[davidmasih]

I think the exam was pretty friendly, and very happy to see my answers matched some on this forum. Q5 income tax and Q6 corp tax was very long and took most of my time. But was glad to see Capital allowances were tested in both especially Q6 (which will score most of the marks).

Some answer I put to MCQs:
CT average – 21.5%
POA for 14/15 – £22,500
PPR Relief – 72,000
NIC on salary- 4,432
Share price – 3,110
Self assessment check – 31/01/2017
Taxable expenses – Fountain pen
IHT Nil rate band – NIL
Taxable income – 120,000
IHT transfer of value – 45,000 (guessed)
VAT FRS – 960
IHT tax – Not revenue tax

Some of my answers to the questions:
Q6b – residency of the company if board meeting were oversea, no because company was incorporated in UK
Q6a –first two CT CAP calculations were small rate and final was Marginal relief.
Q5 – benefits to employment, Grandchildren school fee – exempt, Clock for long service – Exempt, Beneficial loan – average method.
Q3 – CGT
The nil cost/nil gain spouse transfer of the house.
The shares on gift relief limited by the fraction business assets/chargeable assets.
The vase, 5/3 (SP – 6000).
The disposal of the land, Part disposal
Q2 – VAT
Rushed this question due to time constraint, 2% for first error, 5% for second error in surcharge period
Advantages of group VAT return – only one Vat return less change of missing deadlines, can offset refunds against payments against subs and parent.
Q4 – employee vs sub contractor
Again rushed this question – NIC calculation – Class 1 vs class 4 and class 2

With my second paper done I will now be moving on to F7 & F8 to sit in December – and advice and recommendations I should consider would be greatly appreciated?

[davidmasih]

I have started ACCA in August and took F4 today which I passed with 69%.

I felt the exam was slightly harder than my practice exams and some questions were asked which I did not have a clue.

Overall, happy with a pass and look forward to progress to F6.

[Author]

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