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Oops yep that’s what I meant my head was a bit fried yesterday haha yeah it was the CT savings from taking the loss for Round Ltd.
Have I totally stuffed up the corporation tax 11 mark and not split the accounts into 2 periods? Or is that a different paper? I’m panicking!
Ok great! So I didn’t mess it up I was panicking for a minute thinking I’d stuffed it all up.
You know I read all 3 section c and left the 10 mark question until after because it didn’t seem as logical. Lots of adjustments in the income tax comp i definitely messed some up too but don’t worry loads of follow through marks so hopefully we’ve done ok.
How did you find the rest of the paper?
Hi everyone,
It doesn’t sound as though anyone had the same paper as me yet.
I had a calculation of NIC and comparison to sole trader or company, the effect on income tax/corporation tax and whether it was a cost saving to become limited or not for 10 marks
I got a 15 mark purely income tax comp with some basis period rules in there with profit from a partnership, lease, rental income etc
I then got an 11 mark corporation comp with capital allowances, and a 4 marker at the end about Sqaure and Round Ltd – Loss relief and how to offset the losses and which companies were part of the group. Panicking that no one has this exam and maybe I’ve misread and not split my corporation tax computation which I think was just a 12 month period ?
Section B I got a lot of vat admin, share disposals and base cost for individuals and inheritance tax!
Feel generally ok with how the paper was. Let me know if anyone else got this paper as I’m worried I’ve messed up my whole 15 marks!!!
Hi everyone,
It doesn’t sound as though anyone had the same paper as me yet.
I had a calculation of NIC and comparison to sole trader or company, the effect on income tax/corporation tax and whether it was a cost saving to become limited or not for 10 marks
I got a 15 mark purely income tax comp with some basis period rules in there with profit from a partnership, lease, rental income etc
I then got an 11 mark corporation comp with capital allowances, and a 4 marker at the end about Sqaure and Round Ltd – Loss relief and how to offset the losses and which companies were part of the group. Panicking that no one has this exam and maybe I’ve misread and not split my corporation tax computation which I think was just a 12 month period ?
Section B I got a lot of vat admin, share disposals and base cost for individuals and inheritance tax!
Feel generally ok with how the paper was. Let me know if anyone else got this paper as I’m worried I’ve messed up my whole 15 marks!!!
I put the present value of environmental damages in operating expenses (think I was wrong to do that!) and I unwound the discount and put it in finance costs
I got the consolidated profit and loss 16 marks wowza hope there is follow through marks on that! Does anyone know if there is follow through marks on those questions! with a question after it about how you would treat the brand of the subsidiary. I put recognize as intangible asset in parent sofp but not in entity sofp. My other section c was the ratios liquidity and comparison to market average. Section C was actually better for me than expected compared to some of the mocks I have done. Section A yeah lots of 2 part answers – recognizing if it was a sub or not and loads of consolidated type questions!
Also had the Motor leases, inpairment and a little on foreign currency If I remember rightly. Can’t read at all how it went feel like it’s a complete toss up as to whether I failed or not!
Specific questions I remember for anyone who remembers ?
First question I know was what price you would recognize consolidated shares at i put 1360 don’t ask how I remember that! There was some asking about which company would have higher ratios depending on fifo or weighted average and cost model vs revaluation, and also in section b I remember it asking how you would treat possibly the preference shares? Took a wild stab at fvoci. And I also remember it asking what value would be recognized possibly for the jet skis or something? I put 1350 million and it was a toss up between that or zero.
Good luck everyone, only 6 weeks ?