Forums › ACCA Forums › ACCA TX Taxation Forums › ACCA Paper TX exam was – March 2021 Exam – Instant Poll and comments
- This topic has 37 replies, 18 voices, and was last updated 3 years ago by mazahirg.
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- March 2, 2021 at 9:52 am #612574March 2, 2021 at 4:55 pm #612732
Well
Cooperation part question 35-36 was quite tough
Very different from Kitt
First 15 questions were quite easy
But i lost a lot carelessly.
I started with the last 6 questions for saving time
Then i went to senarios
And finally last 15s
But really time management will decrease marks
Hope to passMarch 2, 2021 at 5:18 pm #612740edit: Whoops, this is TX, not ATX…
March 2, 2021 at 5:32 pm #612750I cant believe i changed my answer for the simplied invoice question to customer name and exclusive vat amount, my original answer was tax point and customer name doesnt have to be on a simplied invoice.
March 2, 2021 at 6:01 pm #612761I got quite confused in section c. They were asking for the net income after tax. Did we have to calculate the income tax and ni contributions? Seemed like a lot of work for 5 marks
March 2, 2021 at 6:04 pm #612763Can anyone remember answers to section C?
March 2, 2021 at 6:09 pm #612767If i recall correctly it asked for total taxable income, so after the personal allowance, which was 0 as it exceeded 150k income
March 2, 2021 at 6:31 pm #612776Did you guys click did not qualify for ir or er relief in that question in MCQ question?
March 2, 2021 at 6:40 pm #612783Burningdesire wrote:Did you guys click did not qualify for ir or er relief in that question in MCQ question?
i guessed qual for both
March 2, 2021 at 7:04 pm #612791I put did not qualify but I think it does, I was thrown often by the gifting scenario
March 2, 2021 at 7:30 pm #612800Your video lecture is by far the best. I watched UK Tax Videos and completed UK Tax Course note for 4 days without sleep with RedBuLL. Today’s exam seemed easy. Thank you all for creating the best lectures and providing the most user-friendly course notes.
March 2, 2021 at 7:34 pm #612808Hey Jargal
What did you put for investors relief and Entrepreneur relief question, did they qualify or not?
March 2, 2021 at 8:48 pm #612831They did not qualify for both relief. Entrepreneur relief minimum percentage is 5% & Investor relief is available for newly subscribed shares. He purchased it from an existing shareholder.
March 2, 2021 at 9:38 pm #612849Last question for me there was a share matching question in c, was it for a company or individual? Can’t remember!
March 2, 2021 at 10:04 pm #612852Hello, Situation does not qualify for both relief as i see
March 2, 2021 at 11:04 pm #612863I had none of the question you guys mentioned 🙂
For me the exam wasn’t too difficult in general aside from dates and administration which I neglected and there were more questions from this area than I expected. Also, I had a section B question with IHT which was pretty tough for me too, lots of PETs and CLTs.
Part C was easier, both 15 mark question had a lot of profit adjustments, which I was happy with.
Should be a pass.March 3, 2021 at 12:49 am #612869Another question I got stuck on was the one where he bought something years ago for 5k and sold it to his son for 20k when market value was like 300k. I put down the gains was 0, is this wrong ? My logic was it got sold under market value to his son by huge margin
March 3, 2021 at 2:04 am #612874Burningdesire wrote:Another question I got stuck on was the one where he bought something years ago for 5k and sold it to his son for 20k when market value was like 300k. I put down the gains was 0, is this wrong ? My logic was it got sold under market value to his son by huge margin
there will be chargable gain as proceeds was excess of cost…(20k-5k)=15k…
March 3, 2021 at 2:17 am #612876anyone found the corporation tax and tax planning question too difficult??
March 3, 2021 at 6:01 am #612885Corporation tax question I had, had rollover relief at under sale so gain chargeable now is lower of proceeds not reinvested and total chargeable gain. It also had a chargeable gain group sale so nil gain nil loss. It was v tricky. Not like anything in the book.
The ir er question I had I didn’t tick either the person didn’t have 5% of the trading shares, and for ir I’m not sure they were newly subscribed shares.
March 3, 2021 at 6:04 am #612887The tax planning question was also tricky because mine had employer occupational tax donations. Somehow remembered they are deducted from employer Corp tax calculation but v tricky I think
March 3, 2021 at 6:09 am #612888*pension
March 3, 2021 at 8:28 am #612911For the IHT question in section B, was the wife entitled to the RNRB of the husband who had died?
March 3, 2021 at 8:36 am #612917Yes and as it’s passed to kids it’s fully usuable
March 3, 2021 at 8:40 am #612919Hmm I don’t think I got the same corporation tax planning question, did you have the question to compare net income while employed vs when she was an employee after nic and income tax?
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