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Passed 57 marks , second attempt. The exam is tricky, not hard as silabus but the marking is draconic. Congratulations for the passing attendees , for the one who failed -do not give up. The success will come, recap the theory but do not spend a great deal on this, focus on practicing as much as you can. Exam is very time pressuring so you have to stick with time allocation. What I spotted as first time I failed with 48 marks is that the examiner likes the ratios and not only to calculate but to analise and talk about. Best of luck and never give up
Yes, I said something about TDWV, but I was not sure if is balancing charge or allowance. I think I said is charge.( I was so stressed )
I asked a colleague in tax department and she said the patent will be allowed for rollover relief if as you said the amount will be reinvested in a qualifying asset 12 months prior to or 36 months post the sale. ( the non qualifying assets apparently are the ones you can claim Capital allowances). I think you need to work in a tax department to pass this exam 🙁Yes, pretty much I did the same, for Q1 -sole trader I used opening year rule to find out the trading profit for both years.
Than I did the income tax for the company case and compare the two taxes.
The bad debts VAT , yes is correct 6 month late when the bad debts is w/off. To improve cash flow- cash accounting scheme is preferable.
Capital goods scheme is right, but I calculated the Annual Adjustment VAT/10* (% year 2- %Year one ) and because it was a fall in % was a repayment to HMRC.
IHT question – yes it was a gift of unquoted shares so I did the calculation of diminuation value /combine with her husband. Value before gift less value after gift – I found out the taxable gift.
Then I said the BPR relief will apply because is a trading asset and was help for 12 months ( the % of shares doesn’t matter for unquoted shares ) is I remember well.I am not sure is correct but I hope I did enough to pass.
What did you say about patent roll over relief- I got confused as I know roll over relief is available for fixed assets ( qualifying assets as buildings, fixed plant and machinery ) so I am not sure what I was supposed to say.
I just mentioned there is a 4% cost allowance the company can claim annually.
The questions were not easy but much better than June 19 when I failed, so I really hope I am done now with tax.Best of luck
As I remember the capital goods scheme is for partially exempt supplies and I do not remember to see anything about having exempt supplies
@kbourne said:
Hi guys. think we are all in the same boat here unfortunately. Very hard paper and lots of curveballs. Q4 was a killer. can anyone please advise on how the fair value of the coal would have been accounted for? I talked about fair values level 1 2 and 3 but wasn’t sure if I am honest. Could they have met the criteria of a Derivitive? HORRID paper
I said the NRV should be calculated by taking the spot rates and future rates as being level 1 and level 2 valuations and derivatives should be used in order to protect the fall in value for the future transactions.
Not sure is correct but this is how I answered.I think you are all right. This is very unfair. If they want to test this type of material it should be included in the books and articles so we can all get prepared for the exam.
As all of you I have practiced all the consolidation examples and lernt as much as I could the theory trying to answer as many quaestions as possible but yesterday when I left the exam I fel very dissapointed 🙁
I tried to make the most of the questions we had but not sure if I will pass, not sure they will give me enough marks for what I wrote there.
I understand they want to have more analysis and interpretation but the materials we have used do not include the types of question we had yesterday
