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Good Afternoon,
Starting with the TX – UK Paper. Would like opinion on whether I should watch all videos in a chapter then read the study material for that chapter or vice versa. To give an example Chapter 2 has 5 hours of Lecture Video’s and 10 pages of study material (including example questions)?
Not complaining here as delighted with the amount of information provided on the site, great work…
Regards
CraigApologies, started a lecture there and notice that it incorporates the study book. Ignore earlier question @mybad.
Regards
CraigHey good afternoon, I receive my TX exam results last night and I was unsuccessful. I am planning to resit my exam in June, 2020. Can you advice me as to whether there will be any material changes to the syllabus other than the tax rates?
Regards,
AndrewHi Craig – no problem – just one query, when will you be sitting the exam as the current online material is based on Finance Act (FA) 2018 and is now relevant for the March 2020 exam only. June 2020 will be based on FA 2019, the study notes for which will be available by the end of this month with the lectures starting to appear during February.
Hi Andrew – sorry to hear that you need to resit, but why are you not taking the March exam and building on what you already know?
sir please help me with my questions
Sir,
its a question from BPP revision kit and I have a doubt in small part of question
DOUBT-1
(227)ALIMAG LTD
(1) Gamila will withdraw gross directors remuneration of GBP 25,000
(2) Gamila husband magnus will become 25% shareholder in Alimag ltd
(3) Alimag limited will then pay dividend of 75,000 to gamilla and 25,000 to magnus
REQUIRED
calculate income tax and NIC payable by gamila and magnus
NIC PAYABLE (AS GIVEN IN REVISION KIT BPP)
CLASS1 25,000-8424*12%=1,989
CLASS1 25,000-8424*13.8%=2,287
MY DOUBT- Why we dont take dividend income into consideration while calculating nic ?
DOUBT-2
OT CASE -TAY LTD
Recived cash and shares on takeover of grey ltd. Tay ltd had acquired 20,000 shares in grey ltd.The shares had an indexed cost in sept 2018 of 96,000 when grey ltd was taken over by kline plc on take over tay ltd got one GBP 1 ordinary share in kline plc worth GBP 4 per share and GBP 2 in cash for each one share in grey ltd
REQUIREMENT;calculate the chargeable gain
the chargeable gain
(20,000*4)+(20,000*2) = 120,000
COST = (96000)
chargeable gain = 24000
but the answer is 8000 WHY NOT 24,000
(ANSWER GIVEN AS IN BPP)
MARKET VALUE INDEXED COST GAIN
20,000*4= 80,000 64000 16000
20,000*2= 40,000 3200 8000
TOTAL 120,000 96,000
MY DOUBT= WHY ONLY 8,000 CONSIDERED AS GAIN WHY 16000 IS NOT CONSIDERED AS GAIN ?Hi Guhan,
With regard to your Doubt 1. Dividends are not subject to NIC even if received from the company you work with.
I cant help you with Doubt 2 as only studying that section today and tomorrow for 1st time. If you dont get answer I will hopefully let you know in 2 days
All the best with the studies.
Regards
Craig
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