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@sj54rge said:
Four attempts & failed with 46% these options are ridiculous!!! There is no way in the world you’d be expected to deal with tax queries like the exams… I shared passed exam questions with my friend who’s a Tax advisor not only was his response are you serious but he’d charge £4000 for the level of details needed & he couldn’t do that without referring to “resource” such a shame you get this close & start to regret your decisions!!Those that have passed well done & what revision techniques can you offer?
Sorry, I’d have to disagree. The June sitting was very much like something you deal with day to day. Forecasting when payments on accounts are made, advising whether to increase inventory or buy assets, dividend vs bonus, capital gains for individuals etc etc. Not sure where your friend is coming from?
Also, revision tips – complete as many past exam papers as physically possible but focus on the written elements. There are really easy marks for ethics that are repeated every sitting.
@fs28 said:
I did work for me………………..given some other remarks earlier today, I did have my doubts.
But I am very happy now – I really can’t concentrate to do any work today 🙂I got an error page on that link and could still buy practice tests but passed both of my exams.
The link means nothing overall in my opinion.
Managed 64% and a pass! This paper was ‘inside the box’ though and followed exactly what previous papers did! Finished now, woohoo!
Good luck to all in the future – work hard and it will happen!
It’s frustrating isn’t it? I thought I had a good chance but feeling rubbish now!
Not long now – has anybody been disheartened by the link on page 5?! Still can’t believe something like this would have an impact.
Haven’t failed one yet, but the link suggests i’ve failed either P6 or P7!
AARGH!
@siobhan80 said:
Done my final two option papers, but got a text saying to enter for the Sept exams and also when I log into My Acca it will let me go as far as selecting to enter for Sept session but then says I have too many options chosen.Can anyone else get this far who have just sat their final papers?
I’m the same – can’t select any papers to sit, no idea if that’s a sign or not to be honest. Can you access the link somebody put on a couple of pages back? Mine came up with error!
@stacky said:
oh dear. I sat for my p4 in June 2016 and i got an error msg from that link.Means i failed my paper.
Was it your last paper and how did you feel it went?!
That means I’ve failed at least one of my exams by the seems of it then. Where is that area actually going to though? (The link)
On a side note – have you completed your PER yet?
@khan23 said:
I get this information from previous ” ACCA Exams Result Countdown” posts.
I became Affiliate in Dec 2015 Exam Session by passing P7 paper . I try to login using this link after Dec 2014 and June 2015 exam Sessions but both times i failed to login with and Error message. Then i was also a finalist with only P7 paper remaining but failed both times. But after Dec 2015 Session i again try to login using the same link and i finally successful to login to a white and grey page. So if u r finalist and u r successful to login then u will surely become an affiliate.For those who are failed to login there is still a light of hope bcoz some students become affiliate in previous sessions even they fail to login using this link.
And last thing i was also denied access to practice tests after Dec 2015 session. which might be a sign that u become an affiliate.Best of Luck to all Finalist 🙂
Will it make a difference if you have completed your PER record though? As surely you can only become affiliate after that?!
Have any finalists tried to enter for September exams? I’ve tried but it says I’m already entered for P6 and P7?
Also, why aren’t the P6 and P7 answers up yet?!
@g said:
I am astounded and not surprised that no individual has a comment about how reasonable this exam was.My post did say i thought it was reasonable. Thinking i’ve missed something here now!
Have had a look at the hybrid March/June 2016 paper and still think that Q1 all you had to do is work out payments on account, class 2 and class 4 NIC – think that was it?!
The rest of the question – i stated investing in inventory will not impact tax and the additional equipment will reduce tax due to writing down allowances of AIA.
Voluntary VAT – thought we needed to see taxable supplies. Unsure. Also mentioned how it would be more expensive if customers weren’t registered.
CGT – worked this based upon a 80k gain and took off the AE of 11k. Then stated the payment date and at 28%. Stated that we needed the rate of tax in foreign company to deduct DTR.
