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Hi, I believe its to do with the capital goods scheme.
It is relevant where a partially exempt business buys a building for more than £250,000 and there is a change in the partial exemption % during the 10 year adjustment period.
Here the recoverable input VAT drops from 70% to 55% then 50%, so Viola Ltd has to pay back some of the input VAT initially reclaimed.
There is also a final adjustment in the year of disposal for the reminder of the 10 year adjustment period – i.e. 7/10, 7 years remaining in scheme.
I hope this helps
Dorian
I’m also sitting P6 UK for the first time in June’14. I will be using BPP learning material. I have always used them, and I find them to be very useful. I’ve got the Study Text, Pass Cards and the Audio Success CD. The kits are released on the 31/01/14 and I shall be getting that once it is released.
As the previous comment said: Make sure that you get the latest edition based on FA2013.
Good Luck with the P6 exam!
Yes this is true. Last time I received both email and sms. Just over a week to go…I’m dreading it!
Cazza99 – I did exactly the same for the performance gap. I also agree that the transferring of the marketing costs made no different to the overall profit of the company. I had Plan A missing the performance target and Plan B exceeding the target.
I answered Questions 3 & 4. I had a blank on the performance pyramid, otherwise I would have done question2.
I also think that time management/exam technique was key in this exam, I hadn’t realised that variable costs was in units at first, so I had to re-calculate the first requirement in Q1, so I was playing catch-up from the start. I gave myself 1h15 for section B and managed to finish in time.
This was my first attempt at P5, so I’m hopeful that I’ve done enough to pass! I have P2 on Tuesday so I must get back to the books.