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@aminb001 said:
To which answer do you mean?Adjusted trading loss of £126,000
@sonyam11 said:
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?
Iht is paid only once, one generation is skipped
depooling refers to short life assets. assets which are expected to have a useful life less than 8 years and which are land and buildings or fixed plant and machinery are depooled. that is they are included in a separate asset pool.
@beryozka2005 said:
I am pretty sure thats what it was saidIf you agree that it stated felicity purchased the 40000 shares at par value then that means that they cost £1 each, therefore totalling £40000 for all 80000(40000 original plus 40000bonus) shares. Meaning that the cost deducted from the MV proceeds is an eighth of 40000 which is £5000.
@caspian087 said:
UK Tax variant MCQ… taxable profit for 8 months is 1.260.000 £ for the date of 30 september 2014. (270.900)Did you use both 23% & 21%??
@yashkeshani said:
We had to take all the 3 bonuses for employment income purpose? As all fall under tax yeari only took the 1st two as i went by date of entitlement (i saw this on a past paper yesterday)
Saphire, hey. There was proceeds to charge against twdv and that was negative. about 3500 negative MP. and 2nd, comes 3 months of written down allowance of SP about 300. The answer should be 3330 charge.:)
@sonyam11 said:
I did all three since the entitlement to all of them occurred in the tax year in question, when they were paid isn’t relevantsonyam, the last bonus’ entitlement fell in the next tax year
@bose12 said:
Yes I did and a negative capital allowance which I addedyes!! i was worried about this, my capital allowance didnt reduce the tax adjusted profit but instead increased it.
@yhjoshi92 said:
What was the answer in the MCQ related to the compliance check?The answer was 30 April 2017 as the return date was 31 March 2016 which is a late filing, therefore HMRC has until the quarter day following the 1st anniversary of the actual late filing date.
answers =i got for MCQ:
1. C
2. D
3. B
4. C
5. C
6. A
7. D
8. B
9. A
10. D
11, B
12, B
13, D
14. C
15. C@cane21 said:
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,,,,,It did say on the blank page that question 6 was on the next page and it tells you on the front that there are 6 questions in section B
@chantie123 said:
sonyam, the last bonus’ entitlement fell in the next tax yearI’m sure the entitlement fell into the same tax year but the payment was in the next. Oh well, at worst it’s only 1 point
@beryozka2005 said:
Because this way iht is paid only once, skipping one generationThank you! Makes perfect sense now!
hi
Leaving estate to grandkids rather than children avoids paying tax twice i.e. a house could be left to your DD who pays IHT on it and then when she dies and leaves it to her DD/DS , IHT will be due again..
so if your kids are already financially in a good position it makes sense to skip a generation and leave inheritance to grandkids@chantie123 said:
sonyam, the last bonus’ entitlement fell in the next tax yearI think the last bonus entitlement was dated 1 April, so it would fall in the relevant tax year.
leaving to grandchildren means that IHT wouldn’t be paid twice on same estate.
If a man dies and his children are given all the inheritance, they pay IHT. When the children die, they pass estate on to their children and IHT is paid AGAIN.
So skipping one generation avoids this.
@rustamrakhmatov27 said:
Saphire, hey. There was proceeds to charge against twdv and that was negative. about 3500 negative MP. and 2nd, comes 3 months of written down allowance of SP about 300. The answer should be 3330 charge.:)Hi, thanks for your response. I remember that there was a motor car which had sale proceeds much higher than it’s purchase cost.
But the disposals would have to be restricted to the lower of the proceeds or the cost, wouldn’t it? So I put the costs figure for the disposals, and I didn’t get a negative pool balance when I deducted this from the TWDV + acquisition cost of the motor car. Similarly for the other pool, mine wasn’t negative. Do you remember the figures so I could see where I went wrong? I’m usually strong at capital allowances 🙁
the exam was not hard but it was my worst nightmare. I didn’t see Q6 and i left it completely unattempted. How difficult was it? i hope i can manage to pass this paper!!!
I did the same mistake as you. I completely not seen that question. The page was almost blank and you think the questions ended. I felt too bad when I realized there were 6 questions. TOO BAD!!!!!! but i hope i can manage to pass.
Hello everyone, for the group vat did u include all the companies because I can remember open tuition tutor saying all can be added but it’s advisable to leave out companies making exempt supplies as this will make the group to be partially exempt and can affect input tax and also it’s good to leave zero rated companies so they can continue making monthly returns.
@brybee said:
hiLeaving estate to grandkids rather than children avoids paying tax twice i.e. a house could be left to your DD who pays IHT on it and then when she dies and leaves it to her DD/DS , IHT will be due again..
so if your kids are already financially in a good position it makes sense to skip a generation and leave inheritance to grandkidsHello
In the question it was asked about benefits of leaving estate to children rather to grandchildren OR leaving estate to grandchildren rather to children?
PS: i could not remember exactly.What was the treatment of the gilt interest received, i grossed it up Then taxed it, I just read that it shouldn’t have been grossed up
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