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in Q1, there was a married couple (John and Rhonda).
Did anyone split the property income 50/50 between them? I decided not to as the questions said the property was owned by John, but I was not sure as why else were we told that they were married? It didn’t seem to have any impact on anything, if not the property income?
do we have to deduct Occipational Pension Scheme From employment income?
secondly i took 50000 as Personal pernsion scheme and extend the bands with this .Is it wrong<cite> @waleedansari said:</cite>
I got 6625 sharesHow did you get to this? I’m probably wrong. I took the deemed proceeds I.e the market value, instead of the price she sold to her daughter. Worked out the gain per share to be £4 on this basis & then did the annual allowance of £10600/4
<cite> @waleedansari said:</cite>
I got 6625 sharesYeah, I also got 6625 shares.
2650 is just 10,600/4, so it doesn’t take into account the actual gain.
ie. Proceeds
(Cost)
_____
Gain
(AE)
_____
Chargeable.I don’t know if 6625 is right, but I used algebra to calculate the answer.
4X – 2.4X – 10600 = 0
So far, I know I mucked up the Pension Scheme portion of question 1 and I also didn’t realise Rhonda’s BSI was gross, so I wouldn’t be surprised if this was wrong – pays to read the question attentively.
I would say yes, deduct the occupational pension contribution from his salary in the employment income working (only his contribution, not his employer’s) as this is a tax free benefit.
And because his personal pension contribution was £40k, yes, you’d add a grossed up amount of £50k when extending the tax bands.
<cite> @charlotteo said:</cite>
I would say yes, deduct the occupational pension contribution from his salary in the employment income working (only his contribution, not his employer’s) as this is a tax free benefit.And because his personal pension contribution was £40k, yes, you’d add a grossed up amount of £50k when extending the tax bands.
Some people did not OPS from Employment income and DID not take extend band by Personal Pension Scheme.They said that Maximum allowance has already been claimed.
<cite> @geteveryone said:</cite>
Yeah, I also got 6625 shares.2650 is just 10,600/4, so it doesn’t take into account the actual gain.
ie. Proceeds
(Cost)
_____
Gain
(AE)
_____
Chargeable.I don’t know if 6625 is right, but I used algebra to calculate the answer.
4X – 2.4X – 10600 = 0
So far, I know I mucked up the Pension Scheme portion of question 1 and I also didn’t realise Rhonda’s BSI was gross, so I wouldn’t be surprised if this was wrong – pays to read the question attentively.
Yeah same like you did
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>
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<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
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what 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.
The UK variant was horrible. I completely messed up things! I’ll have to do that paper again for sure.
<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!!!!! GrrrrrrAnd 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
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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 ?
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 🙂
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