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My paper was just very average but my preparation didnt really deserve anything much better I guess.
Q1 and 2 were really easy and I expect to score 35 marks in them and it’s prolly necessary if I am to pass.
I did not do transfer pricing, so prolly wont get much at all in the theory parts of Q4 even though I still wrote whatever I felt appropriate. Q5 I think I got the first 2 parts right but really could not think about the last part, it was “manipulation” and not outright fraud and I couldnt really think about anything.
Q3 which I decided to attempt in the end was an outright disaster. I was only able to do the first part and I am not sure if I got it right, I forgot how to do simultaneous eQuations lmao but I think I may have got it right.
I think I did get about 70% of the paper pretty spot on but cant possibly be sure and getting 50 from it wont be easy, it’s gonna be close, will prolly get somewhere fromn 45-55%.
What do you mean by adjustment for VAT in trading profits. Trading profits were exclusive of Vat and if I am thinking right there shouldnt be any sdjustements for vat in trading profits.
Yes but you still have to include those items with a “0”. Basically you had to show that they dont require adjustment and I am sure there will be a couple of marks on showing the 0.
Oh there is a 25 mark question ENTIRELY on partnership in june 2006 and it is testing alot more of the partnership only rules than the question of this years paper.
Sorry people but those who are claiming to have done the entire revision kits were clearly doing something wrong…
Here’s something for everyone complaining.
The june 2009 paper has an ENTIRE 15 mark question on VAT and there are a total of 12 marks on self assessment. That makes it 27% of the paper, clearly people who werent prepared for VAT and self assessment and calling them “unimportant” topics didnt do their homework.
If we look at this paper the story is very similar. 10 separate marks for VAT and an adjustment of VAT in trading profits so maximum of 15 marks for VAT. We have 10 marks on self assessment in Q4(tax avoidance/evasion and your personal stand on the matter had nothing to do with self assessment and were infact free marks), then we have a maximum of 5 marks on company self assessment in Q5.
Partnership did catch me off guard as well but that’s entirely our fault for having neglected the topic, it is a part of income tax and the BPP book specifically said that a full question can come so make sure to remember the handful of rules on partnership. Fortunately I only neglected it during revision and had done it during initial study so I was able to remember some of the unique rules correctly.
@acltang72 said:
@owensn
Nope you still missed the point. Read my post carefully. It wasn’t the content i was talking about, it was the QUANTITY of the content.I made a number of blunders in the first question but was able to spot them after having done the calculations, I also got extremely nervous when the paper started and wasted some time getting a hold of myself. But I was STILL able to complete the paper, the above posters remark of having done the paper 15mins earlier seem very reasonable to me as I would have been able to do that as well if not for the above reasons.
Q1 was long yes but it constituted 30% of the marks so you essentially have an hour for it. Q2 wasn’t as long as it was difficult and it shouldn’t take more than 45mins to do unless you don’t actually know how to do it.
Q4 and 5 were the real time gaining questions, theory actually takes a lot less time provided again that you actually know what to write and are at least somewhat comfortable in writing.
I had already started doing the adjustments of part A of Q1 during the reading time on the question paper, yes calculations don’t count on the question paper but copying hardly takes any time so I thought that was the best way to use up the reading time by just doing the question which had 30 marks.
I never agreed with the 1.8min per mark thing to determine how much time should be given to a question, I was frequently able to do the shorter past exam questions well before the time but mostly the 25 and 30 mark questions seemed too long to do within the time without making a blunder or 2. Q4 and 5 in other formats as well simply weren’t detailed enough for it to be necessary to read the question more than once.If you are able to do the f6 pilot paper on time then I honestly don’t see how you can have problems with this papers length, it’s the last thing one can complain about in my opinion.
To be honest I didn’t actually remember the part disposal thing on damaged assets, if all the proceeds wouldn’t have been reinvested then I would have got it wrong.
The rate of interest was actually given in the paper so it’s not something you were supposed to remember. It’s just like a mathematical error and wouldn’t really be penalized for more than a mark I think. You would be given credit for remembering the correct percentage of penalty.
