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I did it over 4 years because in the paragraph at the bottom, it says the directors appraise projects over 4 years ?????
For depreciation, it was straight line over 10 years so there would have been no reason to adjust TAD just because you did the appraisal over 4 years. Depreciation would be exactly the same. Can’t depreciate it faster than it’s supposed to be ?
For the taxable income question, I took the approach below:
1st Period of Self-Employment (Trading Profits 01 May 17 – June 18). Closing year rules are that the penultimate year is on a CYB, so seeing as the 14 month period starting on 01 May 2017, I guessed the prior tax year (2017/18) ended 30 April 17 and then final year is everything after that end date for 2018/19. Couldn’t remember the capital allowance rules apart from no allowances in the year of cessation and balancing charge/allowance, so I applied it to the entire period. Not sure if that was right.
2nd Period was February 19 to June 19 (I think?) but as she’s just starting to trade, actual basis rules applied so I took the profits from February 19 to 05/04/19. I guess I’ll find out if I was right in January !
Passed the F4 exam with 92%. Thank you Open Tuition for all the lectures, notes and questions!
To anyone who is studying, do every single practice exam question you can find. Buy the Kaplan and the BPP exams kits and do all the questions (the BPP exam kit I think is better), plus opentuition and any others you can find.
Beware that some of the section A questions in the exam are worded very differently to the practice exam questions. Some of them got me thinking for a bit! You’ll need to understand the concepts properly otherwise they might catch you out 😉
Passed with 82% first attempt.
For those who are asking others how they prepared, this is what I did:
– Went through all of the MyKaplan study videos for each and every topic on the MyKaplan portal. Took screenshots of all the material, and went through the case studies.
– Did all Open Tuition practice questions and watched the lectures on topics I was weak in.
– Did all available mock exams (I even bought some extra mocks from Kaplan).
– Covered ALL of the material (not all in depth but had an understanding of everything). I think an example from the December 2018 exam was the Beyond Budgeting question, which a few people I know were unprepared for. A few easy marks that could have been gained from a small topic of a few pages in the text book.
– Cover the Section C questions in depth in the exam kit. You’ll find they bring a lot more depth to the topics, and gives you a better idea of how to answer the question.
– Exam strategy was Section A, C and then B. I felt this really helped, as you give yourself more time for more opportunities for marks.Hope that helps 🙂
For the budgetary control section C question, I just assumed that we needed to flex the 12-month budget to a 6-month budget, as the original was comparing an annual 12-month budget to the actual results for the first 6 months, and that seemed illogical to me.
Flexed the costs and revenues to a 6-month budget and to the actual activity level of 950 units, and then compared how the variances differed from the original comparison that was given to us.
NO IDEA if that was what they were expecting, but it seemed logical to me at the time. I even stated that at the beginning of the question so the examiner knew what I did: “My Assumption: Flex budget from 12 months to 6 months and compare”. Hopefully, they’ll give me some credit!
