[dcalco21]

I had the exact same thing with PRR. Just tried to answer it sceptically but feeling the same tbh! I know he hadn’t actually sold it yet so just said he should move back to the house before he sold it / periods that were deemed occupation. Think question had stated that let period wouldn’t qualify for 4 years anywhere in UK rule because he hadn’t been working and I didn’t think he moved back after travelling (doubting I’ve misread this now), so I assumed he would loose the PRR for 3 years any reason in my answer unless returned to property before sold. Hoping scraped a pass.

[dcalco21]

I think we do get different questions / mix of questions tbh so I wouldn’t worry – hopefully someone on here had same question to put mind at ease!

I know for my question was defo Remittance Basis, as person was UK resident but not domiciled in UK and was discussing unremitted property income (which would of been arising automatically as like £12k i think) and how the tax treatment would differ if election was made to tax on remittance basis.

Going to be replaying this in my head until 15th Jan for sure lol

[dcalco21]

Here’s what i think i remember / topics I thought came up. Like always majorly overthinking but hoping someone out there was on same page and that i’ve managed to get through it okay – wishing everyone luck.

A) IHT, CGT, Tax Adjusted Trading Profits (adjustments for business expansion), VAT Cash / Annual Accounting scheme, Ethics – which was pretty random…wanted two examples of conflicts, threats to ethical principles, and 2 ways to mitigate threat – wasn’t in context to overall question but for training junior staff – put me off a bit as wasn’t like exam kit!

B) Corporation Tax – Transfers at NGNL, degrouping charge when asset leaves group, losses, group relief / discussion on availability of current year loss for GR when arrangements to sell are in place, ROR for second hand warehouse / SDLT.

C) Comparison of electing to tax o/s property income using arising or remittance basis, CGT on disposal of a property (PRR / Letting Relief) advice on periods absent. Impact on employment income for 2 options of new employer providing computer / giving cash vouchers for exempt vs taxable benefits

[dcalco21]

From my memory was from Customer and Learning only!

[dcalco21]

I honestly had the worst exam experience after sitting remote from home and being ignored by Invigilators for almost an hour to use my toilet break, totally knocked my flow towards the end of my paper.

Same questions above, genuinely have no idea at this stage how I have done, but interested to know if anyone was on a similar tangent?

Q1)
i) Complete financial ratios and comment on inventory system
ii) Evaluate current performance report
iii) Balanced scorecard
iv) BSC impact on employee behaviour

i) Unsure if i covered this properly, ratios seemed okay, although felt slightly confused by allocation of marks. In regards to inventory management system, discussion was mainly around increase of held inventory and decreasing current ratio despite lower sales etc. Also touched on note regarding inventory being held containing a mix of Raw / WIP and Finished Goods but this question was a little weird for me.

ii) Seemed okay in this question, various pro’s and cons but linked to embedded requirement as to whether it fully satisfied the needs of the board – related to non-financial elements of the mission statement which from memory was customer satisfaction, innovation and quality products. Also discussed purely internal focused report, which would not help directors (users) to respond to emerging threats in the business environment / requirement for external information too. Used Purpose, Audience, Layout and Information to evaluate pros/cons and structure my answer. Hoping this was a bit better executed than i!

iii) Struggled with this one although tried to break down by discussing what the balance scorecard is /how it works, and how it could be used to improve performance measurement of the non-financial elements which the current report was lacking as was purely financial (linking to mission / breaking down into CSF). I tried to link as best as I could to the scenario for measures related to Innovation and Learning and Customers perspective of BSC. In relation to CFO comments, I suggested two other PM for each which I can’t remember exactly although know one was ‘repeat purchases for customers’ and another was regarding ‘cross training of factory staff’ – that from the scenario worked on 1 element of the 5 stage paint production process and factory staff. I then discussed the pro’s and con’s of the model – criticising the CFO expectation of immediate roll out as steps involved for implementing BSC.
On reflection, i think for the measure section, i missed the criticism element which even though I can’t fully remember,unsure whether the measures suggested were broad targets and specific KPI were required etc – at this point unsure but hope I picked up a few marks where I could!

iv) Unsure again on this one, when I finished, I knew i should have linked it directly to the ‘deal with people’ element of implementing BSC but we live and learn! I think my answer here was fairly general.

Q2)
i) Engineers’ compensation packages – discuss adverse impact (Basic pay being reduced, fixed pay per visit and commission selling products / warranties)
ii)DSOS

i) Felt like this went okay, was generally application based and took a ‘common sense’ approach to be honest! Helped that my partner is an engineer himself, so praying I picked up some marks here!

ii) From my memory I thought the commentary said that the directors did not want to take risks, although above I read a comment that they were too risky! I possibly misread here which would be super annoying but, my answer was generally discussing the requirement of alignment of the interests of the shareholders and the directors etc. Touched on the ‘agency theory’.

** this is now when I had been waiting to use the loo for over an hour and was slowly loosing ability to concentrate**

Q3)
i) Calculation (Activity based costing related)
ii) Discussion of ABM and whether it should be implemented

i) Did not even attempt – 9 marks, so annoyed but opened the spreadsheet and really struggled understanding the question and data – possibly down to my circumstance as usually pretty strong with costing but let myself down here!

ii) Again, this was a useless question for me. Managed to get some detail down as to what ABM is / strategic / operational then had some brief comments about benefits etc, helping chose products / customers / identify activities that dont add value… had like 10mins on the clock at this point and saw the comment re. no funds to invest in systems… instantly concluded that wouldn’t be appropriate to implement unless they had detailed systems to obtain accurate data to link to activities – shot in the dark but possibly picked up 1 or 2 marks (I hope).

Praying I have got through this one, interested to hear if my answered aligned at all to anyone! Good luck all and hope you’ve got the results you wanted 🙂

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