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Aside from the fact I had a nightmare with this paper could someone please answer the question in the IHT question that asked why it’s more beneficial to leave your estate to grandchildren rather than children??
I am at a complete loss, wrote nothing! I know that was only 2 points so no big deal (least of my worries!) but it’s bugging me!
Did everyone else have lots of Cs in the MCQ?
There won’t be any additional IHT arising if given to grandkids therefore saving them from paying them when due, because transfers made more than 7 years are completely exempt.
We had to take all the 3 bonuses for employment income purpose? As all fall under tax year
@lesflacko said:
There won’t be any additional IHT arising if given to grandkids therefore saving them from paying them when due, because transfers made more than 7 years are completely exempt.but that would also apply if left to children? Also the question didn’t mention lifetime transfer, it just spoke about leaving the estate which I read to mean on death
@yashkeshani said:
We had to take all the 3 bonuses for employment income purpose? As all fall under tax yearI did all three since the entitlement to all of them occurred in the tax year in question, when they were paid isn’t relevant
Only one bonus was to be taken as only one was being received, others were entitled. Entitled bonus are only recorded for directors. For employees only those will be counted as a benefit which were received.
@adam94 said:
Only one bonus was to be taken as only one was being received, others were entitled. Entitled bonus are only recorded for directors. For employees only those will be counted as a benefit which were received.Excellent! It’s gone even worse than I thought!!
For Question 6 & In the marking scheme, what would happen if I started off with the Taxable trading Loss and then reduced instead of adding depreciation and other disallowed expenses.
Also, instead of reducing capital allowance, I added it.
Will I get marked down significantly for this.
Your input will be much appreciated.
What about MCQ about leasing and next question about depooling(MCQ)??What is the answer please
@ilona, that MCQ was something. Had a really hard time with it!
In MCQ relief from tax MCQ 4th Q is it the last one -successive for the last two consecutive years???
@adam94 said:
Only one bonus was to be taken as only one was being received, others were entitled. Entitled bonus are only recorded for directors. For employees only those will be counted as a benefit which were received.It should be the earlier of:
1) the date the bonus is actually received
2) and the date the bonus is entitledI took all 3 bonuses as taxable income because speaking of employees, the earnings become taxable on the earlier of the date of entitlement or date of payment. (additional criteria apply for directors – date amount was credited in company’s accounts etc.)
@Pavlena, my result for the tax adjusted loss in question 6 was also (126,000).
@yhjoshi92 said:
What was the answer in the MCQ related to the compliance check?It have 12 months from the date they file the return
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