TX-UK Pre-Dec 2024 Mock Debrief - Sec A

[@ismailduste6159]

question 4 accomodation provided after 6 years of purchase so why we don't consider market value for additional rate calc

[@JackMcDermott-t8i]

Question 12 around 40 mins - why is the taper relief on the £220k not claimed as they died 5 years after the transfer?

[@rogergitonga4983]

Taper relief is only available on lifetime transfers, which include CLTs and PETs. In this case, this is a transfer made as a result of death and hence taper relief does not apply.

[@Tripletiti]

It would be so good if the scratch pad was an excel. I usually take my exams on remote, I hate the scratch pad becouse it wastes alot of time

[@chanchalaandhiwal1901]

32:51 why are we taking 66000-37700 the full taxable income in CGT computation, whereas the actual CGT remaining is 36000-7700=28300.

[@rogergitonga4983]

66000 - 37,700 also gives you 28,300. You will notice it gives you the same answer. ☺️

[@chanchalaandhiwal1901]

Thanks, made a small mistake in calculation, didn't notice

[@rogergitonga4983]

@@chanchalaandhiwal1901 no problem. All the best in your exam 🙏🏽

[@chanchalaandhiwal1901]

@@rogergitonga4983 Thankyou

[@chanchalaandhiwal1901]

@@rogergitonga4983 Thankyou

[@Tripletiti]

When I am choosing the market value of the laptop when first provided to peter 3800 or 2200 do I take the higher one?

[@rogergitonga4983]

Always take the market value when first provided to an employee. Many a times, this will normally be the higher amount.

[@Tripletiti]

​@@rogergitonga4983 many thanks

[@Aman-ou9bh]

14:26 mileage allowance should be 1500 taxable not 700

[@rogergitonga4983]

Not really. A lot of students confuse three concepts around this: 1. Statutory approved mileage allowance which helps in computing taxable benefits and allowable deductions under employment income where you take the first 10,000 miles under 45p and the additional miles at 25p. This is what you are attesting to. 2. There is the motoring expenses under the cash basis for trade income purposes. We also computed the first 10,000 miles at 45p and additional miles at 25p. 3. There is the computation for the earnings element for NICs purposes, where we take (the mileage received - 45p) x business miles. In this concept, we do not take the additional miles at 25p. Kindly check on the same.

[@vijayak.c5289]

Q6-CT tax calculation- both upper and lower limits were time apportioned by 9/12. Should we not apportion the MR by 9/12 as well?

[@ch__affann]

No we will not apportion marginal relief in case of 51% companies and due to accounting period both

[@shivanikale7261]

No additional charge on accomodation as it is expensive

[@rogergitonga4983]

@@shivanikale7261 no additional charge because it was purchased for less than 75,000 by the employer

[@shivanikale7261]

@rogergitonga4983 right 👍

[@ADKKACHOW]

👍🏻