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OMG depressed just going to the pub I think ………… i would like to meet the examiner and tell him a thing or two about his exams ……… he may be a great man and ever so intelligent but he has no consideration for us struggling students …………… MORE TIME OR LESS QUESTIONS …………………. ITS ALL PRESSURE 🙁
If they had given us the complete requirement including the SOFP for the consolidation it would have been so much easier ……. instead they throw in these sneaky little things that confused me and left me wishing for consolidation of a P/S and A it would have been so much more straight forward …. and where was my cash flow that I worked so hard on omg it wasn’t even mentioned and supposedly it is a big part of F7 WHATTTTT………… I think they just twisted it round a bit to mess with everyone’s heads ….stupid ratios bah haa….. its cruel ……. me personally I think it should have been a 5 hour exam so I didn’t have to rush so much giving us the time we deserve for these types of calculations ………. just because The examiner can do it in 20 minutes really doesn’t give us a hope in hell of completing any question completely ………. time pressure is the fail for 90% of us and its time the examiner stood up and listened to us ……….. he has been doing this for ever we are newbies and in the real world 3 hours wouldn’t be enough to complete those 5 questions ….. hell the company i work for charges over 2grand for consolidation but I get 6mth to prepare it ………. Please respect the newbies give us a chance ………. its all pressure pressure pressure so they get the low pass rates and we have to pay again and keep this going for years and years ……….. nothing fair about ACCA exams …………. I studied my ass off 12 – 16 hours a day for the past 2 weeks plus 4 hours a night over the past 4 months while working full time and still not enough time to think straight or work things out without the pressure of TIME against me ………… I think I should write to ACCA telling them to give us a chance and either reduce the questions or increase the time ……….. ease the pressure a bit and their pass rate would soar ……….. very sad old lady (52 years old with a slower brain than you young ones trying my hardest and feeling like i been beaten with a big stick for the past 3 hours) 🙁
either 4 or 5 was the calculation of the converible loan ……….. i calculated the cash flow at the 0.97 etc etc then the end result was the start of the calculation for the 8% interest and the deduction of the cash paid ……… closing balance at the end of the 3 years equals the original convertible loan (i was out by 20k but probably because I was seriously rushing so messed that up) then the difference between the 8% calculated and cash paid is the addition to the SOFP Liability of the loan ……….. I think but that could have been q3 as my mind is a blank :/
I managed to get Mikes sentence into the PPE standards question ………. reduce the penumbral areas of divergent possibilities so hopefully thats 1 mark lol ……….. I just got muddled up done all the workings for every question but didnt feel like I achieved anything as nothing balanced or worked out right I think i just panicked was expecting the normal 2 x 25 mark questions I was ready for them sooooooo ready and the format of the questions just threw me ……………… i couldnt pick out 50 marks looking over it …………. finished all the questions but nothing balanced as it should have ………….. omg just stressed and messed up 🙁 ………… expecting a resit in december worst luck 🙁 …………. very sad old lady (too old for this)
OMG ….. I was so ready for this exam I had all my marks scored in questions 1, 2, 3, ……… all my practice cashflows I was getting 100% consolodation SOFP 80% ….. and then faced with a mish mash of mixed up questions that just threw me …………. i studied so hard and I answered all the questions (rushing through 4 and 5) ………. but disasterous got all confused on q1 and 2 ….. done all the workings then nothing balanced what a mess I made ………. how come they change the format when I sit it ……….. was looking forward to my q.1.2 and 3 25 marks ….. consolodated SOFP ……….. single entity SOPL&OCI ………….. and cashflow 🙁 ………… expecting a resit here 🙁
I didn’t get a high pass just 66 or 68 can’t remember – I wrote my answers in normal speak used mikes explanations as I found them easier to understand he made it easier for me – couldn’t get to terms with the law speak in the book . I did learn all about the courts system that helped as when I wasn’t sure of the answer I was able to explain what court it would be going through and why (like civil or criminal) so maybe that helped a bit and i never had more than a page per answer some folk in with me said they wrote three pages for one answer so I thought I had messed up but I didn’t 🙂
I took the business portion of the decoration as the question said that only a % was for private use which meant the rest was business but I could be wrong 🙁
Death estate is calculated at 40% tax – the lifetime CLT was 25% because it was the diner who paid it 🙂
I watched them once – they are about thirty minutes each but I found them better than the books I bought I didn’t even do the practice questions from the books just watched the lectures on here 🙂 good luck let me know how it goes 🙂
I studied about 3 weeks and find writing it helped me but company law is ok so dont worry remember your veil of incorporation thats a good answer when they give you scenarios about who is responsibke for eg on the face of it xyz are guikty but if you lift the veil its the people behind it that are responsible – dont know if that makes sense lol – in the exam I quoted the carbolic smoke bomb case on a couple of cases as it covers a wide range – constructive dismissal was one if my questions when someone is forced to leave there job I used kevin keegan for that one – you sound like you done enough study it will flood back in the exam and I also found that some of the questions made me remember answers toi other questions. I had one on the courts had to name them and their purpose – cant remember what else but just keep writing it will all come back you will manage fine 🙂
I went through the text but couldnt gwt to grips with it so felt like I was struggling to understand it so I watched the open tuition videos and mike made it easy I remembered the cases and made a summary of which case related to which example and think I got it down to about five cases that suited everything – he made it really understandable to me anf on the morning of tge examI just read all my notes and sailed through it – but wiuld have failed if it wasnt for the lectures on here – good luck remember your latin 🙂
I included insurance less the prepaid amount for after the year end – think it was something like 6mth insurance that was aprt of the year (if i have the right question).
