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Passed with 77%. I’m now an Affiliate 🙂
Thank you to all who contributed to the revision sessions which has helped me enormously!Because:
1) The limits are divided by 4, therefore the UL = 1500/4 = 375,000 and the LL = 300/4 = 75,0002) Rhea is a large company so profits are taxed at 26%. So any loss surrendered to Rhea Ltd will save tax at 26%.
3) Saturn is also a large company, however the first £10,000 will save tax at 26% and the remainder – at 27.5%.
Hope this helps.
Re: June 07 Question – Clifford and Amanda
Amanda’s employer has contributed £60,000 to a registered pension scheme.
Is the reason for her basic rate band not be increased by £50,000 being the fact that her employer has made the contributions?What would have been the effects if she has made the contributions on her the Income Tax computation?
Say, her salary is £80,000 and she has made £60,000 pension contributions?
What would be the income tax computation?There has been a confusion during our revision sessions regarding whether VAT is chargeable on the sale of a business, buildings, machinery and equipment. With reference to Kaplan Notes, the rules are summarised as follows:
VAT MUST BE CHARGED on the sale of a trade and assets UNLESS it qualifies as a transfer of a GOING CONCERN.
A transfer of a going concern is OUTSITE THE SCOPE OF VAT and the result is that no VAT should be charged.
The sale of a trade and assets of a business is regarded as a going concern if the following conditions are met:
1) The trade and assets purchased from the owner selling or transferring the business must be a going condern.
2) The buyer must use the assets to carry the SAME KIND OF BUSINESS.
3) The buyer must be VAT registered or to be required to register for VAT.
4) There must NOT be a significant brake in trading before and after the purchase of the business.
Let’s assume the above conditions are met. The general rule is that NO VAT is charged on the sale of the trade and assets as if it is a transfer of a going concern.
An EXCEPTION to this rule is if the owner is selling a BUILDING which is less than 3 years old at the date of the sale or it has opted to tax the building in the past. VAT must be charged in this case.
Assuming the above is the case (< 3 year rule and opt to tax), if the new owner opts to tax the building at the time of the purchase, this removes the requirement to charge VAT on the sale. Confusing…..I know. Hope this makes little sense at least.
Chat history for 4th session:
The next one will be on Sunday, 11th Nov @ 12pm (UK time).
If anyone wishes to participate on Sat, 10th Nov also please post your preferred time here.I suggest we have a go at any of the following questions at this weekend’s sessions:
1) Dokham (Jun’10) – Lifetime gifts and consequences / Personal tax computations / EIS / VCT (Q59)
2) Fitzgerald and Morrison (Jun’09) – Basic CGT computations / IHT – lifetime gifts and consequences / Gift relief (Q53)
3) Desiree (Jun’10) – SE Income – opening year rules, trading losses / VAT – registration / deregistration rules (Q58)
4) Fedora and Smoke Ltd (Dec’09) – Personal tax computations / capital gains implications inc. rollover / close companies (Q56)
5) Sakura – (Dec’10) – IHT – lifetime gifts, diminution in value, consequences of lifetime giving / CGT – basic computations, gift relief / SE – self-assessment (Q4)
6) Capstan (Jun’11) – IHT – lifetime gifts, consequences of lifetime giving / Trusts – tax treatment / CGT – basic computations, shares, reorganisations, gift relief / EIS / VCT (Q4)
UPDATE: Re Practice Sessions for P6 – DECEMBER 2012
These are now cancelled until October due to lack of interest.
Re: Practice Sessions for P6 – DECEMBER 2012
The next session is on Wed, 15th Aug @ 7.30pm (UK time).
We will attempt Q33 Saturn Ltd, Jun’08 (Kaplan Exam Kit).It will be my last try to host exam practice sessions at least until October as, unfortunately, they don’t seem to very popular due to the early stage of our P6 studies.
@mufakir said:
i got 49! It was my last paper!!! I would have bloody well qualified as a member!! my work experience was done! ARGHHHHHHHHHHHHHHHHHH!!Administrative Review. Any thoughts please? Has it EVER happened that someone opted for the administrative review and their mark increased by 1? EVER?
Was my last paper too – can’t get over it, so upset.
I remember that a Kaplan tutor once told us that better give the admin. review fee to charity rather than requesting one.It was a disaster 🙁
I sat the same paper last Dec, failed it but thought that this one was even harder than the previous one.
I would appreciate if anyone could post the questions list with marks against each of the requirements.If the questions are from the latest Kaplan exam kit, then they are as follows:
“Yes I have the list the key questions are q1 pilot, q36 – Particle Ltd Group (Dec08),q39 – Automatic Ltd (Dec09),q34 – John and Maureen Robinson (Jun08) ,q35 – Nucleus Resources (Dec08) ,q42 – Poblano (Jun10) ,q40 – Grifter (Dec09) ,q8 – Delta Jones (Kaplan Question – closing year rules, incorporation relief, cash vs shares consideration) q38 – Charleston Dance (Jun09),
Q2dec 10,q1june11,q2 pilot and q41 – Cacao Ltd Group (Jun10). These are the questions
We were told to practice”53 – first attempt.
Thank you to all who participated in the chat sessions, I wouldn’t have passed without your help 🙂I managed to attempt all questions, thought I did ok after I left the exam hall. However, after reading the above comments, I feel it is a 99% fail.
I have missed a crucial point of Q1 a) requirement with regards to preliminary analytical procedures. All I focused was audit risks based on the information available. I calculated two random ratios just to support some of my points but that was it.
I’m so gutted 🙁Please see the latest updates on syllabus changes (published in 2010).
From June 2011, International standards will be fully examinable. Therefore, the only difference between P7 UK & INT is that those taking P7 UK would require additional knowledge.Since as per the most recent ACCA P2 UK syllabus the International accounting and reporting standards are
fully examinable, this makes me believe that those choosing the ACCA P2 UK would need to have all the knowledge required as those doing the INT variant.Does this mean that the ACCA P2 UK will be internationally acceptable and although some companies (UK based) would previously require to obtain a Diploma in International Financial Reporting this would no longer be the case?
@jasminetan said:
Hi, I will be joining this chat session. Is it just prepare question to be asked or how is it going to work? Pls advice so that I m prepared.Hi jasminetan,
We’d usually start with the scope, clasification, measurement and recognision. Basically, briefly highlight and explain the most important poins we need to know for the exam.
For Sunday’s session we decided also to come up with some questions (examples) – either from the study text or past exams which we’ll discuss.I have heard that P2 UK will be replaced by P2 INT in the future.
Even BPP and Kaplan I think have withdrawn their P2 UK classes (although books are still available to be purchased online).Please advise when is the next group study scheduled for and the topic we’ll cover?
Is it possible for the P2 discussion sessions to be updated to Open Tuition P2 calendar (with Kaplan Chapter names so that those studying from BPP study text be able to match the chapter and be prepared).
Can a timetable of all topics due to be covered in the next few months be posted?
And lastly, can the chat sessions be also posted to the website for those that have missed them? I’ll normally miss the first 15-20 min of the discussion as I’ll be on my way from work but it would be great to be able to download it at a later point.
We had a great P3 group study last year and all the above was implemeted and it worked really well.