Ya I honestly cannot see myself failing this, I don’t know how I’ll handle that situation if it happens. The only question I completely messed up was the losses one and it was 7 marks so I am not really worried about it. In fact I am expecting 60%+ and wouldn’t be surprised if I got 70%+. Unlike subjective papers, it’s not difficult to get 100% marks in tax questions. Good luck to you 2, by the looks of it I am sure you’ll pass.
No you have to apportion the 50000 for shorter periods, I went through the entire losses chapter after the paper and know this. You dont have to apportion it for income tax I think otherwise I really would have remembered it.
@ platinumkp
Franked investment income is actually grossed up, the net figure is mentioned as dividends not franked investment income.The problem with the penalties for CGT was that it wasnt clear if the error was “concealed” or not so I calculated the penalties for both “delibrate but not concealed” and “delibrate and concealed”. The interest rate is 2.5% not 2.75…
There was no part disposal on the damaged asset. If all the proceeds are re-invested then the person can claim to not treat it as part disposal, it doesnt have to be a business asset.
And I think people are missing something here. It is very specifically said in the syllabus that every paper WILL have ATLEAST 10 marks for VAT and it could be as much as 15 marks. The partnership may have been a VAT registered one but the allocation of VAT wasnt actually more than 15. The books also clearly said that there could be an entire question on self assessment.
Q1 is supposed to be an income tax question which CAN have VAT, self assessment and capital gains as well.
Same thing goes for question 2 but that it will be on companies but could have other things as well.
Q3 is supposed to be capital gains and thats what it was.
And then it is clearly said that Q4 and 5 could be from anything in the syllabus.Did you people even see the november 2009 paper? I skimped through it on the last day and found it rather strange as well. I think it’s a good point that this is professional qualification, you have to intelligently plan your study and the examiner always has the right to play within the set boundaries he has otherwise if it gets too predictable then what’s the test?
@yeah2009bb said:
This was a tough paper no ” givemes” all i can do is laugh now and move on to the next one.The only thing i can raise issue with is the thing about “business rates” what did that mean? … I included it as an expense was that correct?
You will lose only 1 mark maximum even if you got it wrong so dont worry. And I have seen a few times in the kaplan revision kit answers that sometimes credit was given for “controversial” items to even people who didnt apply the correct principle.
@zicca007 said:
Business rates…I have assumed that is something like other rates i.e water and deducted it. And what about sub lease but without paying for a head lease? This really freaked me out?!?!? Bad wording again?No it’s not, there was simply no premium on head lease so no working needed for head lease. The computation was the same as you di with head lease.
@d019452 said:
I found Q1 very confusing!
The part which asked to calculate the amount of VAT paid during the year. I spent a while trying to average out spending and sales, to then work out different rates of VAT, and then thinking 3 marks is not a lot for all the calculations, and how is it possible to tell if there was any VAT exempt purchases? So I crossed out all my workings and used the VAT amounts that were given in the beginning of question 1. I don’t think the questions were worded right and found it hard to decide what he was asking for. Was hoping for a decent mark in this paper, but think I’ll be lucky to scrape 50! I wasted too much time and didn’t get the paper finished.It was actually 2 marks and it even asked to ignore the charges on fuel. I very briefly thought about doing what you did but 2 marks and the ignore the fuel part convinced me that it required a very simple calculation. And there wasnt even information on zero-rated and standard rated etc. The wording was horrible though, seems unprofessional to me but oh well.
Oh dear I was so happy after the paper but coming here has made me somewhat confused. Maybe I just “think” my paper went good and it didnt actually. :S
Yes the format was very different. An adjustment of VAT in trading profits was never seen before but fortunately last 2 days I practiced less and concentrated more on self assessment and VAT and was able to recall most of the stuff. What was so tough about VAT though apart from the trading profit adjustment? 15 marks on partnership was a bit of a shocker but I think I got it right in the end. Trading profit was 80000.