Stated that the additional gift of painting should be made ASAP to utilise loss @ 28%.
Stated shares should be gifted after marriage, but in hindsight should have recommended a part disposal to take up 11k annual exemption.Question 2 – all we needed to do was use the template given and amend figures. A couple of obvious mistakes – use of incorrect indexed cost, dividend of post tax proceeds being calculated using chargeable gain and not the proceeds less tax.
Then, part b, it was just a case of using whatever bottom line figure you got to (think mine was around 350k!!) and then grossing it up for a dividend or using a bonus figure and show the tax difference.The VAT question was tricky, but not impossible. I forgot to disallow the lease payments 15% but did state you could only claim 50% of input VAT rather than the full amount. There was no VAT that could be claimed on purchase outright but there was WDA @ 8% which was available for tax relief. Working out which option provides most tax relief was just thinking about which expenses are available for tax relief.
I did the question about the corporation tax too and felt that it went ok – i struggled with the enhanced capital allowances, but there were three relatively easy marks for the loan, and then explaining how the capital allowances could potentially be claimed wasn’t too shabby, given that there was plenty to talk about.
I’m probably missing something massively here, but everything on the exam was well within capabilities – cue a fail!
My post did say i thought it was reasonable. Thinking i’ve missed something here now!
Have had a look at the hybrid March/June 2016 paper and still think that Q1 all you had to do is work out payments on account, class 2 and class 4 NIC – think that was it?!
The rest of the question – i stated investing in inventory will not impact tax and the additional equipment will reduce tax due to writing down allowances of AIA.
Voluntary VAT – thought we needed to see taxable supplies. Unsure. Also mentioned how it would be more expensive if customers weren’t registered.
CGT – worked this based upon a 80k gain and took off the AE of 11k. Then stated the payment date and at 28%. Stated that we needed the rate of tax in foreign company to deduct DTR.
Stated that the additional gift of painting should be made ASAP to utilise loss @ 28%.
Stated shares should be gifted after marriage, but in hindsight should have recommended a part disposal to take up 11k annual exemption.Question 2 – all we needed to do was use the template given and amend figures. A couple of obvious mistakes – use of incorrect indexed cost, dividend of post tax proceeds being calculated using chargeable gain and not the proceeds less tax.
Then, part b, it was just a case of using whatever bottom line figure you got to (think mine was around 350k!!) and then grossing it up for a dividend or using a bonus figure and show the tax difference.The VAT question was tricky, but not impossible. I forgot to disallow the lease payments 15% but did state you could only claim 50% of input VAT rather than the full amount. There was no VAT that could be claimed on purchase outright but there was WDA @ 8% which was available for tax relief. Working out which option provides most tax relief was just thinking about which expenses are available for tax relief.
I did the question about the corporation tax too and felt that it went ok – i struggled with the enhanced capital allowances, but there were three relatively easy marks for the loan, and then explaining how the capital allowances could potentially be claimed wasn’t too shabby, given that there was plenty to talk about.
I’m probably missing something massively here, but everything on the exam was well within capabilities – cue a fail!
I actually thought the paper was relatively straight forward. Managed to finish 20 minutes before the end.
Question 1 – I think I forgot to include the NIC for the payment on accounts, but other than that, it seemed OK. Did anybody else not use the 2017/18 tax liability given we were only set to go up to Sept 2018 and first thing for that tax year (other than the POA) would be due January 2019?
Thought the dividend vs bonus on Q2 was nice too – the first part about working out how much was tricky, but once all broken down I thought it was ok.
Question 4 was a strange one about cars – a lot of VAT in there – seemed a bit too straight forward though, maybe I’ve dropped some marks there?
Question 4 was also a bit weird. Not sure about enhanced capital allowances, but overall could find lots to write about.
This most definitely was a paper that was different to anything previous, and 11 marks on payments on account and NIC was certainly a shock!
