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that what I want to say, @Debaj.
R/O relief is chargeable gain that is deferred to when you dispose your second asset.
you buy a house for £5 and sell for £7, chargeable gain is £2.
if you buy another house for £8 for the same purpose and the chargeable gain for the first house £2 will be deferred, the deemed cost for the second house will be £6 (8-2), when you dispose your second house for £15, the chargeable gain £9 (15-6) includes £7 (15-8) which is the real gain from the second house and another £2 from the first house.
you will use a flat rate scheme to simplify your VAT return process, but your VAT registered costumer doesn’t care which scheme you are using, he only cares where is my vat invoice, i need it to reclaim my input vat. so if you don’t issue it to your costumer, he will not let you go….
basically HMRC is collecting vat from general public, if a business is not VAT registered, it will become the ‘general public’ who are suffering vat and couldn’t claim back.
thanks for your reply and patience, I just went through Chapter 3 again and totally understand it.
I passed with 57% last week in Glasgow, read the text book before Dec 2012 exam, thought it was too difficult and gave it up, then restarted one month ago when I realised that it was not so difficult as I thought. downloaded and printed Mike’s notes and went through the lecture videos twice, then bought a BPP review kit and got familiar with most of the syllabus, still needed to work in daytime, so only slept 4 hours per day one week before the exam. during the exam I took 1 hour to finish and another 1 hour to check the results, stayed in the exam room until the last minute.
just passed F4 CBE today with 57%, first attempt, worried about it before the exam because only got two weeks to prepare, thanks to Mike’s lecture and notes, went through them twice, some of the chapters for lectures are missing from the website so I just ignored them…..such as legal system, employment law, insolvency and administration. Although got a lot of questions for these parts but I don’t have time to read the text book. after got a basic view of the exam then bought revision kit and practised twice this week. I was the last one who finished the exam, marked all the questions in one hour and reviewed them in the second hour, changed two answers. I think the result would have be more or less 55% if I submitted it in one hour, but I was lack of self-confidence…..
questions I could remember:
3 statute law:
committee stage is one step of passing laws. by law.
4 contract law:
an advert offering a reward is an offer.
cross offer.
counter offer.
offer could be made to the world at large.
postal rule applies when….
consideration must have some identified value.
representations.
breach of conditions/warranties/innominate term.
exclusion clause, breach of contract, damges are in section B, background description is clear (a woman’s car was repaired in a garage and returned to the lady, but actually the car was still broken and the lady got a crash, ruined the car and got injured), questions couldn’t remember totally because I am confused and think lost all the 6 marks.
5 common law:
damages, action for price (CL), specific performance, injunction (E)
6 law of tort:
volenti non fit injuria
9 partnership:
LLP: has one unlimited liability partner? no.
one big question in section B.
10 company law:
inside trading
pre incorporation contracts
11 director and officers
age 70 is for public company not private company
special resolution includes….
12 meeting and resolutions
ordinary business includes….
90% shorten the notice period….
13 loan capital
Miked mentioned preferential share here, there is a big question in section B about it, couldn’t remember it sorry…
there must be some mistakes and for the questions I didn’t know I just randomly ticked a good-looking answer, so there is no chance I could remember them.