I firstly calculated the Life time tax on the CLT for the trust at 25% as the doner paid it and cfwd amount is before NRB plus the tax – if it had been the donee then it would have been 20% rate adn the baalnce before NRB that is carried forward – after death the death rate becomes 40% but the LTT gets deducted as owed to IHT by the doner estate then the 40000 is given to the sister and the balance to the kids as they were left after death – again the death rate is applied of 40% and the NRB is the year of death – i dont know if i am right but one of us is so good Luck to all 🙂
the only benefits was the 3000 from the previous year and current year their was no more deductions apart from NRB which was used up on LTT on death. I could be wrong but the two small gifts were exempt as under 350 only the 400 was assessable. the transfer of legacy tot he wife was exempt. Cant remember anything else apart from doner LTT of 25% not 20% as it is for donee and cwd is before NRB plus tax when Doner pays tax.
I couldnt remember is the shares were exempt but i put them as a pet for tax if he died within 7 years too – the two pets got left alone till he died so the only life time tax that was payable was on the trust i think it was 17050 or something it was at 25% as the doner paid it and the cfwd balance was the balance before NRB plus the tax – if it had been the donee then it would have been net amount carried forward and the tax of 20% – i think i messed up on the final amount to the kids i deducted the LTT from the value of the estate and then calculated final death tax at 40% but my display was a bit scruffy as i rushed it so made plenty of associated notes so that he knows what i was doing lol – good luck 🙂
Law is quite easy i had 35 minutes spare – learn your associated cases and your latin words they gain marks – put yourself into the judges position think logically and remember lifting the viel of incorporation it is always included somewhere as a reply – I enjoyed the law one. F6 I done it but not too sure how i done maybe border line :/
For constuctive dismissal quote kevin keagan case thats a mark 🙂 The Smoke balls case can cover many answers as it relates to a lot of case rules – good luck but dont panic you have plenty of time to answer and can go back and forth between questions.
I am pretty sure I used MV for shares as the gift was done at arms lenght the rule stated Market value but i could be wrong – I used the quarter up rule for one of the shares question but cant remember which one head is a mush 🙂
two associate companies including the parent yes ? i had 750000 and 150000 for U and l levels
I put it in as an extension to the original is P&M – if it was a stand alone building not used to contain P&M then no – but the good thing is one of us is right lol 🙂 good luck
Oooo I done roll over for the gain on the insurance woohoo maybe another point there 🙂
Car benefit was list price 14400 x (co2 -125)/5 +18% for diesel but I went and added the 15% for petrol aaarghhhh lol and no fuel benefit – done 12mth salary not 8 (blows) 12 mth loan int not 8 (blows) its all minus minus minus – but got 2 marks for Isas lol – ahhh well never mind but I really don’t want to do that book again and looks like I may have too 🙁
Trading losses bfwd 41 thousand and something gets deducted 2nd row from trading profits 🙂 but again minimal point 🙂
@dianemartin said:
Well I screwed up took salary at 15100 a mth as it said but didn’t notice the 8 mth date if it was 8 mth and done a year – anyhow income >100k so reduced pa to zero as 50% reduction of the 100k limit was in excess of the pa- the co tax add back 8000 max is allowable as moveable benefit ( taxable benefit) the balance disallowed – pension 50k per annul allowed c/fwd unused gave 150k allowable for year and life limit 1.8 mill – hit deducted ae and nrb taxed at 25% as was diner not donee and if he died an extra allowance for taper relief was allowed but taxable at 40% on balance which ended less payable with 5yr taper – ran out of time on q3 so wrote crap done tax and nic calls for employee and employer but rushed – cant remember what else but found it all too much for 3 hrs and wish I could use pencil what a mess with scoring out lol – don’t think I passed but tried my best
you will only lose a mark for salary – rest is what you do based on your figures.i didnt reduce pa income was greater than 114950. so no pa even after gift aid.
i had unused pensions of 133k as th 07/08 was not allowed – only carry forward 3 year allowances.
IHT – did the question not say to work out IHT if paid by trust AND Donor?
part c – if he died iht at 40% on trust coz nrb would cover the PET less taper relief at 40% for 4-5 years.
Yep I done both for doner and donee same 40% taper relief – pension can cfwd for ever up to 1.8mill life allowance so cfwd all years plus 50k for last year was 150 (but could be wrong lol) know cfwd is allowed for as long as u want – I reduced pa to nil also – it wasn’t a pet it was a CLT (trust) in IHT but ur calc ok as there was only the one so u won’t loose marks for saying pet 🙂 – nic question lost me number 4 I think or 3 – ran out of time done calls for all paye and nic variants commented on class 2 and 4 being gone and 1 and 1a being payable and – cant think what else lol
