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I did. Deminimis passed on test 2, for annual testing I did’nt have any clue so i wrote general points regarding claiming next years total input VAT if current annual test is passed and wrote advantages like lower administration costs etc, it was a fluke anyways can’t recall rest of the question.
@leedsy said:
Might be wrong – on Terminal loss I think I got £24,500, included the trading loss and the overlap profits. Then carried the relief back on LIFO basisI did this, got 8500 and 16000 in year before that, then put something about the saving of 20% as the co paid that CT rate
There was a loan from a director to a company (usually it’s the other way around) – I went on about loan to a participator/close company , pay 25% to HMRC etc.
Anyone write something similar?
@leedsy said:
There was a loan from a director to a company (usually it’s the other way around) – I went on about loan to a participator/close company , pay 25% to HMRC etc.Anyone write something similar?
I wrote similar . Did anyone else write this ?
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@hershey said:
yeah it was proceed less cgt= 30,000.Yeah unfortunately for me I think that’s right.
But does anyone have a formula to arrive at the answer? Instead of trial and error…@leedsy said:
There was a loan from a director to a company (usually it’s the other way around) – I went on about loan to a participator/close company , pay 25% to HMRC etc.Anyone write something similar?
I did…but realised that its where the co loans to the employee that HMRC requires 25% form the close co, and started to rethink my answer, but couldnt really think what to put, so left it
I dont think it was right though ufortunatelty, and if not it was a pretty sneaky question in my opinion
I dont think that was right, my colleague who also sat the exam said something about entrepreneurs relief – but i really dont think that was right
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I wrote that this was qualifying loan to personal company and he will be able to deduct interest in his income computation before personal allowance. I was thinking about loan to participator but read question again. Don’t know if it’s right.
@leedsy said:
There was a loan from a director to a company (usually it’s the other way around) – I went on about loan to a participator/close company , pay 25% to HMRC etc.Anyone write something similar?
i think the examiner asked from the perspective of the director and not the company. So I wrote it being a qualifying interest expense from his employment income as he had more than 5 percent shareholding and also wrote that interest received from the company will be taxed as saving income.
In the end I also felt that there would be no impact on the income as such because interest received would be set off by the interest paid to the bank because both transactions were at normal commercial terms.
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@carl29 said:
I did this, got 8500 and 16000 in year before that, then put something about the saving of 20% as the co paid that CT rateBut then i also mentioned that there was a wastage of Personal allowance…didn’t know if it matterred.
q1 i think this will be automatic uk residence status and temporary non uk resident for capital gain tax purpose. terminal relief is 24500. relief by current yr and lifo basis,maximum 3yrs,ppr relief is exampted, 6000 rules is apply,and normal capital gain tax calculation… vat not charged if transfer is going concern….other wise 20 percent vat charged is applicable…thisis q1. q2 i missed the degrouping charge….is it degrouping charge? sse not apply coz 12 months not fullfilled out of 2 yrs before sale…is it non trading loan relationship? roll over relief is available if sale the capital gain group. m i ry8? q3 i missed the 2 option…i dont understand this ques. deminimis limt was good. test2 is considers, i also aplly for advice that capital good scheme. there was pertial examt business. but i dint know. q5 was child care voucher, miles,i just overall disscussed.nic 2 percent and income tax 40 percent apply..badges of trade is apply.pls share ur answer….it just for disscus? ques was really different from previous past papers….
I appear to be the odd-one-out, but I believe the Substantial Shareholding Exemption DID apply to the disposal in question 3, owing to the FA2011 changes to SSE. Namely, the qualifying 12 month period can include the time when the assets owned by the company being sold were used within a trade carried on by the group before being transferred to the company being sold.
Hence, the time that the trade was carried on by the predecessor company (Aero?) may count towards the qualifying period.
Am I missing the point?
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PPR fully exempt or only half as her land was one hectare??
I only realised that on the way home .
Question five – what did anyone have for the CGT arising basis versus remittance basis???
@hutchy1978 said:
PPR fully exempt or only half as her land was one hectare??I only realised that on the way home .
Question five – what did anyone have for the CGT arising basis versus remittance basis???
Half hectare is exempt if land only, question said it was built on 1 hectare if i remember correct.
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Ok cool… I hope you are right as I put it as fully exempt.
Thanks
question five – what did anyone have for the CGT arising basis versus remittance basis???i think remitence basis is not apply… it is normal cgt calculation……
U needed to look at badges of trade to determine whether it was CGT or Income tax
Q4 part 1 the correct answer is 888 shares.
X= number of shares sold
sale proceeds = 45X
Cost = 5X
Gain = 40X
CGT @ 28% = 11.2XTherefore
30000 = 45X – 11.2X
33.8X = 30000
X = 887.57 or 888 sharesThat looks wrong…. Take the proceeds less cost as you would any cgt, less 28% ignoring annual relief and you don’t get that answer.
@adski989 said:
That looks wrong…. Take the proceeds less cost as you would any cgt, less 28% ignoring annual relief and you don’t get that answer.I think it said that A/E of 11000 is used up as he make cap gains. But i believe it is correct as few other ppl have same result.
Thanks for noticing it.The number of shares which I did not work out at the time due to time pressure which I have managed to work out now is 1041.68 shares x45 = 46876. Take off cost of purchase
1041.68 sharesx5=5208. This equals £41667. Take off CGT @28%=11667.
Net gain =£30,000@adski989 said:
That looks wrong…. Take the proceeds less cost as you would any cgt, less 28% ignoring annual relief and you don’t get that answer.If you used annual exemption then it shud be 796 shares
@azramalik said:
The number of shares which I did not work out at the time due to time pressure which I have managed to work out now is 1041.68 shares x45 = 46876. Take off cost of purchase
1041.68 sharesx5=5208. This equals £41667. Take off CGT @28%=11667.
Net gain =£30,000It did not ask for net gain.
It had asked for after tax proceeds.- Topics: 0
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Just confusing, snake or ladder
Sorry yes net proceeds I meant not net gain of course after taking of CGT of 28%
@sisir said:
Just confusing, snake or ladderYes sorry meant to say net proceeds as I have already taken of 28% CGT
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hah thats so weird….i duno how i got 888 to and just wrote all my calculation but with no explanations!!
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