Question 3’s first adjustment was brutal but fortunately I had done the 1985 share pool and I think I applied things correctly. The BPP book FA2009 specifically said that the examiner wont make a detailed question on FA1985 pool so I guess that’s unfair. Overall I didnt find the Q very tough although I maybe wrong about having done it correctly myself.
Q5 was dead easy and I managed to save alot of precious time as well as I was getting nervous about missing a good chunk of the paper.
Q4 was kinda strange indeed. However I knew most of the stuff but didnt know the time limit for discovery assessments and the details regarding fraud and all that. I did remember the penalties but still this question is far too strange to really say much but I am postive about it.
Q2 was the toughest and I had realised it in the reading time and had decided to do it in the end. I think I got property income mostly right apart from a guess on business rates as being allowable. But the losses question was the real disaster where I ended up applying income tax losses rules. The director part was also a wild guess from me and I wasnt able to finish it so i guess you can say about 10 marks gone in the bin.
I can certainly see the potential of well prepared students not getting it right and there’s nothing worse than preparing so hard and then getting it wrong. However dont forget there are marks for individual things and if you have done atleast 90% of the paper then you can get alot of things wrong and still pass.
But if that is not the case then why should one move on to the next question if they are running out of time like the kaplan kit suggests? You’ll lose marks both ways cuz you will have to ultimately come back to that question or lose marks.
I am not planning to leave anything in the course but this is my precise problem, if I am unable to do my f6 paper on time then does it really matter if I leave an entire question of 10 marks or leave a part of 10 marks?
I do have the kaplan revision kit 2010, I can afford to buy the book but not sure if it’s necessary because I will hardly get the time to finish the BPP book and all it’s 35 or so exam questions.
Anyways I’ll see about that, thanks.
Ya that’s what the BPP books says as well but doesnt go in much detail. And I guess since we have seen the example, it’s enough now as it’s not like we are going to get zero if I make one or 2 mistakes in a question.
Thankz alot for your help.
If gary had made a pension of 55000 instead of 65000 then the answer remains the same. Why is that? Shouldnt we charge 10000 x 40%?? We are basically ignoring the excess paid over his income…
But why are we ignoring the 10000 extra paid by gary? Why is that not taxed?
And I dont think you can extend the band by 65000 here, it should be 55000 although it wont matter as far as the final answer is concerned.
Gary had employment income of 55000 for 200910. He paid 65000(gross) into his personal pension scheme.
Calculate Gary’s income tax payable.
The answer given is 9705.
BPP F6 text book 2010 question no. 6(b) in the exam question bank.I have got it now that’s why deleted the last 2 posts as they would only cause confusion. I just want to know one more thing. A person earns 55000 but contributes 65000 gross to a pension, what happens here? The question I did seems to have ignored the excess 10000 altogether in calculating the tax liability. Is that right?
Well I ultimately decided to drop law and give f6 and f5. While I consider myself an above average student, f6 and f4 combined really make quite a lengthy course. While f5 seems familiar territory, f4 and 6 really are things I have never come across before. There is so much to learn and memorize, it’s quite intimidating. Looking at the f4 papers it seems like they can give full questions on rather niche details. :S
While I am not a perfectionist I would still rather practice enough to make sure the chances of failure are as low as possible. Next session I’ll give 4 papers and make sure I give my studies a full 5 months as it seems like from now onwards, they deserve it.
Well I am a full time student as I said and I have already started my rigorous routine of studying from today. There is still more than 50 days in the exams, if I manage to study 8 hours a day then I would have actually given as much time as the course is designed for but only with shorter breaks. But 8 hours a day is a big “if” especially when you talk about feeding your brain new stuff all the time.
I am very well aware of the possibility of failing all 3 in the 40’s. What I have decided is to not start f4 until I get some serious command in f6, if it takes too long then I’ll simply consider f4 as money wasted.
Btw I am thinking of taking crash courses in may? They dont charge much and are for a week to 10 days with 5 hour long classes daily or even longer. Would you recommend them and for what subject? Or do you think I should stick to self study and that these courses will take too much precious time that wont necessarily be utilized that effectively as self studying?