Very little group relief which also surprised me.
@fishyfishyfishyfishy said:
1b I did UK and I’m sure the question asked to discuss the importance of analytical procedures during planning but it looks above that some people gave examples of procedures… Hoping that was the Int question….. I said something like there are clear relationships between many accounts and balances that the auditor would expect to see, it’s quite clear using analytical procedures if this relationship has broken down so can look there for fraud or errors. Do at planning stage so lots of time to adjust nature timing and extent of audit procedures to match risk etc etc.
.
I did the exact same with UK – it didn’t ask us to perform analytical procedures so unsure why people have?
I think the exam wasn’t too bad on the whole – think that question 3 was a bit tricky with so many marks on forensic accounting. Think that the procedures for this were too simple mind, just questioning everything in the scenario?
Managed to write 23/24 pages solid and finished 10 mins before the end (when I went to re-visit question 1 and decided to actually put a few ratios in an appendix (did GP%, NP%, inventory days, payable days, receivable days, overdraft, current ratio – more than enough there surely?!)
Any thoughts welcome!
Did anybody get ridiculous decimals everywhere due to the exchanging the foreign sub at the y/e rate for most, and did anybody else split the retained earnings on the foreign sub to end up with $4m on the current year earnings?! Also, what balance did you all get on the foreign sub due to translation? I ended up with $9m which seemed too high?!
Did anybody else get 15m goodwill for both? But the second needed impairment and translation?
Thought the exam was pretty tough to be honest – the second section is very tricky to manoeuvre, never sure what the question is asking!
It’s only half a mark probably – if you can look at my post around 10 mins ago I think it’s littered with errors, hoping that the method marks are enough to carry me through.
<cite> @faranjamal said:</cite>
The balancing charge had to de deducted from allowances i think.About Q1 in wife’s income tax, did we have to find income tax liability or income tax payable / repayable?
I think that we had to find the liability – this was roughy:
Pension 8000
Interest (received GROSS) 21600
Less PA: (10500)
2710 @ 10%
remainder at 20%There should not have been a repayment.
My answers:
Question 1: Messed up the pensions bit a little but extended the BR band and used it as relief against Personal Allowance.
Benefit was at 32% for fuel and car
Benefit for loan interest – I got 73000 average balance for year
Mileage was overclaimed by £1400ish as was at 60p and claimed home to work
Class 1 NI employee and employers was straightforwards
Class 1a NI on Loan interest and fuel and car benefit
Rhoda self employment included the starting rate of 10% savings incomeQ2 – Almost everything disallowed apart from the redecoration and went from there – capital allowances made a balancing charge in SR pool IIRC.
Groups – went with the two listed in later questions making up the other groups (surely ACCA didn’t give the game away on this?Q3 – Shares – I valued at 6.40 less 2.40 then divided 10600 by that amount – but as some others have said, surely that’s too simple?
Q3b – rollover relief – none on first and around 12000 on second
Q3c – I talked about ER and worked his based upon the full rates usedQ4? Computed the VAT return by including net outputs less the 440, 50 fuel scale charge.
Q4 – apportioned the first profit 50400/12×10 = 42000 for first period and then worked through – capital allowances were worked out based upon the first 12 months then started again for the next two and 1/6 of WDA was claimed.
Ltd co – again, apportioned the profit between the two periods (first 12 months and then the next two) Then split capital allowances again, except claimed FYA and AIA where appropriate. (Didn’t apportion the AIA)Q5 – PET – I deducted the NRB at 300,000 plus the £3,000 for 2006/07 and £3000 for 2007/08, as that was what was available at time – guessing this is wrong though? 🙁
Total on estate – half the estate was at 0% as to wife, other half was at 40% (after deducting the £3,000 for 2011/12 and £3000 for 2012/13.Anybody want to give any feedback with how you think I may have done? I was confident, and by doing all this surely there are enough method marks in there?! Cheers in advance 🙂