F6 UK tips – December 2012 sitting

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  • Avatar of ansi
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    Question 1
    Income Tax Computations & NIC’s
    Computations for husband and wife, including
    Employment Income with benefits
    Trading Profit – possible cessation with adjustment of profits and Capital Allowances
    Joint Investment Income
    Due dates

    Question 2
    Corporation Tax & VAT
    - Adjustment of profits
    - Capital Allowances
    - Accounting Period straddling 2 Financial Years and/or possibly a short period
    - Use of losses including group relief of losses
    - Output tax and Input tax for VAT return
    - Group VAT registration
    - VAT on Exports & Imports and trading within EU
    (VAT issues could be in Q.4 or Q.5)

    Question 3
    - Transfers of assets between spouses
    - Gift of shares and availability of gift relief and entrepreneurs relief
    - PPR relief, Incorporation relief

    Q’s 4 & 5
    New rules on pension contributions as per examiner’s FA 2011 update article
    IHT as part of question
    Corporation Tax losses if not in Q.2

    Kaplan Financial

    Income tax
    – joint investment income
    – adjustment of profits
    – national insurance
    Corporation tax
    – chargeable gains to calculate, with rollover relief
    – group loss relief – with some tax planning
    – interest on late payment of corporation tax
    – VAT registration – futures test
    – cash accounting scheme
    – default surcharges
    Capital gains tax
    – Transfer between spouses
    – Incorporation relief
    – PPR, gift and entrepreneurs’ relief


    The exam will comprise five compulsory questions. Question 1 will focus on income tax with Question 2 focusing on corporation tax. These two questions will make up 55% of the marks.
    Question 3 to 5 will total 15 marks each. Question 3 will examine capital gains tax with the other two questions covering other areas of the syllabus.
    VAT will be examined for at least 5 marks in either Question 1 or 2 but could form a separate question. Inheritance tax will also always be examined for at least 5 marks within Question 3 or 4 or 5.

    First intuition

    Opening years and change of year-end for sole traders.
    Capital allowances.
    Corporation tax losses.
    VAT default surcharge and VAT invoice content and annual accounting.
    CGT: Principal Private residence and entrepreneur’s relief, chattels.
    IHT lifetime and death transfers.


    Corporation tax: Basic computation with capital allowances and profit adjustments; due dates for submission of tax returns and penalties for late submission. Possible group relief/transfer of group gains or losses.
    Calculating the VAT due for a quarter, default surcharges for overdue returns.
    Individual tax: Employee benefits and pension contributions. Calculation of an income tax liability.
    Capital gains tax: A mixed bag of topics; shares, gift relief, transfers between husband and wife, compensation receipts with some gains qualifying for entrepreneur relief.
    Other questions
    A mixed question involving the trader; short computations on assessments, partnerships and change of accounting date.
    Overseas aspects of a company; double tax relief, branches and subsidiaries, transfer pricing and VAT on imports and exports.
    A general inheritance tax question.
    Badges of trade problem question with a calculation of the results either as a trading or capital gain.


    Q1: Income tax computations for husband and wife.
    - For a self employed person maybe involving adjustment of a profit.
    - Employment income including the evaluation of benefits.
    Q2: (a) Corporation tax computation – ddjustment of a trading loss and relief for the trading loss in the current chargeable accounting period and carry back for 12 months including capital allowances for plant and machinery.
    (b)VAT – surcharges for paying the VAT late/group registration for VAT.
    Q3: Capital gains tax for individual with shares including rights and bonus issues and incorporation relief.
    Q4: Pensions and the new rules.
    Q5: Implications of a person being UK domiciled for the purposes of IHT, or property business income for individuals.

    Source : PQ Magazine

    best of luck with exam!

    • Topics: 5
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    hello ansi,
    can u please let me know the exams tips of LSBF if possible….

    Avatar of ansi
    • Topics: 89
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    well i haven’t seen them available anywere for now.
    But as soon as somebody will be so kind to share those, they’ll be published :)

    Avatar of babystass1980
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    Thanks Ansi!!!!!! Great post!

    Avatar of ifraniz
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    hey do these tips really count ??? to what extent we must rely on them???

    • Topics: 2
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    Don’t they have never been right in any exam I have done :(

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