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@salwa925 said:
It should be the earlier of:
1) the date the bonus is actually received
2) and the date the bonus is entitledI just checked this too, so to take all 3 was correct! Phew!
I also get a negative Capital allowance and it is actually added to the loss, as two minus signs give a plus
Guys, in the IHT question -did you take into consideration the nil band for 2003 ? I didnot use it . The transfer was made in 2004 , which is more that 7 years before death but there was a 7 year period between the transfer and the next one
Am I correct?
@sally925 your right it’s earlier of the two dates and all bonuses fall under 2014/15 tax year
about the MCQ about leasing, it should be pro-rated for 9 month – my result was 28 080
about the depooling – i chose the computer, but I am not sure
Hello everyone,
Thank God the exam is now over. I had a bad tension this morning as I was so nervous. But thankfully I completed all question even though I might I’ve made some mistakes but I know I’m definitely passing this exam.
In one of the mcq’s I made a mistake with depooling of asset and corporation tax liability for the right month period all I was thinking of is that the company was marginal.
For section B
Question 1. I forgot to add the child even though I made reference to him having his only home and substantial work in the uk.
Payments on account was correct. There’s no payment on account for CGT.
The Nisa is 15000-2500
Petra could have only contributed 40000 into her pension scheme as she wasn’t a member previously even though she had a relevant earning of £77000
Question 2 on Vat I calculated all and made mention of how the reader will account for the transaction on his uk vat returns and record it as an output and input vat and claim back the input vat like he purchased from a uk vat registered trader.
3. Did the GCT the partial rollover relief and share pool even though I nearly missed out the bonus issue.
The base cost for the was 300004. IHT. There was no taper relief. The donor didn’t survive up to 3 years and there were cumulative IHT between the past clt and pet. Chargeable death estate was 870000*40%
There was one other IHT question in the mcq’s the answer is £35000
5. Income tax computation the tax payer was a basic rate tax payer all interest were gross received did time apportionment for trading income. Property income the seminar was irrelevant to the property expenses.
6. Trading loss was £126000 with a negative capital allowance of 3330 which I added back. There was no AIA and I time apportioned the wda 3 months. There was a balancing charge also.
Talked about loss reliefs too and group relief was only with one company as there was no 75% of the second and the relief for the first group was time apportioned also using the lower figure due to the non coterminous accounting period.
Good luck everyone
yes i got -126000
capital allowances was -3330, therefore it was added to get the -126000
Guys, in the Q5 regarding the taxable benefit – accommodation – as the property was purchased more than 6 years, which market value did you use – I chose the most recent one
bose 12 –
For question 5 i believe that gilts were the only interest taxable, the NS&I Savings Certificates interest is exempt according to the study text as it wasn’t normal NS& I interest, the fact that it stated “Savings Certificate” interest makes it exempt in the BPP text.
and for the Capital Gains tax, the original purchase of the 40000 shares was at par value right? so totalling 80000 shares costing total of £40000
Omg I’ve gotten that wrong too I was rushing as the time was going quickly. Is it saving certificate or interest in an easy account
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I just realize there was a question 6 ? in the final minutes why was it place between a blank page with no instruction as to turn to next page very upset at Acca,,,,,
Open tuition notes bottom of p.23 states Savings Certificates is tax free.
Also are you or is anyone able to remember that felicity originally bought 40000 shares at “par” value?
@ipavlena said:
Guys, in the Q5 regarding the taxable benefit – accommodation – as the property was purchased more than 6 years, which market value did you use – I chose the most recent oneI used the most recent market value too but I’m not sure if it was the right market value to use, because the Kaplan book says that we use the market value when the property was first provided.
I think the exam gave us two market values (which I wasn’t used to seeing), and so I picked the most recent one which I think was 5 April 2015 (or near the end of the tax year), and I used that instead of the other market value, which was probably from the year that the employee was given the house. (Hopefully we only lose half a mark for this, as the rest of the calculation working would be (MV-75,000) x 3.25%, which I did.
I used the market value. The accommodation was given more than 6 years to the employee since it was purchased. The questions were too piled up. Keeping records for to couple with the child benefit charge: the wife is 2017 and husband 2021 because he’s into business
Didn’t the question state at the bottom to ignore employment allowance when doing the class 1 and 1a calcs?
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