600 34,600 / 4 = 8,650 shares (in order to avoid incurring a gain)The cost isn't 24,000 though, it's 2.4 X No. of shares sold. The cost would only be 24,000 had all 10,000 shares been sold.
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