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Hi guys, how did u calculate that cost of the land ? I calculated cost of that first acres sold and then just deduct this from total cost Haa ??
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Hi accaonetwo, I did same!!
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Yes the part on property business profit about repairs??
I added back as not allowable for deduction… If the building would be in the state that can be used strait then it would be allowable… hope so… also add rent received on 1/4
it was starting from the operating profit that put me out – mind went blank – couldnt remember what to do – I attempted it – but cant help thinking it just wasnt right. thankfully I attempted the rest of the paper. so maybe i have a chance of a pass – fingers crossed.
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It was very tricky!! Crossing fingers as well 😉
No its not just you Tommy – they are definitely changing the way they are testing F6. Q 2 was awful for me.
I attempted Q1 as it took 15 miutes of my planning time but still messed up the 2nd part of it for Edward king. then I attempted Q3, then Q5 and then Q4. which I found easy and do able. left out q2 as ran out of time. just had a little to write up the proforma. so fingers crossed and wait for the results. it was nothing like the past exam papers I have attempted. given that I only started preparing for it in last 3 weeks. I thank open tuition and Kaplan exam kit if I do scrape a pass!!
F6 is so hard today, seems candidates can make mistakes easily by small details being given in question. I did practice in P&R kit of BPP, handled with many kinds of question in there, but today question is not the same with standard, hard. Also, the quetion is long, time is limited , just did what I could. I think I will fail . 🙁
In question 4 …that first section a first calculate tax liability for both companies separately using up er limit 750 000 a lower limit 150 000 ant then together as one company with upper limit 1.5 m lower limit 300000 savings were 30000tish ? Anybody else ?
Q4 Cant remember exact figures – but my first calc with the subsidiary was marginal – second calc was lower limit. and then i did the tax saving.
Q5 inherritance and pensions was not bad. Q1 i think was ok, but Q2 was worst for me. Q3 on groups im not sure and q4 i did in a hurry so it was messy. Did we have to choose an alternative or just calulate? I was running out if time. There were a lot of short answer questions, more than in the past papers.
Anniebabe you are right and the paper was extremely lenghty and complicated examiner messedup everything and Examined the whole sallybus
We should choose the highest net proceeds from 3 alternatives … gain – tax paid …I suppose
In question 4 I have done the same, splitting the limits initially and then treating it as 1 company without splitting the limits, which gave me a tax saving of about 4k by using the second method.. How did you approach the 1st question with the partnership? Where one of the partners left half way through the year? Did you apportioned the profit and split it into 3, and then in 2 for the remaining months?
Thank youIt was really different…messsed up on question 2 part a. It was for only 12 marks though, at least not 25!!!
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