- This topic has 85 replies, 27 voices, and was last updated 7 years ago by
.
- Posts
Mixed feelings here… It seemed mainly ok (section B slightly tricky) and I found myself trying to find a catch… Fingers crossed I’ve do enough!
I studied this unit with open tuition and felt very well prepared. Great F6 lectures and lecturer.
Thank you OT! Hopefully got enough to pass 🙂
What strikes me is the amount of people who said it was okay in the poll above. I just know from my personal experience of practicing questions over and over, thinking I’ve nailed it and then… oh yeah theres that pit fall, theres this pit fall. I think its a paper that can look easy on the surface but theres always something. Section A was okay though fairly nice.
@joep23, did you sit the exam today? And if so, what do you think the pitfalls were today? I found the exam ok but a bit nervous of not spotting the pitfalls etc.
Thanks.Yes I did. Very hard to say without actually knowing the answers to the questions obviously. I don’t mean pitfalls as in somewhere where they are trying to trip you up per say, more a long the lines of the fact of forgetting to do something, just as a general example, forgetting that the first 500 of savings income is taxed at 0% if you are a higher rate taxpayer and 1000 if you are basic.
What I’m saying is sometimes a question can seem easy and you think you have hit the nail on the head, and you then realise you forgot to do one small aspect that gave you another answer etc… I think that is just a problem with tax not acca overall though.
One I’m aware of is the home carer credit(I think). I’m guessing they wanted us to calculate it, but I didn’t do it as I’m not 100% on it so didn’t want to waste much time.
I agree with forgetting, or missing parts as there are so many different rules and they’re always changing depending on the circumstances.@jdealy. That’s what I thought, the question seemed to be worded in such a way as to chose either resident or ordinarily. But definitely belive she was only domiciled. Thanks 🙂
What did you think of the paper overall?
@kb87 said:
Ah…I did the Irish Variant.Phew! That’s a relief! I thought I missed something 🙂
Nice paper I thought, hope I did it justice as you can never be sure. Didn’t think there was hidden pitfalls. Didn’t do a great attempt on question 1 – got my self confused I think on the chargeable gains and offsetting losses on these. How did you find it?
The question, with the lady earning over £230k, we weren’t asked for the tax liability were we? It was the taxable income right?
The question that went on to ask about pensions and annual allowances?
@alaccountancy said:
The question, with the lady earning over £230k, we weren’t asked for the tax liability were we? It was the taxable income right?The question that went on to ask about pensions and annual allowances?
Yes, that’s correct (I hope!) Can you remember your answer to the pension allowance bit?
Im the same really. I felt reasonably confident about passing but netted off the capital loss/gain when I shouldn’t have, hope it isn’t the difference betweena pass and fail. VAT question was really nice! Started with that and it gave me a bit of confidence.
@juliat said:
Yes, that’s correct (I hope!) Can you remember your answer to the pension allowance bit?I sod she couldn’t carry anything forward, her 2016/2017 allowance was restricted to £10,000 because of her earnings… and with the employer contribution of 30,000 it left nothing to c/f. I said though this was a stupid question… because it didn’t say if previous years were restricted (resulting in chargeable pension for this year!) … anyone else think the same or am I being daft?!
@hannahchynnah said:
I sod she couldn’t carry anything forward, her 2016/2017 allowance was restricted to £10,000 because of her earnings… and with the employer contribution of 30,000 it left nothing to c/f. I said though this was a stupid question… because it didn’t say if previous years were restricted (resulting in chargeable pension for this year!) … anyone else think the same or am I being daft?!Oh dear… I thought she could use up the 3 previous years and assumed they’d be unrestricted… So I only deducted the employers contribution and I think got 20K as an answer 🙁
Unfortunately, I missed this up!
I had never seen/just couldn’t recall and still can’t any questions or material where the tapered allowance has resulted in excess contributions, but on the employer’s part!
Anyway, I answered, something like: there’s a £40,000 allowance before tapering, however, due to the tapering down, she’s down to the minimum of £10k (because her adjusted income exceeds £210k). She did not make any contributions and so she can carry this forward because her employer’s occupational pension contributions meant she met the condition of being registered with a pension contribution to secure her entitlement to carry forward her un-utilised annual allowance.
This part of my answer was a mess – I was thrown by the fact that I couldn’t recall ever reading what happened when the employer’s contributions contributions exceeded the tapered down annual allowance.
@alaccountancy.. u r right.Nothing on the effect for employer contributions.Annual allowance relates to personal pension contribution. Generally.. exam seems hard.most areas were exempted as they know the success rate is high if questions were set on it.
Guess work for section B. How did u treat the accrued income, employment benefits part…and entertaining customers expenses?
Well – I’m hoping the accrued income (on the GILTS right?) was just a case of 4/12 (i think I remember them being held for four months) multiplied by the bond rate multiplied by the nominal value of the bond. Although, I think I may have got this wrong, I think, I may have picked up the purchase figure rather than the nominal value – hope I didn’t, but probably did!
I said she has accrued income on the gilts of 2,500 (which I think was equivalent to 4/12 of the yearly interest) …?
- You must be logged in to reply to this topic.